welcome to "street signs." i'm joumanna bercetche these are your headlines not thrilled with the fed. president trump takes aim at the central bank telling reuters that chairman powell should not be raising rates and instead should focus on what's good for the country. president trump also down plays the trade talks saying he doesn't anticipate much progress with china, but chinese equities close higher led by the csi 300. bhp trading near the bottom

of the stoxx 600 after the largest miner misses expectations overshadowing a record final dividend payout. and italy's prime minister slams a modest offer for the recovery effort in genoa, saying the operator could quadruple it. checking in on how equity markets are doing. the chinese equities are trading in the green led by the csi. overall it's been trading positive for the last couple of sessions on positive hopes and anticipation of these talks yielding some results later this week as the two sides are discussing u.s. and beijing are meeting in washington to discuss these tariffs. generally the mood is positive stoxx 600 is trading slightly up

at 0.1% in early hours of trading. let's get into the individual indices to get a picture there ftse 100 lagging down about 3 points or so. mildly below the flat line in the uk watch out for public finances coming up in about a half hour's time also michel barnier will be meeting with dominic rab later this afternoon to discuss the technical issues of brexit the ftse mib is outperforming, up about 130 points. of kou switching to sectors, leadership coming from the tech sector, up 0.4% food and beverages up about a quarter percentage point underperforming, basic resources. we were talking about bhp results that came out.

we'll get into that more in the show travel and leisure also underperforming to the tune of 0.1% overall the session has been somewhat lackluster. again, this is on the back of another positive session for u.s. equities with s&p only about 16 points away from new all-time highs speaking of the u.s., let's talk about the u.s. yield curve a bit. we saw a decent rally back across the curve yesterday after president trump's comments about the fed. we have the ten-year trading at about 2.84 two-year at 2.60 the spread between the twos and tens is at the flattest level we have been since 2007 a lot of focus on that yield curve and the direction of travel from here with some fed commentators yesterday saying they would not do anything that would continue to invert the yield curve. that's the picture as far as

fixed income is concerned. president trump has once again criticized the fed saying he's to the thrilled with jerome powell raising rates the president said the u.s. was not getting enough support from the central bank and that it should be doing more to help him boost the economy. trump's comments echoed those made to cnbc in an interview last month where he broke with presidential precedence by laying into the fed. >> i've put a very good man in the fed. i don't necessarily agree with it because he's raising interest rates. i'm not saying i agree with it i must tell you, i don't i'm not thrilled because, you know, we go up and every time you go up they want to raise rates again. and i don't really -- i am not happy about it, but at the same time i'm letting them do what they feel is best. >> whoever said the central bank was thrilling. trump says he doesn't expect much progress from upcoming

trade talks with china he said he had no time frame for resolving trade tensions, adding he had a long time horizon the u.s. president accused china of manipulating its currency to compensate the first formal trade meetings since june will begin in washington on wednesday ahead of a new round of proposed tariffs to take effect on thursday greece has exited a nine-year bailout program amid sell breaks from european institutions let's look at where greek ten-year yields are trading. back to around 4%. this is a far cry away from the 30% plus levels we saw towards the end of 2012, but similar to where the bond yield was trading before all of this kicked off in 2010 i'm happy to say that i have an expert with me, the founder of adp invest we were talking about some of

the european institutions heralding greece it is a watershed moment a long time coming yesterday it was said greece would be treated like any other country going forward. do you believe that? >> it's still going to be under review the review will be close knit to make sure that at least in terms of the primary balance targets they're met, quite tough targets, 3.5% until 2022. the issue is this clean bill of health was given after the fourth pass of the ecm on the 21st of june yes, it was the official exiting from the bailout but these positive developments had come in line with that earlier in june. >> i have to say, i've been commenting about this, this historic day i called it a grexit yesterday there are many skeptics out

there, many people saying the countdown clock has started ticking, waiting for the next time this issue will flair up again. i believe the perception is that short-term, yes, things are under control, but what happens longer term further down the path if these growth levels don't hold up, if they can't boost productivity and they're still left with the massive debt overhang >> that's right. greece has managed to reach key targets. however there's a lot of work to be done, primarily because productivity is still low. unemployment is high still exceptionally high the overall sentiment for consumers has been low the banks themselves have not been able to deal with the balance sheets there's a lot of mpls in the market there's been gradual developments taking place to package, repackage and sell those. there's still a lot of issues in

