group really wants. >> we all want lunch. >> we all want lunch. >> which is just another excuse to pop more champagne. [ cork pops ] safari time! [ corks popping ] safari time! [ corks popping ] >> oh! stocks here in europe beginning a brand-new trading week the high volume session, stocks fell to the upside you know this script the nasdaq and s&p at record finishes 2.2% higher on the nasdaq. very strong to the earnings. investors chasing a reflation trade. the markets are here in europe have been poised to open somewhat weaker. we may have had that party on

the back of extra stimulus on the ecb. the dax has bounced. weakness in the euro we are looking slightly red leaning into the other side. banks at the top a lot of earnings around, too. as investors react to corp rates. in terms of in the basket itself, some bright spots for the likes of dior, lucxotica basic resources as well, a negative reaction to glen core's numbers trading down 2.3%. some of our viewers are particularly interested in glencore's numbers health care trade weaker by 1/3

of a percent another talk in the basket around exxon mobil volkswagen technology, 4/10 north big week for apple we had some orders over the weekend. markets responding hoping that the iphone x will be a bit of a bonanza for the industry you've seen tech globally pick up on that industry. right here in europe some of the supplies telcos in the banks, it is the spanish names out in front, the likes of sabideau bbba going on for the ride, too. spanish banking names lead the charge in terms of what we have on the individual indices, we have 7,488. the french market dropping about three at the start you can see stocks in germany,

13,200 to the index levels we were talking to a technical expert who thinks we might be getting towards the top on some of these indices this week in a couple weeks' time, be prepared with his call from a technical side not everyone agrees with that, but that was at least the technical analysis the ibex, you saw events unraveling snap elections independence declared by the catalons let's take a look at what we're seeing we have the banks to show you. you can see how strong the trade is bbba by comparison, 1.8. sabodel, this is the play around the region of catalonia. 3.9%, 4% the direct play. they would move their headquarters still doing significant business in catalonia itself. so this is the reaction to some

of the turmoil as you can see. it is a day back in the green. so let's push on and take a look elsewhere to some of the other spanish tocks. the owner of zara, 1.5% higher having to get a read on whether there is any doe mess city case. 1.8% higher here that's the tourist trade as, of course, there's been some disruption on the ground there over the particular weekend and concerns about violence. let's take a look at banc here you can see the stock bouncing the stock has traded up 5.8% it's been an okay performer. august you can see it was at that point you saw a slight rollover in the stock. it has posted a smaller decline. lower loan loss provisions and higher fees. a dip in the state-owned bank's trading revenues

to hsbc, the only reaction is pretty muted pretty much sitting around the flat line as you can see the third quarter pretexts falling sharply. investments of $4.6 billion. rise in the banks, asian businesses provided a primary boost. >> karen, we've been talking a bit about spain today. of course, catalonia and the banking figures as well. we have some data out. let's start with the spanish gdp. figures coming in for the third quarter. 3.1% year on year. a tad below 3.2% the quarterly figure around to .8 of 1% increase that is in line with expectations in line spanish gdp figures. i would say the cpi, inflation data also in line of expectations at 1.7% the flash national cpi 1.6 versus 1.8 in september. pretty much in line with

expectations let's move on to our guest chris apple. slightly dispirited me before the break. doesn't matter what goes on in politics almost, i guess we look at fundamentals, we look at valuations the put is still very much in place in the ecb because there is such a vast amount of money coming from other sources. everything pails in comparison do you feel the chances of a correction or the market moving anywhere other than north are still as diminished as ever since we started the qe program. >> you're talking about equity markets? >> yes >> i think the foundations have been building for a sustained recovery in global equity markets and in europe. you know, if the recession was much longer, much deeper than

we've experienced in many, many years, and the ecb's program of qe has enabled banks to start to breathe oxygen again and that is having -- you know, instigating a wave of optimism that is still in its early days. things like catalonia are pause for thought. you just don't know if there's going to be any type of knock on it, impact in other regions, lombardi and italy but i think the equity story is getting better, not worse. global synchronized growth, whether it be in asia, europe, north america is here. so i think that's very positive for company earnings the results in the u.s. have been very, very strong across multiple sectors and given the two big engines of world growth,

