welcome to "street signs." i'm joumanna bercetche these are your headlines canada's prime minister, justin trudeau, says no nafta deal is better than a bad one. but president trump is confident a deal will be done by friday. >> i think canada very much wants to make the deal i think it will be good for canada if they do. i think it's probably not going to be good at all if they don't. dominic raab warn there's may not be a brexit deal by october but sterling rallies

after michel barnier offers an olive branch. >> translator: we are prepared to offer britain a partnership shares in westfield sees d red. >> i don't know what to think about brexit it's too bad for both sides. shooting yourself in the foot is the perspective i have. striking the right tone. bouygues shares are at the stop of the stoxx 600 after citing strength in its telecoms unit. good morning the mood in asia wasn't pretty most chinese equities traded

south as asia continues to focus on the worsening rhetoric between the u.s. and china when it comes to trade. not so much for north america. this negativity has spread into the stoxx 600. we're down 0.3% already into about one hour of trading. let's get into individual indices. ftse 100 on the back foot. seems to be teetering around the 7500 mark. again, 0.7% weaker today it was weaker yesterday. xetra dax was weaker to the tune of 0.6 cac 40 is the relative out-performer, down 0.1% i think bouygues is helping there. the only sector in the green are construction material and household goods. to the down side, basic

resources down 1.3%. real estate down 1.1%. there we had the acquisition of westfield, so that stock trading down, and morgan stanley lowered the sector rating. telecoms down 1% as well a new nafta deal could be agreed as early as friday after officials expressed cautious optimism about the progress of negotiations canada reentered talks after the u.s. and mexico reached an agreement on monday. discussions are set to continue today following a late-night session which chrystia freeland called intense speaking in washington, president trump was upbeat about agreeing on a deal with canada in time for friday's deadline. >> i think canada very much wants to make the deal i think it will be very good for

canada if they do. i think it will not be good at all if they don't. we have a very good relationship they came yesterday to the white house, and we negotiated late into the evening they're in the white house rite now. we're negotiating with them right now. they want to be a part of the deal we gave until friday i think we're on track we'll see what happens in any event things are working out well. canada's prime minister appeared more cautious about the prospect of an agreement >> we recognize there's a possibility of getting there by friday but it is only a possibility it will hinge on whether or not there is ultimately a good deal for canada, a good deal for canadians. i said from the beginning, no nafta deal is better than a bad nafta deal we will remain firm on that principle. canadians expect us to do that

for them >> i wonder where i heard that before speaking to "squawk box," the ceo of standard charter offered his thoughts on protectionist policies >> i think the global economy is in a good place with growth rates at close to 4%, expected to be there for the next couple of years and we don't do anything to undermine that the biggest thing needed now is to avoid political mistakes. so anything which can be done in order to preserve an open trade environment i think would be fundamental. >> joining me to discuss this further is peter rosentrich. you know what's interesting about the trade war discussions, we've seen chinese equities get

hit. factory numbers slowing in china over night european indices slowing trade sensitive sectors are slowing this morning, but u.s. markets go from strength to strength >> the market believes that the u.s. has an upper hand it has a strong consumer base, about 7% of gdp. if worse comes to worse f they isolate themselves, they can always look internally they have the fiscal impulse that is driving the economy as well as the trade fears pushing forward business investment. when you saw that gdp number at 4.2, that included a consumer spending number, 3.5% positive as well as a business inventory number about 8.5% positive while there's a lot of turmoil, american companies are going full gang buster forward they're not looking back and driving business forward >> did you see any warning signs at all in the u.s. economy we keep going from strength to strength

>> there is clear signs, the fed has been pointing them out especially in asset price inflation, in houses, in cars. they're starting to become more expensive than consumers can purchase them. >> so is the stock market. >> that is true. not every day do you have to sort of buy a stock, it's more an arbitrary selection cars are a critical part of the u.s. economy at the consumer level. so it's an important input it also plays into the consumer confidence which is high now if the consumer becomes concerned, starts saving more, we'll have the u.s. equity markets start slipping quickly >> how did you read powell's comments at jackson hole last week some people saw them dovish, in the sense that he's willing to slow down if the economy warrants it. >> i think i agree they were relatively dovish. that was given to the equity markets this week, a boost that

