hello. welcome to "street signs." happy friday to you all. >> these are your headlines from london the ecb is looking at exposure to turkey. the turkish lira tests fresh lows against the dollar. a route to t in the currency iso

spreading to the bond market. moscow will consider economic war if proposed u.s. sanctions target banks or currency access. and nova sooe novozymes trae bottom of the stoxx 600. the ceo said the forces at play are not what he expected >> we had a satisfactory first quarter. the mix of factors pulling on our business are slightly different than what is expected. we have weakness in household care, but the balance of that is we reiterate our guidance. the oil market cooled down recently with a slowdown in the second quarter i'm happy to say we're joined by neil atkinson from the iea i have to ask you this, there seems to be a major push and

pull factor when it comes to geopolitics. you have new sanctions against iran looking to take effect, either have already done or about to in november what's that going to do to the oil price do you think >> at the moment things are cooling down a bit because certainly in the short-term there are no serious issues about supply we've seen oil production in saudi arabia increase, in russia increase, and libyan production has resumed after its intersup shu interruption on the other side of the balance there is some concern about the possible effects on the global economy and thus on oil demand of an escalation of trade tensions as we say, though things may be cooling down a bit now, we cannot get away from the fact that later in the year depending on the impact of u.s. sanctions on iran when they legally take effect in november, we could be

in a different situation where supply may be more constrained, and there would then perhaps be a risk as the oil price increases. >> you talk about the oil price increasing, we've seen the situation calm down, we've seen production increase in saudi and russia u.s. exports up, demand drop slightly in certain parts of the world, as we draw near to the november deadline for the new round of sanctions to take effect against iran and the effect on supply, do you expect to see more volatility >> as the day draws near, depending on what we learn about the attitude of foreign government is, and companies to the u.s. sanctions, then there will be a lot of speculation and perhaps more volatility. that's almost inevitable when we report next time in the middle of september, we will be six weeks away or so from

impositions. we'll have a clear impact at to what the actual level of oil exports from iran will be, as opposed at the moment we're speculating, talking about it. the exports have not fallen dramatically so far, though there have been fewer purchases by european customers. we have to wait a few more weeks and see what the effects of the u.s. diplomatic effort to persuade foreign countries and companies to cease purchases from iran, then we'll know where we stand in the meantime production from saudi arabia and russia and other producers still has scope to increase further. so it's effect we'll have to wait and see a few more weeks before we can be clear >> neil, what are your expectations when it comes to saudi arabia's ability to increase output. they signaled they would assist with supply concerns around the iran issue what do you think their limit is here sure they will help in this effort, but they have their own

restrictions in terms of where they want to see the price >> yes but in the case of saudi arabia, they are the only country in the world with significant production capacity. when you have spare production capacity, which has been sitting idle for years, it's not always clear how quickly, quite how much can be brought into the market to some extent we'll have to wait and see how it plays out. i don't think there's doubt whatsoever that saudi arabia is committed to ensuring that production will increase to meet requests from customers for more supplies if those requests come, and they will play their part alo alongside the uae, you could wait and alongside russia, they will work to ensure that supplies are increased to offset the impact of any falloff in iranian exports. >> on the demand side, can you

give us a better idea what you are watching on the trade tensions between the u.s. and china? still a lot of uncertainty on how that will impact global growth and oil demand. do you think we already are going to see a significant impact or do these tensions have to escalate further? >> we think they have to escalate further we said in the report for the time being we left our growth numbers as far as demand is concerned unchanged in 2018. we did actually raise it very slightly for 2019. but that's on the assumption that we don't see significant supply shortfall, which would obviously raise prices and effect demand. also on the basis that trade disputes don't escalate. however we did quote in the report an observation from the international monetary fund which said that they had noted that the risks of a slowdown in global trade and impact on gdp growth, that risk could grow

we're watching that as well. for the time being we have not amended the numbers. we'll have to wait and see how the tit-for-tat between the u.s. and europe and u.s. and china, how that plays out >> one final question on china you mentioned it throughout that answer i understand the chinese crude imports were up in july after a couple of not great months still lower than they were in the year what do you think the dynamic there is in terms of the potential smaller refineries in china when it comes to their demand >> are you talking about chinese imports in total or just chinese imports from the u.s.? >> in total, not just the u.s./china relationship. >> we see chinese overall demand in 2018 and again in 2019. i think some of the more short-term numbers being talked