china and the u.s. are growing, i think the equity outlook is very positive. >> you talk about the thought that it should come on the back of a catalonia type of event this would be a metaphor for the market having a bit of a downtick maybe losing 3/4 of a percent. maybe having a decent size correction like we saw at the start of the last year not been a two day pause for thought in the market. i mean, certainly this year possibly since the end of that huge down tick that we saw that ended on february 11th as well would you feel comfortable in the market -- you should feel that way even if we were recharged, we're not seeing that. that is very abnormal. >> it is abnormal. i think the stories would say we're overdue a correction, a technical. the technical offense we'll be

saying, yes, we can't keep, you know, making new highs consistently the u.s., we said earlier this morning, the number of highs we've been making. i'm not sure i just think that the recession that started in 2008, 2009 was probably the worst of its kind on a global basis going back to the 1920s. which means we're in unchartered ways depends what day you want to get up i think the recovery cycle, growth cycle will be elongated this bull market in equities can continue the answer to your question, yes, we are overdue a correction that's because history says we r are. >> perhaps you gentlemen know, karen as well, all rallies i've

seen in my life -- i've been in the market long enough, have been punctuated by moments of pause, by moments of reflection, by the sellers having their day, if not the week or the month this seems to be abnormal. if you want to come in on this one. we have to go back to '96. without the correction that's quite a thing we have 16 sessions in a row that we have the nikkei last week that's one point it's unusual what scares me is when i talk to clients, i tell them exactly the same thing we go out and talk to our clients because it's the same story. most around the world feel the same story, there's a huge consensus, if something goes wrong in the economy next year, it's not as strong as we think, then we can have an issue.

>> you look at the treasury. tech is back to mid 1999 for instance which is telling us about the funding environment, isn't it, that the ecb has so much stimulus that the market remains skewed because of qe >> i think the market is hugely skewed because of qe and i think people have forgotten that we're probably only 2/3 way through the trade. the central banks have spent years building up their balance sheets they own the better part of 25, 30% of government bonds, whether it be in the eurozone, the u.s. or the u.k but they're not out. you know, everyone talks about short-term interest rates rising the thing that worries me is why i think equities will continue to rise, we haven't unwound anything it's going to take a long time when the clearing price in bonds is -- or yields has to be much

higher if the buyer on the margin, which is equal to 30% of bonds in circulation, it has to be higher than where we are today. >> let's hold that thought because i notice your biggest conviction call for -- fourth quarter this year, we'll all put our thought hats on as well. karen, akzo. >> i knew you were interested in looking at this one. the dutch paint coating maker has confirmed it's in talks with a u.s. rifle they are considering a possible merger that will create a $30 billion tieup. akzo-nobel had a $30 billion takeover bidikuindi declined. the ceo at the time stepped down because the deal was not accepted and it was not pursued.

the company then decided to go on its own now we're back to the deal making the stock's down a fraction this morning. want to take you to another deal know va novartis is buying france's aaa. it will boost its oncology portfolio at $41 per share it's a 47% premium to the price before reports of a potential purchase you can see novartis shares equal as well. easy did the jels has agreed to buy 40% of bankrupt air berlin they're buying up planes and the airport. easyjet's rival lufthansa will buy the remaining shares and glencore has increased its four year guidance to between

2.6 and $2.8 billion however, the minor did report a decline in some metals, such as copper, which was down 11% they're considering plays in hong kong over lack of interest from investors 1.28% south. but it has been a decent performer up near on 10% steve? >> let's get onto the other side of that trade that we were talking about just now chris is with us and your biggest conviction trade for the tail end of this year is you're under weight in the bond market. you tease our viewers with thoughts 30% owner stocks buying clearing price yield has to be higher than where it is now. why don't you go into detail for us. >> well, ijust -- my opinion i that the central banks have distorted bond valuations and yield curves, and when short

rates start to rise, it's almost going to be a leveraged trade but to the down side in that short term rates are rising. banks -- the central banks are no longer going to be reinvesting or buying a level of securities they have over the last two or three years. that's going to put tremendous pressure for yields to rise. i think rise quickly one of the things i'm concerned about is when we get into first, second quarter of next year, when we're seeing the fed unwind its qe at 20 billion and 30 billion a month, what happens when we run into unsubscribed bond option? then there will be panic panic in the dealer -- in the dealing community because they don't have the balance sheet to warehouse securities the way they did the last time rates rose so aggressively. >> let me jump in there. you're absolutely right. because i remember when we used to worry