the fed is tightening but at a gradual and controlled pace. he's setting the stage for how much is this fiscal and tariff impulse into inflation going to affect will it push core higher, pce higher or have a marginal affect i think that will also play with a key tail risk of 2019 which is what happens if trump flips the script his first year has been dominated by trade tensions, pushing them, tweeting about them, putting the fear of god into many exporters. but what happens if he changes his tune yesterday or two days ago he had an agreement with mexico a positive sign. what happens if he changes the dialogue what will that mean for the u.s. economy, not turning into a cyclical downtrend as many expect but continue that appreciation forward >> interesting positive tailwind. that's one way to think about it do you think europe benefits at

all from that. >> i think europe is struggling. one reason why the european equity markets are lagging the u.s. is because corporates have had a difficult time playing the risk events, whether it's weather, turkey, brexit, or italy. it's sort of stagnated in your they have not been able to figure out how to move forward already we're seeing italian ten-year yields against spanish yields spiking higher. investors are isolating italy as a sort of problem child. this is weighing down on asset pricing in europe. >> and growth is a bit slower as well quick comment on your take on brexit obviously now we're getting to crunch time. we were talking about it earlier on "squawk box." looks as though the market's attention shifted away from a hard brexit scenario towards a softer brexit. is that fair >> i think the market is still pricing in a hard brexit we saw the rally in the

sterling, a short-term move in my mind. i was watching local news last night, you know, i saw this basically a little struggle in french fishing waters between british and -- >> yeah. we have a story about that later. the scallop story. >> i don't see it much in other places, but it shows how contentious this is. on one hand you can have wonderful speeches by may and how they'll try to find a new softer way, but on the ground, where the rubber hits the road, there's a number of issues that are completely unsolved. >> yeah. it's never going to be easy. peter, thank you very much for joining stre"street signs" this morning. sterling reached the 1.30 mark for the first time in three weeks after the eu's chief brexit negotiator, michel barnier, struck a positive tone about the possibility of a uk

deal speaking in berlin, barnier offered britain a close relationship with the bloc which was unlike anything extended to a non-eu nation before. >> translator: we are prepared to offer britain a partnership the heads of government in the europe peep parliamean parliame proposing a partnership based on four pillars, commerce, ambitious free trade agreement, aviation, foreign policy, external security. >> britain's brexit secretary, dominic raab said while he was optimistic a deal with the eu was in the cards, talks could drag on beyond the october deadline >> i'm confident a deal is within our sights. i expect if it is matched we will get a deal. we're aiming for the october

council, but there is some measure of leeway. >> i spoke with the french physicians minister, bruno lemer in paris, i asked him to clarify comments made by president macron which suggested france's relationship with europe was more important than its trading relationship with the uk >> i think that we are all looking to avoid a hard brexit i'm deeply convinced that it is in the interest of both the uk and all european countries to pave the way for good compromise between the uk and the european countries. we have someone who is in charge of that negotiation. he's doing well. that's michel barnier. michel barnier, with the british government, we're confident he will find a right solution to avoid the hard brexit.

but everybody has also to be aware that you cannot be in and out. you cannot be out of the european construction and also benefiting of all the other advantages of being a full member of the european union if you are out of the european union you do not have the same position, the same rights, the same advantages than the other member states. >> the uk government says it is in talks with its french counterparts over monday's extraordinary events which saw 40 french fishing boats confront british rivals in what has been dubbed scallop wars. the fishermen clashed off the coast of normandy in a popular area for catching scallops rocks and metal shackles were

reportedly hurled by both crews. speaking in nigeria, prime minister theresa may said her government would work with france to ensure the events would not be repeated. >> i think it's important that we see an amicable solution to what has happened in the channel what we've seen between the ships. that's what we want. i think that's what france wants. we'll be working on that more than 20,000 people took to the streets of eastern spain for the annual tomato fest cal the streets and buildings were turned into a red zone if you have any thoughts on how to pronounce the word scallop, tweet me, because it's been a raging debate is it scallop or scallop if you have any views on anything else we've discussed, tweet us at @streetsignscnbc.

tune in later when becky quick will be sitting down with warren buffett catch that interview first on cnbc at 11:00 a.m. eastern time. - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life.