terms of providing credit for the investment >> it's interesting you bring up the banks. we spend time analyzing yeields and where yields are the equity markets really have not enjoyed much of a rally. technically the greek market is still in a bear territory. we have the banks bearing the brunt of that. what do you think turns that around will sentiment turn around because of what happens yesterday in the greece formal exit >> i think in order to turn this around you need to think about two things one is ownership we need to see ownership of these structural reforms, which need to take place whether this is ownership from the current government under tsipras, or if there's a new election there is still uncertainty in terms of elections but prior to the devastating developments of the fires in

athens, there beforwere expecta of elections later on this year. i'm still holding on to that i think it willbe easier for tsipras to go to the ballot box later this year. >> he's trailing by 13 points. why would he call an election this side of the year? >> because i think next year things will become tougher, less structural reforms are taking place. it's easier for him to, i think, get the benefit of the improving economic environment than risk pursuing more structural reforms next year. >> taking a step back away from the politics, that will be a focal point of the next 12 months, what do you think the catalyst will be for the greece issue to flair up again? apart from dragging their feet a bit on structural reforms? >> i don't think it will flair up in the short-term, the short-term meaning over the next

couple of years. they do not need to get into the markets. they got the extension of repayments they got the cash. it will not flair up i think this is an active policy to avoid any further uncertainty surrounding the european project, especially with brexit negotiations also taking place i'm not worried this will flair up but there's an opportunity which could be missed if these structural reforms are not enacted and ownership is not taken for the next moves >> the imf keeps saying fix the roof while the sun is shining. so we have one tail risk for the time being being put to the side with greece. are you worried about italy? could that be the next big elephant in the room >> looking at italy and the way they've been dealing with the npl markets, they were way ahead of the curve, yes, in terms of the volume, but they've had a process in place they've been packaging and

selling the npls the bank balance sheets have been improving political developments are going to be an uncertainty so that is something which we'll be focusing on closely from an economic perspective i would be more worried about greece turning the corner than italy. >> all right we have to leave it there. thank you for joining us on "street signs. venezuela's president may be tempted to phone a friend after his plans to devalue currency saw the country's version of "who wants to be a millionaire" canceled the value of the prize money was whittled down. by the time of the final episode, the prize money which was doubled was valued at lest than 1,500 pounds. we'll discuss the em space with david lubin in around 15 minutes time you can get around in the

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welcome back to "street signs. atlantia is trading higher despite conte lashing out at the offer saying it was too modest in an interview to a newspaper, conte also said a file demanding penalties is also "in my bag." carlos joins us from rome where there is a special board meeting being held what more can you tell us? >> good morning. we are reporting live in front

of the headquarters of autostrade in about a half hour, the board of directors will start. they are gearing up for a complicated legal battle against the government goo siuseppe conte said he willy to fast track a decree which will repeal concessions to autostrade over motorways. conte and the prime minister know the move will boost their approval rates, but at the same time the same action could impose strain on the italian public finances. the contract that is binding, the italian state has been rock solid. the company will have to receive

funding of 18.3 billion, a staggering sum, which is the net present value of all the revenues that would have accumulated by 2042, the year when the concession would expire secondly, by nationalizing the highway network, the state will have to give up on the 350 million of taxes per year. and thirdly, by taking over the maintenance, current maintenance of the highway network, the ministry of infrastructure will have to go on a hiring spree and will have to contract something like 4,000 people, engineers, technicians and employees. for all these reasons, an important person within the cabinet, mr. salvini, he stated he's not in favor of the nationalizing of the highway network.

they said atlantia should pay up to 200 billion euro, and this could avoid a legal clash. as we arestanding here, we're about to see whether we can intercept the management of autostrade italia. they will enter within ten minutes, and we'll try to hear what they have to say. i'm not sure they will declare something, but probably they will do a press release later in the morning. back to the studio >> carlo, i have a question. the stock is trading up 3.4% this morning why do you think it's bounced so much is it because the government has moved away from threatening to remove the concession towards penalizing them via fines? what's your interpretation >> well, the impression here, i was talking with some colleagues of the specialized press, the thought is there is a huge divide between the northern party and the five-star