there was a light one a few years ago. i can't remember the last time we looked at a bond auction. have any of you? you do, it's your business we used to look at bond auctions well that wasn't two times over subscribed now we don't look at bond auctions at all. >> trying to focus on the u.s. treasury market and how deep it goes the other way do you think the market has already asked the question >> yeah, that's a great one. is the market where you are or light years behind i'm presuming the latter >> the latter. it's complacency, it's a generational thing you have one, two generations of bond traders, bond investors all over theworld that have only ever seen interest rates fall and especially in the last two, three years. the dealing community, if they had excess liquidity from a customer trade or from a bond auction, they know they can tender it and sell it back to the fed or bank of england and ecb. it's been an easy trade, you

know it's been a one-way trade for many years, but especially over the last two to three. the central banks are clearly saying, this is coming to an end but bond yields haven't really reacted globally to date >> to do so, the markets are already there. in the good old days it used to be the simple rule that the ten-year yields, treasury or bonds would be normal in the economy. in europe 1 1/2 inflation should be a 3 but it's a huge gap at the moment. >> my question to you finally before you head to the break is what does that mean for etf? you've seen consensus around the credit side and whether you could see fluctuations in the etf. the etf said this is fully tested

i don't think it is if there is a market event do you have concerns there could be another layer of turmoil if the bond auction -- if one bond auction doesn't go properly, then you have a swing in credit. could there be a market event? >> i think there will be a market event it will be no different than what we've seen in history if you have 100 million -- example, $100 million in high yield etfs, you know, ten years ago, you had 100 million actively managed and hands it back to fund managers. today that pie is cut to maybe 80% actively managed high yield, 20% passive. if they want to sell, i think it will have the same market impact we've had in prior selloffs. same goes withe different camps, but the sum total of investment in that etf or market is unchanged >> '87 when they were selling --

>> this content has more legs. we'll come back to it. you're basically making the point, this is a leveraged trade potentially. it's going to compound i think what i wonder though whether the central banks will come back in we'll discuss that. >> apple claims ix sales are off the charts we'll look ahead at the tech stock when we come back. is now a good time to refinance? yes! mortgage rates are historically low.

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you're watching "squawk box. the swiss chemical group clariant is getting pressure to have three seats from the board and is threatening to call an extraordinary meeting. the latest intervention comes after whitetail got clariant to cancel the deal with huntsman. this is one that hasn't happened meantime, to ubs, quick look at that stock they have said there's no guarantee that the bank would

remain headquartered in switzerland. he said he did not cause trouble with the statement but rather intended to quote what can happen in the banking sector inside swedish bank norde has moved to finland to find a more favorable regulatory area. apple is trying to ease fears that consumers aren't taking to the iphone x ahead of the earnings report. preorders are, quote, off the charts some wireless carriers in north america had reported sluggish demand analysts have questioned how many people would be willing to pay $999 price what's the conversion? >> it's 999 pounds oh, yeah anyway, a surge in the tech sector helped push the nasdaq to its best day in nearly a year. alphabet, amazon and microsoft saw $144 billion added to their collective market caps i saw an e-mail from justin who

said that should be gain of the u.s. market, it was out on friday last week, was equivalent to the gdp in new zealand. anyway, that's the world we live in right. moving on. chris, let's talk a little bit more about this trade as well. why -- and i think we've got halfway down the road in answer to karen's question. why is it a leveraged trade? why it will be selloff in the bond market when it happens to be so exacerbated to reach leverage proportions >> you've got two things going on at the same time. you've got short term rates rising for the first time in the u.k. in a decade and then you've got the central banks themselves reducing their balance sheets holding to a government bond so two -- the two in sink cloe mization is going to significantly lift yield curves. we've not seen this before we're into the unknown

>> if that happens, which is a totally plausible scenario, why wouldn't the central banks jump back in and negate a possibility of rising yields >> they certainly could. they certainly could change tact but they're not -- the central banks aren't in the business of owning government securities in perpetuity. >> so in terms of what to buy, in the past when you've had high yields as typically come with high inflation so you buy hard assets perhaps like property as being a place to go and you buy some of the yield sensitive plays, what do you do this time if it's high yields and not necessarily inflation? >> i think you continue to own global equities. >> 31 days >> i would think the rally in global equities is going to continue for several years, especially in china and the u.s.