welcome back to "street signs. president trump has doubled down on criticism of some of the biggest tech names he slammed google, facebook and twitter saying they are biased against conservatives. trump posted a video on twitter showing google's barack obama's state of the union speech on its home page but failing to do so for his own speeches he tweeted it with th the #stopthebias. tech executives will head to capitol hill next week to testify in front of a u.s. senate panel investigating how social media companies monitor content and respond to foreign influence operations top executives from google have been invited, but speaking with

cnbc democratic senator mark warner said the google ceo would not attend but send a lower level executive. warner said google is making a mistake saying senior decisionmakers should be part of the discussion my next guest says the role of big data in trading has become more important than ever before i'm happy to bring in john mcpherson. thank you for joining us >> good morning. >> true big data has become important in trading but there's so much of it. there are over 150 different trading venues 10,000 liquid tickers. so much information. how do you make sense of it? >> it's down to what clients are trying to achieve with the data. by that i mean with so many different trading venues, no commonalty that exists between the different exchanges and venues, someone needs to sit in

the space between the clients and the exchanges to basically normalize the data sets and offer that to clients with unlimited computing power. >> is there an argument that too much data is a bad thing too much data can backfire do you have evidence that using big data can amplify returns if we go back to some of the facts, the amount of data on earth is doubling every three years. in the financial markets, it's more rapid than that without the right processes and procedures, the ability to use that data meaningfully, real value can't be extracted >> in terms of returns, how much of extra return are you finding people can glean from making use of the big data? >> by using the latest machine

learning techniques, there is the ability to basically, as i mentioned, extract the value that can be several basis points a day, a week, a month but when doling with some of the biggest investment managers, hedge funds, banks in the world, that's a significant amount of money. >> how could a company like yours get competitive edge everyone has access to the data. >> it is public data, but it is the level three that we focus on, the most granular financial data on earth. it's historically been the preserve, but we set out with a mission four years ago to democratize this data, to get it to a wider audience and make more people able to access it. >> of course with so much data, it also necessitates a huge amount of storage. you use cloud storage.

how does that play into this >> it would be impossible to do this without the use of the cloud. it's only the acceptance with what people are willing to store in the cloud, use the cloud four that has changed the landscape firms, even the traditional investment firms historically will have built up their own data storage area, but maintaining that, keeping that relevant and accurate is no longer possible. unless you have billions to spend. >> do you think europe can actually become very competitive in this face traditionally those types of technology advances have been led out of the united states uk is just catching up europe as well do you think this can be an area where european financial markets and investors can stand out? >> i'd say absolutely. i'd say with financial

technology in capital markets the uk is in a perfect position to take advantage. i would say most of the good companies i'm seeing coming through, ourselves included, are uk based it provides the perfect time zone and perfect access to the market and to the clients. >> john, we have to leave it there. thank you very much for joining us that's john mcpherson on the significance of big data in today's trading regime. bouygues backed its full-year outlook despite lower operating profits. they believe strength in the telecoms division will support profitabilities going forward. and haze has reported a 17% ride in profit the uk recruiter will increase its full-year dividend to 3.8

pence per share. the cfo told cnbc he was happy with the payouts >> it's simple we have a simple policy. we keep 50 million in the bank, anything above we pay out in the form of a special dividend surprise-surprise, the 72 million is because we had 120 million in the bank. we're not a business who does a large amount of m&a, we invest in our business, mainly with revenue, the rest of the cash we return to shareholders unibail posted a rise in first half profit citing the recent acquisition of westfield shopping centers the net result grew over 14% over the period and it is maintaining a full-year outlook. speaking earlier, the cfo outlined the benefits of the westfield deal

>> one element to think about is planning ahead we were lucky enough to anticipate some changes. we were upgrading the policy before 2009, well before the signs on internet and retail became apparent. we were talking with retailers about what though see with the internet you talk with the leaders in the industry, you learn from them and react that is what we've been doing over the past ten years. the portfolio quality we have today is second to none. nobody has a better retail portfolio, highest quality that's the reason for buying the westfield stratford city, westfield london as part of the westfield portfolio. >> we asked for his forecasts for the uk as it negotiates its way out of the european? >> i don't know what to think about brexit, it's too bad for both sides it's shooting yourself in the foot repeatedly is the perspective i have sitting in