about, we're not entirely sure how that he will play out. we know chinese underlying demand for oil, the growth remains robust what will be interesting in terms of chinese oil imports, there is the relationship with the united states. china has been a market, a growing market for united states exporters in the last year or so i think it reached over 300,000 barrels a day at time. that will be an increasingly important player, if you'd like, if oil exports can be a player, in the ongoing trade dispute between china and the u.s. it will be interesting to see how that dynamic plays out >> it does add another layer of complexity thank you very much for your time this morning. >> thank you one of our top stories, taking a look at turkey's stock market experiencing a volatile session after a diplomatic row between

washington and ankara shows no signs of ending. as you can see here, the overall market off some 0.7% we have seen some of the financials take the biggest hit. it's not all bad news. turkish airlines up today. the pain has been not felt in the equity space so much so let's look at the lira, which continues to test fresh record lows against the dollar. addressing supporters on thursday, president erdogan dismissed fears over the currency saying if they have their dollars, we have our people, our god. the european central bank is concerned about turkish exposure at some of the continents banks here according to "the financial times. the paper reports that the central bank is examining links between several european lenders

and ankara, including bbva, unicredit and bnp paribas. bnp paribas off 3.38%. the report did say the ecb did not view the situation as critical speaking to cnbc, i had a chance to speak to the cfo and he talked about the exposure to turkey >> i think the new government can still be proactive addressing the two biggest witnesses the country has, inflation and current account deficit. we hope they do. in the case of guarantee, the performance of the bank was very strong, top line growth was significant. we wanted to play it safe.

with that we were able to increase the bottom line on a year-on-year basis so we will continue to play it safe, act defensively, and we think we can weather the storm well >> for more i'm pleased to say we're joined by peter kinsella, rate strategist at the commonwealth bank of australia pleasure to have you join us on the phone today. it seems the concern is about the risk of turkish borrowers facing the risk of default how real is that given your view to what's going on with the lira >> i think it's a justified concern. if you look at broad turkish bank exposures, european bank exposures towards turkey, spanish banks have 80 billion worth of exposures likewi likewise, french banks, somewhere around 38 billion. that's roughly 18 billion.

so you do have large quantums above large and local currency debt exposures what we know is the impaired loans in turkey are in and around 3%. not significant. what you can find is when you get an aggressive rate increase from local central banks, you know, you will end up with sort of a slightly higher loan impairments. that will be a concern for sure for many european banks. >> i've seen a couple comments that this could be the final flush out for the lira and people are looking to see whether this will end today. do you think it will >> no. what it requires, if you look at sort of a chart and dollar lira for the last ten years, you see this depreciation trend. ten years ago, dollar lira were trading at 1.30, it's now 5.95

that's from fx pass through inflation and elevated inflation expectations in order for the lira to stabilize, what is required is the central bank of turkey have to maintain a large positive real interest rate profile over the coming years what you've seen in recent years is when they raise rates, as soon as the currency stabilizes, they cut rates again so what is required is a credible and durable commitment to maintain a positive real interest rate spread for a long time that would suffice to stabilize the lira in the absence of that, you'll get a continuation of a gradual depreciation tren. >> you used the word trecredible there. i want to ask about his son-in-law, the economics and finance minister there, what would he have to do to try to turn things around in terms of inflation, the currency, and

confidence what you have to do is maintain -- basically come out and say this is the policy we'll have, and we'll keep it. what you find with turkish authorities is that when they come out, they say one thing they come out with a new policy measu measure, they argue the markets don't understand it. and what's required is a clean break, allowing the central bank to do its job. which is to try to keep inflation lower. unfortunately it seems the economic advice surrounding the president, et cetera, they always focus on the short-term fix rather on the longer term issue, which is reigning in the current account deficit, which is lowering inflation somewhat and then having a more credible policy backdrop. >> peter, thank you very much for joining us today appreciate it. that's peter kinsella. we've been watching russia's

ruble which hit a two-year low against the dollar after the u.s. lobbed a fresh round of sanctions on moscow. earlier this week the u.s. determined that the kremlin directed a nerve agent attack on a former russian spy in salisbury. the russian foreign ministry said the latest action was illegal. the u.s. is expected to have their sanctions come into effect in the next few weeks. >> in this way the united states of america exacerbate bilateral relations. instead of searching for ways to improve the relations, the u.s. applied all their efforts to make the situation more difficult. >> heavy fighting in the south of france has forced thousands to evacuate their homes.