continue to grow at the projected rates. >> what do you think >> with all of the caveats we made before, you probably own cyclical stocks, you probably own value stocks you try to find parts in the market like energy that haven't gone up so much. it scares me once again because we are all in the same place. >> one last question then. in the market, one of those adages you sell what you can, not what you have to you sell where you can in the big selloffs if there is liquidity in the bond market will it lead to a selloff albeit in short term >> when alan greenspan said two months ago that the bubble is not in the equity markets, in the bond market but it will impact the equity market, i think that could be the catalyst for the long overdue correction in equities. >> which provides opportunities? >> yes >> i think we're going to let it go there nice to see you there. very interesting conversation. biggest conviction call from

christopher is have concerns about the bond market. stay with us catalonia. >> the stock bouncing on spanish stocks despiets investments. hundreds take to the streets to support spanish unity. we'll be live from barcelona on the independence when we return. zar: one of our investors was in his late 50s right in the heart of the financial crisis, and saw his portfolio drop by double digits. it really scared him out of the markets. his advisor ran the numbers and showed that he wouldn't be able to retire until he was 68. the client realized, "i need to get back into the markets- i need to get back on track with my plan." the financial advisor was able to work with this client. he's now on track to retire when he's 65. having someone coach you through it is really the value of a financial advisor.

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spanish equities rallying after madrid seizes control of catalonia. recording local elections for december new york's largest bank hsbc records five fold profits. the growth as the firm says the region is seeing higher returns. akzonobel shares slipping as they have a deal with axalta there's a near $4 billion cash deal to boost the oncology portfolio deal of novartis

stocks here in europe have been trading for half an hour so far. as the monday session unfolds, there's some support for spanish stocks despite the catalonia constitution events unfolding. the catalons declared independence on friday the investors picking up a number of big banks and also around the spanish stocks. that's helping to stop some of this red ink as we drift south on the index let's take a look at the sectors. a number of earnings and back drops which are skewing some of the sectors and stocks technology still strong, .2 higher we had gains of 2.2%, record the

best trading session for 2017. so giving us somewhat of a tail wind more tech stocks out this week with the likes of apple and facebook reporting in the individual ones you can see oil and gas strong we had a big push up in the brent price as well on saudi arabia back of support over the oil production cut household goosds down .7 of 1% spanish names reflected here, the two big banks in catalonia, in terms of what we've got elsewhere, there's been an interesting change in recommendation around some of the home builders here in the u.k. from barclays effectively downgrading most of them you're seeing bell weight down to equal weight. also downgraded to under weight from the investment house. another one receiving a change to its recommendation.

steve? >> karen, i'm perfectly happy as you know with the ownership of cnbc i turn out to work rolling your eyes, where are we going? but, you know, if the ownership changed tomorrow and it was, i don't know, we were bought out by north korea tv or taken over by something lik the ons is, i have to feed my family, so i'll turn off and see what happens next. my political views -- i call myself a journalist who has to feed my family the question, which obviously you know where i'm going on this one, if i'm a state employee and have a view of where i want to be on madrid versus barcelona is not whether toupt have independence or not, it depends on what happens. >> if you forget about coming to work in the future again

>> hundreds of thousands of protesters filled the streets. a prounity march they held a slight lead. the spanish prime minister called for fresh elections forcing the independence declaration. we haven't been taken over by north korean tv. we are owned by comcast, but you understand my analogy, i'm sure. >> yes, to be honest, i couldn't hear clearly it is noisy. we are about to interview with one of the top leaders with a proindependence party. that march yesterday really started as a political rally for the prounion force we heard from senior members of the party, both of them pushing, of course, for this vote in december and hoping they will see a slight change in fortunes

in the government, hoping for majority in favor of unity with spain and of course we saw the vote on friday, 17 out of 135 lawmakers voting to succeed. one of the leaders saying he wants to see people back on the streets, back at the ballot boxes. there were more than 300,000 people there's a lot of questions about what will happen i think you were talking about whether people would turn out for work we saw people coming outfrom the centric government some of the photographs i have seen from other ministries in the government also showing ordinary workers turning up. of course, there was that fall on friday after the intervention of the spanish state for many civil servants not to show up for work and take orders from madrid some of the ministries, people

questioning whether they are going take orders from the minister or the madrid government one of the ministers attending a function, but he is a rarity the leader still up. big questions about what is going on with him now, though. >> excellent thank you very much for that in barcelona. we are going to talk to the barcelona leader the republican left of catalonia. i don't know why we translate, why don't we do just one that's coming up 10:30. belgium's migration minister says it would not be unrealistic to be silent, if he asked for hit. he threatens the unity in sport of the spanish government's start. there are certain belgium

politicians who have views as well and hence were happy to stir it up >> you want to stay out of it. >> you know better how this kind of stuff works you know how this works in belgium. it can be complicated. >> so much better, i hear. >> yep >> american politics nbc news sources say a grand jury approved the first criminal charges in the u.s. special counsel investigation into russian meddling robert mueller is expected to release the first indictment today. a twitter tirade who said the russian talk is a distraction from his agenda coming as republicans push for tax cuts.