movement so conte and dimaio, his labor minister, want to forge ahead with the plan to revoke the concessions. whether the other side, the northern party wants to avoid such a scenario is the question. that's why the stock, atlantia stock is bouncing. thank you very much for bringing us the latest from there the spanish government has declined to comment on whether the genoa bridge collapse would affect a deal between acs and atlantia earlier this year they acquired spain's autocrest to create the longest toll operator in the world. moody's says it needs better visibility on italy's policy direction. they had launched the review for a potential downgrade of italy's ratings last may saying the f

fiscal strength could crumble under the new government. the ecb fined credi credit agricole almost 5 mile onyou'o million euros. persimmon has posted a 13% jump in first half profits after the uk firm sold more houses at higher prices. the second largest home builder in britain forecast more growth going forward. the company reiterated a commitment to returning surplus cash to shareholders by setting capital return targets through 2021 the world's biggest minor has missed earnings expectations bhp full-year underlying profit was 8.$8.93 billion, that is a % improvement on last year, but

short of the 9.27 billion expected by reuters. the company paid a record final dividend, but the ceo said he was a little more apprehensive on short-term commodity prices i'm happy to say paul gates from alliance bernstein joins me on the show let's talk about bhp now specifically this is very much a company in transformation mode. yes, they missed versus consensus expectations today on the numbers, but looking at their balance sheet there's some positives there. it looks like they reduced debt. they sold off the u.s. shale business now to bp >> yeah. >> all of that looks positive on a forward-looking basis. >> you can look at the short-term mess and loiss and t being down, when you get a miss versus expectations you'll get a

weakening of stock price the issue is really around the transformation of not just bhp billiton but the entire mining industry to a much less aggressive model there's a greater focus on increasing shareholder returns so we saw this change in bhp and again across the industry in terms of dividend payout policy. we moved to a payout ratio and we've seen bhp move above the guidance they've gave. the payout ratio is 67%, 69% of underlying earnings, ver versuse baseli baseline that they set so this is an industry moving towards a shareholder-friendly approach of course still exposed to

commodity price volatility, but one doing its best to make sure shareholders are rewarded for the risk they bear in taking on that commodity price >> i want to ask the obvious question here. this came up in the outlook. he said short-term the outlook is negative because of the trade tensions between china and the u.s. it is unavoidable at this juncture how do you think it's affecting valuations have we been oversold? >> i think personally for me i think the industry is oversold i look at the commodity prices, they're already reflecting a significant slowdown in global growth on the back of these trade tensions if you look at the copper price, and back out growth expectations, you can see a radical shift from three, four months ago to today. those expectations move in lockstep lk aroualmost around dd

trump's tweets it's not a zero sum game it's not something where anybody wins everybody loses. of course we've seen that reflected in the commodity prices we've seen that reflected in the valuations of the mining companies. over the medium term the fundamentals of commodities remain robust. the supply side is looking better than it was say two, three years ago. there's less aggressive volume growth coming through. at the same time underlying demand is strong >> how you are picking the winners here looking at your notes, i see you're somewhat neutral on bhp what is it about bhp that makes you neutral? what are you looking for in the winners? >> we are neutral. i don't want to overemphasize. bhp has a phenomenal set of mining assets, also an oil business the oil business doesn't sit in

a mining company, never has, never will it dilutes the exposure to the high quality mining assets that you can get. it doesn't provide an alternative to other investments in the energy sector that investors could choose it reduces the optionality in the portfolio. it doesn't add to diversification. if you want mining exposure, there's other ways to play if you want oil exposure, there's other ways to play that combination has been a tension that we don't think sits well together. >> certainly they are making some progress in that regard because they have announced they're selling their u.s. business that's definite progress not just getting out of that business, but the promise to return those proceeds back to shareholders they have a much improved balance sheet from a few years ago. $10 billion of net debt, 24 billion of ebita, this is not a geared company there's no financial stress on the balance sheet. they can afford to give that

back to shareholders, that prom mess of that return is a significant positive >> which of the top names in your view offer the most value in terms of distributing cash to how old shareholders here? >> i think rio tinto leads the pack we saw what they were able to do in the mid-year reporting. significant payout from asset disposals. they got rid of some co-assets there's maybe more they can do with portfolio structure, but also the core engine which is their iron ore business, generating significant dividends for shareholders, enabling them to pay out large payout ratio. again, same story for rio. reduce the net debt on the balance sheet, reduce the gearing, reduce forward looking

cap capex. >> those tweets that you refer to, we have to leave it there. >> that was paul gates from alliance bernstein australia's prime minister survived a leadership contest. malcolm turnbull won the cabinet vote 48-35 the challenger has resigned. speaking after the vote, turnbull said he did not bear a grudge but said disunity undermined the government's able to get the job done. we'll continue to talk turkey and emerging markets with david lubin from citi just after this break