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. welcome back we are looking at a fair bit of re on t red on the board for the stoxx 600. some concerns around some european bank moves to the down side with turkey jitters front and center today let's show you the markets one by one ftse 100 is off 0.5% we are keeping an eye on that sterling weakness. the xetra dax is weaker by 1.1%. the french cac 40, lower by 1%

similar for the ftse mib when it comes to the sectors, you are looking at travel and leisure the only sector in positive territory weakness for basic resources and the banks with turkey concerns in focus there technology is off as well more than 1%. this is the story of a mostly negative day in europe for the equity markets june did see european asset managers suffer their worst month for fund flows in five years as risk aversion gathered pace equities funds lost 6 billion euros. we are joined by jonathan miller from morningstar pleasure to have you on the program today. at a time when earnings season all in all looked decent, growth not as strong as it is in the u.s., but what will it take to

reverse this trend >> maybe we should take a step back and look at 2017, a record year for flows june and the second quarter is where anxieties kicked in. people can be quite short-sighted, february and march were bad for markets they generally bounce back, but areas of concern meant that the riskier side of things have seen people generally setting in. >> i want to ask about the industry more broadly in the uk. it feels like every week i speak to a british fund manager who says things are changing i don't know what the future will lock likok like. do you see the landscape changing >> when we say what do you think about high street, for example, retail, the general feeling is if it's not a clicks and mortar, so internet and high street

presence, it's totally off the radar. so there's no value hunting going on in domestic retail. for fund managers looking at distribution, they're setting up offices in luxembourg, dublin, there's ways of treating the brexit noise, but that's real in terms of how they want to distribute funds across the continent. >> we had this announcement from fidelity saying you can access all of these different products, we won't charge you much in terms of zero cost that's a massive threat to the business model, isn't it >> that's a u.s. phenomenon. the race to zero has been going on passively we think that's good, because it puts pressure on active managers who have been charging quite a lot of fees. that squeeze needed to be important. so fidelity in europe told us there won't ab sobe a zero effe what they're doing the effect as a group is they're

diversified, and trying to get people into the platform in the u.s. with a zero fee and then go shopping and buy some emerging market fidelity funds or other funds that do have more margin for them as a business >> what you said about emerging markets, i wonder if this does make the case for more active management if you consider the basket of the yen, it's not distributed equally here we look at what's happening with turkey, a lot of that is down to some dollar strength and the current account deficit problems, you have specific political issues at stake here in turkey. we've also seen the mexican peso dip today against the dollar you do have to play out the idiosyncrasies in the end. is that what you're seeing when it comes to em flows >> people are nervous. strength of dollar, trade wars, they're the key things you can't hide from the dynamics of the population there and

everything going on with the middle class and the billions of people in that sort of area. so we think for investors who should be thinking long-term, you know when you see quite sharp pullbacks, the crowd are withdrawing, there could be a time to be contrarian and actually step in with some funds that we think there's strong active management in the end that can add value over the long-term. >> you looked at what's happening with bond fund flows, gold in particular you talk about money going into bonds, but out of gold i wonder how this dispersion is playing out if you're talking about bonds being a safe haven trade. >> bonds is a curious one. if you look at the year-to-date, it's 3 billion euros coming in in net new money these are funds available across europe but it's a second quarter where there's been a bit of a hit. so around 20 billion of outflow there's in active. that's been the risky element. so high yield local currency,

hard currency and flexible bonds which can go in all sorts of areas. the interesting bit to add to this is the passive bond funds have seen inflows during this period so some people are moving to a bit of u.s. government plain vanilla or european government passives but also the passive market has developed to allow people to have much more granular building blocks of funds, and that's where people are segmented >> one final question, more about your firm and its ratings system traditionally powerful there's a study out by a former morningstar executive looking at the impact, correlation, causation between your rating system, changing the rating on a given fund and the flows into that fund. do you think as some people have suggested that morningstar's ratings influence in the uk is waning a bit or do you think you're still having impact? >> the important thing is we're independent to start with. as a team, as an analyst group,

when we carry out qualitative analysis and rate them on a scale going from gold, silver, bronze, neutral, negative, we're being investors first and carrying out our due diligence we feel we have a role to play in the market. if anything, i'd say across the uk, europe, asia, global phenomenon is that people are looking for third party research more as part of documentation and justification, what they're doing with their clients that's where we're in a sweet spot >> jonathan, thank you very much for your time this morning coming up on the show, is brexit weighing on britain's economy? stay tuned as we break down the latest uk gdp numbers. welco

signs. i'm willem marx. >> i'm nancy hungerford. these are your headlines >> unicredit, bnp paribas and bbva sell off after the ecb is looking at their exposure to