trump's approval rating went to the lowest only 38% of americans say they approve of trump's job performance, down 5% it is the lowest in modern times. george w. bush was 88% comparison, barack obama, 51% and bill clinton at 47 at the same point in their administrations. >> mr. trump is reportedly leaning toward nominating jerome power to be the head of the fed. the president remains undecided. meanwhile, president trump took to instagram to tease his up and coming decision. >> people are anxiously awaiting my decision as to who the next head of the fed will be. i'll be announcing it some time next week. it will be a person who, hopefully, will do a fantastic job.

and, i have somebody very specific in mind i think everybody will be very impressed. most importantly, i think at the end of eight years you really will be impressed because things are looking good they are looking good for our country and they are looking good for our country's economy work hard. you have a lot of jobs coming into our country go out and get a good one. wages are going up economy is strong. have fun god bless america. >> barry joined us, the professor of economics nice to see you. >> look, we could talk about your book, i'll grab it and show viewers, there's the cover how global currencies work i have many, many questions for you. would you like to comment on mr. trump and what we are seeing at the moment we mentioned the approval rates. i would say they jump

dramatically if we see something move on tax in the next week or so if we don't see something on tax, then he's got a problem >> i think not seeing anything on tax would be a disaster for republicans more broadly the markets are also concerned about trump and the dollar, the subject of my book people are focusing too much, i think, on the next fed chair whoever it is is going to be a monetary mainstream person i don't think we'll move the dollar that much what could move the dollar is politics, trump's withdrawaling from asia, opening the door for china and its currency to play a larger role. >> i hear you, but i don't necessarily believe the united states is turning its back given the pivot on the first obama and president trump as well, looking at asia pacific as a geo political area is looking

back to old europe add to it the lay of the relationship between china and the united states on trade and treasury markets yes, i hear what you are saying about the rhetoric, but the actual moves from the administration including not calling china which seems right anyway i suggest that relationship is intact at the moment >> they have two concerns about asia, china trade and north korea. the second will, trump, if i can use that phrase, the first the u.s. needs chinese cooperation on north korea and, in addition, it will have to give north korea something in return for talks that will be missile withdrawal, u.s. troop reduction on the korean peninsula something will have to be offered. >> to jump in, nothing has

happened on north korea despite the rhetoric between kim jong-un and the president building up. something i realized, it took me by surprise we are not it's turned down on both sides >> it has to be a good thing, butitis part of a larger pattern that we start with heated rhetoric and the adults in the room try to ratchet down >> picking up the dollar, tpp, the lack of a deal with asia pacific countries pushes them into a pivot to china. then you have the climate accord not supported by americans it is a withdrawal in some aspects from the global economy. the point you reach in your conclusion is other countries having dominance when it comes to settling them the unsided china, india, brazil, the big ones >> what will happen in the end of it.

>> it's a concern whether the dollar shows its might we have a slight recovery in the dollar is there going to be any recovery in the dollar >> in the short term there will be recovery of the dollar because of the tax deal. in the longer run, these things move slowly, they move glacially. the point we make in the book, it's not a winner take all game. there is room for several national currencies in the global economy there will be room for the euro. euroland is a big economy and room for the remnant >> i didn't find a lot on that, yet. i did find the gold standard they have been looking for a way out of the currencies. they have been looking at the potential for a big coin or something of the like. did you find any way to support money flows going in that direction? >> not really. i think there is a role for central bank issued currencies,

which are a very different thing than crypto currencies they will make transactions more efficient. the second is a vehicle for money laundering and the like. >> you reassured and have facts as well, for the americans, given what you have said, the growth of potentially not trading oil in dollars, all of these things we talked about for a long, long time. do you think on the worrying side is okay that is going to accelerate -- >> it is going to happen that currency trades and use follow trade and trade is becoming increasingly south they follow geo political influence as well.

china has an aircraft carrier that the u.s. no longer possesses. >> we have a businessman, a russian businessman that is going to come up in moments and will get fascinating to get his take giving a warning to the next guest in the green room. you are going to stay with us as well coming up on the show, $60 a barrel on expectations opec-led cuts could be extended more on that when we come back happy anniversary dinnedarlin'