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should focus on what's good for the country. president trump also downplays the trade talks saying he doesn't anticipate much progress with china, but chinese equities close higher led by the csi 300. bhp trading near the bottom of the stoxx 600 after the largest miner misses expectations overshadowing a record final dividend payout. and italy's prime minister slams autostrade modest offer for th recovery effort in genoa, saying the operator could quadruple it. european markets are trading slightly in the green, moderately positive. ftse has swung to the green. it was slightly below that a half hour ago. moving in the right direction, still shy of the 7600 mark we are seeing a strong rebound

in ftse mib, up 230 points, or more than 1% perhaps that's on back of the news that moody's may be postponing their ratings decision by a couple of months either way, we're seeing a recovery in some of those periphery markets. dax and cac 40 off about a half percent. let's switch to foreign exchange the dollar took a beating yesterday after president trump's remarks criticizing the fed for hiking interest rates. you can see again this morning it's trading on the back foot. euro/dollar inching higher, through 1.15 again and the beleaguered cable is trading up to 1.2820, 0.20% struggling switching to futures, s&p is just 16 points shy of an

all-time record high it looks like it will only open 3 points higher today, so not quite there, but going in the right direction. dow about 30 points higher nasdaq about 17 points higher. let's switch to the uk where the international trade secretary, liam fox, is set to outline a new strategy aimed at increasing exports to 35% of gdp. there he is beginning to deliver his speech this is in a bid to strengthen global trade ties as britain exits the european union measures include putting more information online and announcing ministers travel plans giving businesses the opportunity to tag along the strategy does not include a specific time frame nor pledge new funds. jeremy hunt will urge the united states to increase sanctions against russia in what will be his first major speech as the uk's top diplomat

hunt is expected to say that vladimir putin has made the world a more dangerous place he will be calling the eu and america to institute fresh measures on mexico he also added he was cautious on getting a deal on brexit. brazil's jailed former leader has extended his lead in the polls. his support has grown by 5 percentage points putting him on track to win the vote if allowed to run but authorities are expected to bar the former president from the election due to corruption convictions. his nearest rival is a far-right candidate, while the business-friendly candidate is trailing rivals in the polls the news weighed on the real

president trump says he will not offer turkey concessions in exchange for a detained american pastor accused of plotting against erdogan two years ago. trump said turkey was making a terrible mistake he added he was not concerned about the potential economic damage to europe or economic markets due to steel and aluminum tariffs on turkey. ankara lodged a complaint against the wto on any additional levees empoimposed be united states. this comes after trump warned he would double the tariffs on turkish aluminum imports i'm happy to say david lubin from citi and author of "tadanc of the trillions" joins us on

the show before we talk about the book, let's talk about turkey. that's the number one story in emerging markets the market is closed for this week so we're not expecting huge gyrations either way do you think that president erdogan could use this week as an opportunity to reinforce the message and get things back under control in the sense that he gets it, something needs to be done on the fiscal side >> i don't think we should expect anything this week. what turkey did last week, what the central bank did last week was to implement a number of measures in a crisis management mode, which were extremely effective. the central bank has restricted the flow of lira, which makes it much more difficult and expensive for speculators to short the lira, as a result of which the implied yield in the three-month fx forward market is 30%. the problem is that crisis management measures by

definition are not sustainable so we'll be at some stage in a transition from a crisis management mode to something that should be better described as a stabilization mode. market participants will want to see what happens after crisis management there, as you say, it's something about fiscal and monetary policy. on the fiscal side we have a timetable. the government will publish its medium-term program in the second or third week of september. and that will give the market a very clear comprehensive statement about what the government's fiscal strategy is. the big unknown is about monetary policy, whether the market considers it essential for the central bank to raise its policy rate. that's a difficult call to make. it's so wrapped up in the collapse of the u.s./turkish bilateral relationship and the political risk premium at the moment it's so much a part of what market participants have to