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that will win them over. crest. healthy, beautiful smiles for life. welcome to "street signs."y i'm joumanna bercetche these are your headlines canada's prime minister, justin trudeau, says no nafta deal is better than a bad one. but president trump is confident a deal will be done by friday. >> i think canada very much wants to make the deal i think it will be good for canada if they do. i think it's probably not going to be good at all if they don't. dominic raab warns there

may not be a brexit deal by october but sterling rallies after michel barnier offers an olive branch. >> translator: we are prepared to offer britain a partnership shares in europe's largest property group sees red, but the cfo of westfield says he is keeping a wary eye on the uk >> i don't know what to think about brexit it's too bad for both sides. shooting yourself in the foot is the perspective i have sitting in paris striking the right tone. bouygues shares are at the top of the stoxx 600 after citing strength in its telecoms unit. marketing are trading in the back foot this morning

asian equities are in the red. european equities are in the red as well. we have xetra dax now leading the down trade, almost down 1%, or more than 100 points already. ftse 100 hovering around 7,500, down 0.7%. as the negative move from asia and more focus on the deteriorating relationship between china and the u.s. affects other market as well we have seen broadly speaking up until now was dollar trading on the back foot, not so much the case this morning. we have euro/dollar trading weaker again to the tune of 0.2% that's euro weakness cable as well below 130 after a bounce the last couple of sessions on soft brexit hopes. so this morning down 0.2%. dollar/yen is around 1.60.

this morning it looks like the mood in the u.s. is turning south. dow opening up about 70 points lower. nasdaq about 14 points lower of course the tech sector has been the best performing sector as far as u.s. equities are concerned. it's been the best week in a while for the nasdaq the german finance minister says it is difficult to say whether there will be a brexit agreement. he added that a large part of euro will move over to frankfurt in time. annette has more >> thank you very much it's very difficult to say whether there will be a brexit agreement or whether the uk will crash out of the european union.

but the implications and whether there are more and more financial institutions applying for licenses here in germany, i'm joined by the head of the german finance regulator, bafin. we're saying the pressure is pointing regarding brexit. are you getting more applications ha >> we currently have 26 applications of bank businesses, broker dealers, asset managers, which is an enormous number and reflects the need to reallocate parts of the business to the eu 27 post brexit >> the time is running out do you think the pressure is even increasing now? >> it does the pressure increases for two simple reasons number one, the deadline is approaching ever faster. march 2019 is the deadline

secondly we have no clarity around the political framework will we have a transitional agreement. what is the fine print if there is a transitional agreement. that's hugely important for all told stakeholders involved. >> let's talk about the need these financial institutions have to bring to the continent you were strict that it can't just be a letterbox. >> exactly we are supervisors, we remain supervisors even if we talk in the industry in a brexit environment. we're not a marketing agency letterbox models are out of question we are in alignment with the ecb about that point we have a broad range which becomes more detailed on going forward on what has to be established on the ground in eu 27 to have a valid business. by definition it must have something to do with the size of the business and the risk

profile. >> let's look at your capacity to look at these risk models if there's so many more banks coming, will you enlarge your institution? >> a little bit we have. thank god we received a couple more people to do that but most certainly this is a real stretch for everybody, including my authority we'll handle it. we have to like everybody else it's more fun to build up business than close a bank >> let's look at the part of, like, consolidation. there's a lot of talk that that conference yesterday was -- that there will be more pressure to consolida consolidate. do you see such a thing happening inside germany >> in fact sometimes i'm slightly surprised about that question with regard to germany. we do have consolidation for many, many years every single

year anything between 25 banks and 40, 50 banks go out of business by means of merging. consolidation is a fact of life. another question is, of course, mergers of large institutions or possibly cross-border mergers. now, at the end of the day that has to be decided by the markets and by those institutions concerned. on the other hand, let's not underestimate the complexities going along with particularly cross-border mergers that's not to say we are against anything like that both europe as well as germany do need global players that's for sure. we need strong global champions. that's for sure. but it's the institutions and the market themselves that have to sort it out >> let's look at what comes out of berlin. i have the feeling that this government is extremely friendly towards banks.

that's a first for so many years. do you think that the mindset has changed a bit, that they are calling for strong banks >> it would be a natural process. immediately after financial crisis, a lot of bad things had happened you should not expect the political class to be sympathetic for those who screwed up, to be straight we are ten years down the road, of course it's quite clear that you do need strong banks we need a strong banking system in europe and in germany there are certain parts that the industry has to do, also certain parts that the political environment has to deliver as a legislator, as a regulator i'm quite pleased to see we are moving into a more rational, relaxed type of conversation about that that's good for the country.