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oil prices are rising right above $60 a barrel on expectations opec led prosecute duction cut will be extended russia and saudi arabia voiced support on their agreement due to expire in march joining us is head of strategy in russia supply, tmk group. welcome, nice to see you let me ask you about activity. any suggestion that is u.s.

producers are ramping up production, what shape would you say the market is in given the recovery >> the market is in good shape of course that relates to lower costs reduction and for us, it's great on both ends because we are working russia and america in u.s. for example, this year, we expect to gross sales 100%. the shale producers go well. they improved technology now, two times as much as some years ago. the price, recent hike is great news even in russia, despite the russia deal that's effectively stabilized oil production see

increase in drilling because the oil fields that russia primarily uses are depleted. they sustain the same level of production, they must drill more they are 6% over the last several years. >> what would you say about the rebalancing taking place in the supplies would you say that production costs by the producers are absorbed by u.s. shale coming into the market? is that the way you interpret it or something different >> somewhat. somewhat but still, things relating to the powers keep the same positions, but we see production coming up. still, some limits despite this remarkable progress in technology improving shale is still expensive.

you have to drill, drill, drill. it's like mining there's limitations on this. of course, the u.s. benefits from it. >> i don't mean to be rude, i have limited knowledge of extraction, but pipes are pipes. it's not the cutting edge technology, correct me if i'm wrong, but because of that, you manage to bypass the big issues between the united states and russia at a political level and technological level. i mean this as a compliment in many ways. your business in the u.s. is doing well if i have simplified it, because it's not cutting edge technology, you have a strong relationship with the united states >> i disagree it's not cutting edge technology. to drill well and build a well that goes kilometers you must

have tremendous torque resistance in connection it's a powerful turning. >> that's the education for me >> it is, yeah it is not a simple thing >> how come there are no technological barriers and sanctions between your country and the united states? >> sanctions that prevent technology to russia russia was developed very well, especially materials, now in connections as well. so, we do not need americans, as simple as that our business is not built on -- >> are you saying americans are happy to take your technology and russians are happy to give that technology to the united states or use it in the united states regardless of sanctions >> well, sanctions don't

prohibit importing to the u.s. anything that is good for american jobs and production is welcome. that's not an issue at all again, two businesses are, i don't say autonomous, but do not depend on this exchange. so, we compliment our product missile and sell to the u.s., which is no sanction at all. >> let's expand this, if we can, as well. you talked about the big factors going on what about russia and the united states what about that? again, regardless of what happened in the cold war, russia did business with the west and the west did business with russia and the united states had the space station. are things going on as normal on the surface? >> i think business continues as more or less normal, but there's a danger things are going to heat up again politically. mr. mueller is going to issue

indictments later today. the headlines will be back headlines and business are not always compatible. >> from an investment point of view, where do you stand >> energy is a unity and uncertainty. projections for oil in the next five to ten years, 96-97 barrels a day go from 80-120 nobody is really doing it in the united states. service companies have huge upsides, basically in terms of the cost on you, one thing that has been amazing about what shale has done or the industry has done to compete at low prices, they have their cost down they try to get the cost down at your expense >> of course the customers, they try to cut the costs everywhere. again, it is not the major cost

for drillers it depends on the type of well that could be 15% of cost, 20% of cost. offshore is less it is not a popular topic now. so, this service is like drilling complexion and much more expensive than pipes. that's why, basically, it's a bargain. >> a time when you don't trade dollars, you use other currencies >> we are fine -- basically, as oil products, everything is priced as dollars internationally. we work with that. we don't see it as an issue. >> what about the impact of tariffs? does that impact your business at all >> well, it's an ongoing process. 252. for american business, it's positive because it protects american markets

we are number three player in america. >> the u.s. hasn't pushed forward with tariffs on steel. if they do, does that stop you in your tracts >> i don't think so. it may increase prices in the u.s., which may not be good for people who consume steel if tariffs are to protect the u.s. market from the pipes >> about 20 seconds left do you see the dominance of the international currency and transactions a threat? we have ten seconds left >> i don't think it's under threat, but shared with the euro >> thank you very much if you are in the u.s., you are going to watch "worldwide exchange" next

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markets now, the fed earnings and jobs front and center as wall street kicks off a new trading week mueller time, the first indictment expected to be made public today following a major investigation into russia's role in last year's election. we're live in washington with the details. and power politics, puerto rico moves to cancel a major contract to restore its energy grid we'll tell you why it's monday, october 30th, 2017 and worldwide exchange begins right now.