think about when they calculate the turkish risk premium it's difficult to work out how that fits into the monetary policy framework >> it's almost as if the political risk premium priced in is shedding light on some fundamental imbalances that have existed in turkey for a long time now >> yes it's clear to most people that these external vulnerability has been increasing for several years. there's a structurally large external financing requirement that's been a feature of turkey for some time. >> you've written this book, "dance of the trillions. it was given to me yesterday, i have not had time to read the whole thing. putting it together, this book is an analysis of capital flows out of developed markets into emerging markets, and the imbalances that that can create at certain points in time. talking about turkey specifically, do you think the capital outflows out of that country will have significant

knock-on effects on other emerging market economies here has the damage been done >> contagion has three aspects one is a kind of thematic idea in other words, if country with vulnerabilities x goes into crisis, market par tight pants will lo participants will look around to find other vulnerabilities argentina and turkey are quite unique within emerging markets in my book i have said emerging markets have been trying to insulate themselves so they don't go through repetition of two decades of crisis that they suffered in the 1980s and 1990s. so in that case they're unusual. >> because of the sheer extent

of the external debt liabilities. >> yes in the '80s and '90s to generalize, crises were made possible for two reasons one is that countries tended to have fixed exchange rates against the dollar the other is that countries had insufficient foreign exchange reserves to meet the commitments. over the last 20 years, those two vulnerabilities by in large have disappeared turkey is unusual in the sense that it only got rid of one of those vulnerabilities. it has a floating exchange rate, that's good. that protects turkey but the reserves are quite low >> how much of that change has been spearheaded by china and the chinese model? >> i think china's influence on the economic lives of developing countries has been game changing in the last 20 years the commodities boom that china was responsible for after 2001

was the biggest commodities boom in peacetime for 200 years the end of that boom from 2011 was extremely painful for emerging economies it's, i think clear over the next several years, maybe decades, china's role in economic life of developing countries will increase. the question is whether china will translate that economic influence into intellectual influence about the way developing countries manage themselves if that's the case, we should expect to see an economic model in developing countries that's quite different to the one we saw under the washington consensus. the washington consensus was a very unusual thing there were two washington consensuses. >> also u.s.-led centric then. >> exactly the washington consensus the

brainchild of john williamson, his idea of the washington consensus, he coined the phrase, was that it was simply a wi for developing countries to plug themselves into the international economy. he didn't believe that developing countries should give unrestricted access to international capital flows. that capital account fundamentalism, the idea that countries should open capital accounts and let flows in, that was an obsession of the u.s. treasury and imf that proved in the end quite destabilizing for developing countries. china has a completely different framework. >> one quick question, putting that again to the current state of affairs, generally speaking turkey aside, are you still constructive on em and the em outlook from here? >> i would say as long as we stay in an environment where u.s. monetary conditions are tightening, whether that means

the dollar continues to strengthen, u.s. yields continue to rise, that will be a hostile environment for capital flows to meaning mideaster emerging markets but emerging markets have a high degree of financial resilience so there's a distinction between a sell ooff and a crisis >> david, thank you very much forev for your thoughts. david lubin from citi joining us if you have views on anything we discussed, follow us on twitter, streetsignseurope@cn @streetsig. find out why our next guest thinks firms must shift to a greener economy. more after thebreak. from a manual to an electric toothbrush. but my hygienist said going electric could lead to way cleaner teeth.

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welcome back ten people have died and several others are missing after flash floods in southern italy the victims were hiking in a

gorge when a torrent hit them. the number of those missing is still unclear. and flood waters have begun to recede in india the death toll has climbed to nearly 400 people with dozens still missing and 1.2 million people in relief camps cleanup and rescue operations are in full swing as thousands remain trapped preventing diseases is also a top priority for the government. truecost monetizes the risk of water scarcity for several different industries estimating it could add an 18%

decline for the chemical sector, and with us to discuss this is richard matheson in your notes you say the pollution of water is making water scarcer, but that scarcity is not reflected in pricing models and business models can you tell us more about your work and findings on that case study? sure by 2030, there's anticipated to be a shortfall of water by 40% compared to demand in terms of risks, water is in the top five risks according to the world economic forum's risk report so in terms of water, the problem is water is not priced correctly. in some areas where water is most scarce, it's least

expensive. in areas where water is most abundant, it's expensive that means for businesses it's something that's relatively used in scarce areas, and that's unsustainable. >> why have businesses not been accounting for water correctly >> i think it's because regulators will price water by in large it's a regulated commodity so businesses are pricing it correctly. markets are generally good at pricing scarcity, except in this particular case. what we're seeing going forward is that because of things like climate change, water is the flip side of climate change. this will be the impact that businesses feel in the future. so businesses that assume that regulators are pricing water correctly may be assuming incorrectly in the future. >> how reliable are these methods of analytics there clearly is a transition