turkey the turkish lira tests fresh lows against the dollar. a rout in the currency is also spreading to the bond market. the ruble also falls the russian prime minister says moscow will consider it an economic war if u.s. economic sanctions target banks or currency access. and novozymes trades at the bottom of the stoxx 60 after missing earnings the ceo said the forces at play are not what he expected >> we had a satisfactory first quarter. the mix of factors pulling on our business are slightly different than what is expected. we have weakness in household care, but the balance of that is hello. welcome back to "street signs. we're getting gdp figures from the uk for the second quarter breaking here. for that second quarter we are

looking at quarterly growth of 0.4% that is bang in line with the forecast for 0.4% on the quarter as well. on the year we're getting a figure of 1.3% that, too, is in line with forecasts. when it comes to some of the breakdown reports on household spending, that was up 0e.3% on the quarter, 1.1% on the year. that was the weakest annual growth since the first quarter of 2012. many will look at the business investment numbers for the second quarter that was up 0.5% on the quarter, which was better than forecast the poll was looking at 0.3%, and 0.8 growth for business investment that was the weakest growth since the fourth quarter since 2016 some numbers breaking on manufacturing output, just slightly ahead of forecasts. construction output was stronger than forecast. we had those construction pmi

numbers a week ago that were strong for more, let's bring in hathatel hatel metta, thank you for joining us it looks overall that gdp number on the quarter in line with consensus, but better than your expectations what do you make of the report >> i think some of the numbers, particularly the investment numbers are better than what we've been expecting we thought business investment post-brexit would be subdued with you are relative still seeing subdued numbers so i think it's encouraging that we've seen sentiment pick up and a bit of a bounce back from what was a weak first quarter of the year but i still think that for the uk this is subdued growth, and the bank of england also had 0.4 for overall gdp. they will not be feeling they made a policy mistake last week, but i don't think this changes things >> we talked about for the first

time in quite awhile they decided to raise interest rates. what do you think this number now means for their future plans for further rate hikes >> i don't think it makes too much of a difference at this stage. i think they committed themselves to being very slow, limited and gradual are the words carney keeps using the next inflation report in november i think comes at a time which politically is tricky. brexit negotiations will be very much ongoing at that point so i do think that the next few months will be on hold february probably too soon even if we had a stronger number, i'm not sure that's enough to pull forward the next rate hike. >> you mentioned the magic word, brexit i'm struck by that household spending number. >> yes >> i think if you're a british consumer, you're looking down the next few months as a prospect it seems like people are dialing back a bit do you think that has an impact

on inflation >> it's been impacted by inflation certainly. the high numbers that we've had on inflation through the year, still above tearget. we've seen wages pick up but at a modest pace. only just getting back into positive wage growth, which is not enough for people to start spending more and more savings are low. so there's a limit to how much you can push further on consumer spending >> do you think we saw that in the recent retail data i was surprised when it comes to nonfood sales, they say people took a hit from the weather. can you always blame the weather? the sun has been shining, people say that kept people out of the stores is that fair or is there something else going on here >> i think there's a structural trend in the retail sector high street has been under pressure disentangling that from overall weaker consumer spending is difficult.

the overall consumer spending numbers indicate the consumer is under pressure we have a long-term structural, digital disruption, internet sales playing a part >> looking closer at the month breakdown here yes, on the quarter the gdp results were in line with expectations june came in shy of forecasts. it was a decent slow down from may. do you think this is evidence that we're already seeing that uncertainty play out >> i think we are seeing that. seeing that on the investment numbers definitely the brexit uncertainty, we've seen the pound move around recently that's going to be having a big impact on consumer sentiment the pmis are not that strong for the uk they're okay, but not signaling above trend growth, which is clearly what some people think we should be experiencing. >> just looking at sterling, we are at another year low, lowest

since june of last year. do you think this weakness continues? >> ultimately we think that it's in no one's interest to have a bad brexit the transition arrangement we think will get agreed. we see an upside to sterling from here. it will be a bumpy ride. negotiations will probably go to the wire as is europe's style in these things so we'll probably see volatility before we see that >> thank you very much for joining us today >> for more news on brexit, the story that keeps on giving, the uk treasury will start to implement contingency plans for financial services in case britain exits the eu without a deal the treasury outlined new guidelines and said it was preparing a workable regime for whatever the outcome of negotiations may be. the plan includes conversion of eu laws and regulations into the british legal system