>> thank you enjoy the conference joumanna, with that, i'm sending it back to you a clear voice of reason comes out of berlin when it comes to supporting the financial industry i think a lot of bankers have been waiting for such a move for a long time. back to you. >> absolutely. we'll be back with you shortly annette also spoke with the ceo of ing and asked how his business was preparing for brexit >> brexit, as you know, the process has become very, very political. as a consequence it's difficult to predict what will come out from it. there's two-ways to prepare. one way is wait and see. then you may be too late we do see many companies just waiting and seeing a lot of customers are not preparing for it that makes it difficult for them and for us to kind of anticipate what they do we actually prepare for the worst.

we hope for the best that's the only way you can do it as a bank make sure that what you have in activities, in the uk, that you can continue those activities after brexit the services that you have on the continent, that you continue those services also after brexit, even if those services are provided from some activities that you have hosted in the uk, yeah, we are preparing for that and making sure our clients will not be burdened by a hampering of our services >> would you expect that we will see more volatility from the various risks out there in the world going forward? >> could be. at the moment we have not seen a detrimental effect unemployment is improving. european economy is doing well

clearly closer to the deadline there may be some volatility in the end i hope and i truly hope that there is common sense with the politicians to cut a deal >> do you feel some concerns from your clients or your customers regarding the increased protectionism around the world? like the trade spat between the u.s. and china >> we see that clients are making sure that either they are not caught by higher tariffs and basically moving production or rerouting value chains through which they make their products. we see some of that happening as well some customers are indicating sales will go down costs will increase, and therefore the product may not be as competitive

it is very clear that a trade war and threatening trade wars are not good for producer confidence to invest, consumer confidence, and it has a negative effect on economic growth >> annette is still with us in frankfurt. you're having a busy morning we heard from the president of bafin. who is with you now? >> now i have a special guest as well, wolfgang fink, the ceo of goldman sachs for germany and austria. i have to ask you as well, what your plans are for brexit? like a year ago you were saying you're planning to double the headcount here but perhaps triple it. what's the latest? >> again, brexit is sort of a long-term project. you will see moving closer to march 29th we're getting closer in terms of tangible actions that we have to take

that includes the infrastructure, all the adjacent products which we have to run in parallel so while we still think we can get a transition period, we could have more time to do more diligent and work on more topics, we're prepared to be ready march 29th so preparations are in full swing in terms of activities and people that we will have to move to the continent i think the numbers are obviously fluctuating. but we think around 500 people go to the continent, will move to the continent a large part will go to frankfurt. this is taking shape in terms of back office, front office functions. so we're in the middle of a big project. >> that sounds challenging let's talk about your vision for europe do you think that growing story,

given all the uncertainties, italy, political uncertainties >> i think the uncertainties you talk about show us how important the european project is and how important it is to getit working. get it working in many aspects for the financial industry to get a strong europe, to get not only a strong finance platform in frankfurt but also a strong european capital market, a strong european bank so i think europe and the challenges we are facing, i think it's a wake up call for everybody who thought it's an option i think it's a necessity given the environment we're in >> a lot of talk here yesterday was on the consolidation need of the european financial industry. would you like to take an active part in that >> i think there's a lot of talk we had our european financial conference earlier in the year at that conference there was high-level talk about the need for consolidation. what you see is that the

business environment has been more stable for the banks. the challenges, however, remain. there's still a lot of restructuring to be done there's also the search for growth the growth usually is coupled with technology and investment in technology. i think some of that was the topic here as well at this conference i think all of that is going to be considered before you talk about broad-based consolidation. goldman wants to take part in consolidation activity in particular, absolutely but before you go to the micro level, you have to deal with these restructuring needs that are around the european financial sector and then the whole framework for consolidation hinges on the framework set by the politicians, there we're back to banking union and what it takes to get the banking union done. so there's a lot of preconditions, but longer-term,