towards a low carbon greener economy, that process has begun. but what about the tools used to analyze how much emissions are actually going out into the air? can we rely on these numbers >> some numbers that are reported are variable in their accuracy so we find businesses find it quite difficult to report on forecast emissions the extent to which the businesses are affected by climate policy is an area of uncertainty. so we analyzed the extent to which business are exposed to future regulations like cashr b regulations. we provide that information to institutional investors. >> do you find -- the question we ask is whether doing good for the environment, doing good for society is also good for

business as well what do your findings tell you >> absolutely. it is about doing good for business in the united states there's over 3,000 businesses that signed up to the campaign, representing 173 million people in the u.s the reason they've done that is because businesses are feeling the impact of climate change today in terms of water scarcity and other impact clearly if it's going to cost you more to do business in a world that is facing some of these extreme pressures, then it's wise to be able to adjust to some of these pressures in the future to reduce your risk exposure, and also there's the opportunity side there's huge opportunity available to those business that make the shift, make the transition to more sustainable economy. it's estimated that around 300 million jobs will be created if we achieve sustainable development goals. >> question for you because you're an expert on this

how effective are carbon taxes in curtailing greenhouse emissions? is it the most effective way to get companies to abide by constraints? >> we've not seen it is that effective yet. there are nations that are imposing carbon taxation europe, china. some states in the u.s and where they do that, that's effective. so we would see that as a growing trend. >> i have to leave it there. very interesting analysis there, particularly on the water side that's worth bearing in mind are you looking to move to greener pastures head to cnbc.com to find out the top five fastest growing green jobs on the market all right the board of manchester united

has given its backing to jose mourinho following sunday's shock first defeat of the season at brighton and hove albion, and rumors of mourinho being replaced by zinedine mourinho has come under criticism already going into this is this -- no, the bookies have the odds at 7-2 that he won't make it to the end of the season can he survive >> it's fun think we're talking about this in august we only played two games this season, but that's right manchester united have not made the most convincing start to the season they didn't even have the best simmer in plsummer in player recruitment wise they had fred, but not a marquee signing. talks of a rift between himself and paul pogba, who had a very good summer winning the world cup. but that's what happens at manchester united. the expectations are huge.

the executive vice chairman, ed woodward, sat in his seat at that defeat against brighton for a good couple of minutes looking stone-faced. he may be the man who is responsible for not backing mourinho in the transfer window. but manchester united commercially still a huge success. we have seen in the past month, their share price has gone up about 14%. off the pitch there's huge amounts of potential there that's being fulfilled, but it's what happens on the pitch that they need to start turning into trophies, that's what manchester united are used to zinedi zinedine has won three championships in a row >> yes, the stock is up, whatever it is, 4% the last month, but again they didn't make any major signings this summer

on the flip side that's going to bite when it comes to where they can end up on the leaderboard. >> you only have to look across the road to manchester city and look what they're doing. they have come off the back of a record breaking 100-point season and now they have their own sort of critically acclaimed netflix -- amazon prime documentary that's now getting rave reviews because of the insight into the dressing room they're balancing those things ed woodward, never been in question what he's done off the pitch. the commercial deals that manchester united signed, they signed a world record kit manufacturer response with adidas over ten years, they'll get about a billion dollars, they have sleeve sponsors, cola, that's a world record deal they have a whiskey brand. mutv is available on apple tv and roku

manchester united is the most valuable football club in the world, worth over $4 billion so ed woodward doing good things commercially whether or not they need to strange the structure within manchester united, otherwise it could feel like a long season. >> looks like i veiivest -- invs may be happy, but not fans thank you very much. s&p looks to open about 3 points higher. it needs another 14 points to make all-time highs. dow is about 40 points higher. that is it for today's show. i'm joumanna bercetche "worldwide exchange" is coming up next. to rent a movie?

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it is 5:00 a.m here's your top five at 5:00 president trump slamming the federal receive saying he's not thrilled f thrilled at jay powell for raising rates. the epa rolling back major environmental regulations on coal plants. microsoft out with a big warning about russian hackers ahead of the november election. and beating the street our series continues you'll hear from one fund manager crushing the competition thanks to his big bets on streaming video, tax returns and