a new poll found the british public should have the final decision on brexit if talks with the eu collapse. that's according to a new poll it found the vast majority of uk citizens want a public vote on whether to remain in the eu or leave should negotiations fail and boris johnson faces the prospect of a disciplinary hearing after he compared women in burqas to bank robbers. the party received dozens of complaints after he made the comments in a column in a newspaper. several senior party members have urged him to apologize. markets here in europe are set to head into the weekend pretty much in red across the board here the ftse 100 off some 0.5%

but they're not suffering the worst fate today so far. the xetra dax is off some 1.3% the french cac 40 off 1% the ftse mib lower by 1.3% there are some jitters here around turkey and specifically some european bank exposure to the country that we continue to keep an eye on here. let's give you a closer check on the fx space a different picture when it comes to the japanese currency, u.s. dollar at 110.82. sterling weakness here continues. 1.2759 even after that data we got on gdp. some concerns about a slowdown on investment, household spending if you look at the greenback

against the yuan, it continues to strengthen, higher by 0.5%. 6.835 mark let's look at the space for forex. the dollar stronger against the lira, up 7.68% the dollar stronger against the rand the u.s. dollar gaining against the ruble. and mexican peso can't escape the fate let's give you a croloser look how u.s. markets are set to open after a lackluster session on wall street yesterday. the nasdaq continues to push ahead it could be set for a different open today the implied open for the nasdaq, lower by 32 points

the dow jones expect ed ed to on lower by 90 points noevozymes was surprised by weakness at its household care unit the company posted 4% organic sales growth and said it was satisfied with first half performance. the ceo told cnbc earlier that the company confirmed its full-year guidance >> we had a satisfactory first year revenue wise and earnings wise the mix of -- the mix of factors pulling in our business are slightly different than what we expected bio energy not only in north america but around the world is doing better than expected we have a bit of weakness in household care the balance of that is that we reiterate our guidance we believe in 4% to 6% growth

organically for the year >> let's check on k & s which has been trading at the bottom of the stoxx 600 after warning it may miss its full-year profit guidance they expect a significant earnings increase in 2018. the miner says they will continue to pursue a positive free cash flow for 2019. energy has seen a 10% fall in operating profit for the first six months of the year earnings came in below expectations, and they blamed higher commodity prices and lower wind levels. innogy is set to be broken up in 2019 they said competition is fierce and that they lost 550,000 european clients so far this year ryanair has been no stranger to troubles with the unions. let's check their stock price. they're braced for the biggest one-day ever strike with 1 in 6

flights set to be canceled the carrier which last year agreed to recognize units for the first time in history is facing calls to improve salaries and working conditions the strike involves staff in germany, sweden, ireland, belgium and the netherlands. if you want to get in touch, feel free to do so on twitte twitter, @streetsignscnbc. coming up, transfer spending by premiere league teams falls for the first time in seven years. we're live from manchester after this break

welcome back with investors still keeping a close eye on the trade tensions between the u.s. and china, a few lines to bring you from china's commerce ministry. this time talking about anti-dumping duties on rubber products from the u.s., eu and singapore. they had taken the same actions

back in april. the story today is that the anti-dumping duty will be on some rubber products from the u.s., eu and singapore to take effect from august 20th, and they have said that they will be imposed on exxonmobil's rubber from the u.s. and the eu in yemen a saudi coalition air strike wound eed dozens of civilians. the strikes targeted a busy market and a bus that was carrying children and adults health officials say more than 40 were killed and 60 wounded. the saudi backed coalition says the attack was retaliation to a missile that was fired into saudi arabia earlier this week the u.s. state department joined international demands that the saudi coalition

investigate these deaths from this strike. >> we don't have the full details about what happened on the ground we certainly have seen the news reports of what has been reported happened. i can't confirm all the details because we are not there on the ground we can say we're concerned about these reports that resulted. that there was an attack that resulted in the deaths of civilians. we call on the saudi-led coalition to investigate we take all accounts of civilian casualties seriously we urge all parties to investigate all reported incidents of civilian casualties >> that was heather nauer speaking there saudi arabia and canada are

at odds, with canada asking saudi arabia to free two jailed canadians. the saudi energy minister says the row will not impacts the country's oil supply to canada let's get another check here on our top story that is turkey's stock market experiencing a volatile session after a diplomatic row between washington and ankara showed no signs of ending. you can see the impact among the stocks in turkey, especially among the banks. the lira continues to test fresh record lows against the dollar you can see there the dollar now higher by 7.7% addressing supporters on thursday, president erdogan dismissed fears over the

currency saying if they have their dollars, we have our people and our god the european central bank is concerned about turkish exposure at some of the continents banks here according to "the financial times. the paper reports that the central bank is examining links between several european lenders and ankara, including bbva, unicredit and bnp paribas. the report did say the ecb did not view the situation as critical cnbc reached out to bbva for comment and they pointed to comments daught s made by the c said they are aware of the situation. tesla's board could ask elon musk to recuse himself as they explore his plan to take the company private. board members will meet with financial advisers next week to seek more information about musk's proposal. earlier this week he announced on twitter his plan to take the

carmaker private in a deal that would be worth as much as $72 billion, however mr. musk did not clarify if tesla itself has committed financing for this proposed transaction shares were higher in aft after-hours trading yesterday after cnbc's report. >> that multi, multimillion dollar we. porsche has backed its full-year guidance forecasting results between 3.4 and 4.4 billion euros. samsung launched its new galaxy smartphone hoping to grab iphone users it features one of the biggest screens and internal storage abilities on the market. it will start at $999 u.s.

samsung has posted disappointing results in the second quarter, recording its slowest profit growth in a year the trump administration has laid out its plan to turn the president's space force dream into a reality vice president mike pence unveiled the project at the pentagon to create a new military branch by 2020. hallie jackson has the details on this story. >> it may be the final frontier on star trek, but in rel lial l it's the next frontier for the military with plans unveiled for the sixth branch of service. >> the united states air force. >> reporter: and the first since the creation of the air force in 1947. >> it is not enough to merely have an american presence in space. we must have american dominance in space. >> reporter: the trump administration wants to build this space force by reorganizing existing programs and personnel,

creating an elite group of space war fighters, equivalent to the navy seals or green berets and asking congress for $8 billion over the next five years all part of a push to combat aggressive moves by russia and china. president trump today tweeting "space force all the way," with his campaign asking supporters to pick their favorite logo offering up six options. >> space force space force. space force. people love it. >> reporter: but retired astronaut mark kelly does not love it. >> it's unnecessary bureaucracy and unnecessary costs because currently, the air force, the u.s. air force is dealing with the threat adequately. >> reporter: the space force needs approval by congress and only then can the president complete his mission to boldly go where the military hasn't had a branch before. hallie jackson, nbc news, washington.

the spending at england's top flight football teams fell in the latest transfer window for the first time in seven years. premier league clubs spent 1.2 billion pounds during the window, that's down by 200 million from last year's record mark the final hours of the window did see several big money moves by everton, fulham and leicester. adam reed joins us from old trafford were tonight manchester united take on leicester fe tell me about some of these transfers. >> good morning. i'm inside old trafford now. don't let it fool you that it's quiet now. 75,000 fans will be packed in here in about ten hours time to start the premier league season. but they won't be seeing too many new manchester united signings they were touted as being the ones to do quite a bit of business on deadline day, but it didn't materialize

they made one major signing so far this summer, for a club of this stature and size, that normally doesn't happen. that was fred from shakhtar to come in. he could make his debut tonight. you are right. it was down from last year's spending growth has stalled in the premier league in terms of spending over the summer transfer window. even on deadline day alone, 100 million pounds less were spent than in the same day in 2017, just 110 million pounds were spent. the biggest deal of the day is a target for manchester united, but in the end, the barcelona and columbia defender went to everton for 27 million pounds. about 30 million euros so manchester united didn't make any major signings on deadline day. couldn't secure the signing of a player who had a good world cup

in urimina i spoke to sean bones who says unless things start to improve on the pitch, fans may start to vote with their feet >> i speak to a lot of supporters, there's a big opinion in the sense that when sir matt busby and alex ferguson had teams, when they crossed the line, they went for the win immediately. since alex ferguson, when players cross the line now, it's first not to lose, get a foothold, and then win from that position manchester united is where they are, at the top of football, because of the history, heritage and tradition, the style of play people getting up from the seats in those wow moments i think that's what we have to get back to to continue to grow. >> yes manchester united is a football club built on attacking football they're also a huge global brand

as well. no signings on deadline day in the summer, but maybe just maybe in january that might mean, depending on where they are in the league and in europe, they might go on a big spending spree yet again. >> adam, thank you very much for tha that >> before we say good-bye, let's check on u.s. futures here remember, overnight the nasdaq did see its longest win streak of 2018, that could be set to change the nasdaq has an implied open off 34 points. the other major markets called lower. that's it for today's show >> thank you very much for watching "worldwide exchange" is coming up right now

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