yes, consolidation in the european banking sector is necessary to create strong european banks >> sounds like you don't think it will happen in the short-term, right? >> that's what i'm trying to say. i think you need to do your homework to be ready for it. wheel everybo >> you have eventually opened in the uk a retail bank are there any plans to roll that out on the continent >> our strategy here in germany has to be grow our business and expand our business. apart from m&a and financing, where we are leading we have consistently tried to expand our services, trying to move closer to the customers in the region including germany. clear, and c our retail strategy is part of that germany is one of the next markets, if not the next market,

but we're going step by step >> thank you very much with that, back to you i'll bring you more from here later on the big topics are brexit, consolidation and digitalization >> thanks for those sxwintervie annette ta if you have views on banking consolidation, or brexit you can tweet us at @streetsignscnbc or cnbcjou. the group stage draw for the cheeg ta champions league takes place later today. can real madrid win the competition for a fourth consecutive year we'll discuss after the eabrk.

welcome back to the show air france shares are trading lower after the intertrade union called for a hardens of the wage negotiation conflict in a statement translated from french the union said the totally irresponsible attitude of company leaders has led to action you can see shares are down

almost 7% in trading down more than 7.5% in the last week or so elliott has argued that walt disney should have to pay at least $19.53 per share to acquire sky. the uk's takeover regulator revealed elliott's view as it explained why it had set the minimum bid threshold at 18.22 that would value the british broadcaster at over $34 billion, more than the current offers by comcast and 21st century fox of course comcast is the parent owner of cnbc. both have until september 22nd to raise their bids. vodafone's australia business is merging with tpg telecom. they will form a larger third player to take on competitors. tpg will own 49.9% of the merged company, which will have an enterprise value of $11 billion.

tpg shares have jumped to a near two-year peak in australia, while shares of hutchinson hits an 11-year high. and the merger between the retail power younes of sse and in innogy se has been green lit ♪ all right. the group stage draw for the champions league takes place later today in monaco with real madrid bidding to win the competition for a fourth year in a row. adam joins me to discuss more. >> thank you very much the draw takes place in monaco later this evening we'll get on to the specifics on the draw in a moment i would like to look into where the money goes from the

champions league uefa says they have a net revenue for the competition of around 2.73 billion euros. and then that gets distributed about 2 billion of which for the club's participating in the champions league just to put that into context, europe's secretary competition, europa league, gets about 500 million euros. 66 million euros available for the winner, but that doesn't take into account the win bonuses throughout the tournament, 2.7 million euros per match one available to the clubs, around 900,000 euros for a draw on to the draw, real madrid are in pot one along with a host of other big european names going for a 14th title three years in a row they've won t but no zinedine this time and no cristiano ronaldo he moved on to juventus, and they are among the favorites for this year's tournament along with manchester city, who never

even won the champions league. moving into pot two, jose mourinho not enjoying the best start of the season with manchester united, but he'll be looking for more european success. benfica winning in the playoff round last night that's pushed liverpool down into pot three they've been joined by a couple of famous dutch names, ajax and psv eindhoven. and in pot four, inter milan, three-time european champions, winners in 2010, back in european competition, own by the chinese sunning group now, and they have had a resurgence in italian football one to look out for in pot 4 the dau taraw takes place in mo, 6:00 p.m it will be interesting group of death is always one to look out for >> i have that pencilled in my diary. that's what i will be doing

later. adam, i want to talk about the u.s. open as well. i am a big fan of tennis sad news for murray, it looks like he's been out of the competition. also the weather, it has been extremely unfavorable. >> over 100 degrees fahrenheit in and around the u.s. open. it's a furnace in there. andy murray falling foul of that in the second round. this is only his second -- his first grand slam in 14 months. he's been out injured for such a long time. he put up a good fight, taking the second zeset against verdaso but he couldn'tmaintain that level. and verdasco in four sets was the stronger man he's had a good career, but it will be a long road back for murray he said he felt comfortable out there with some of the tennis he played, but some of the outside factors including the weather

and his fitness is tough >> scots are not built for the heat adam, thank you very much. the imf is looking at argentina's request to speed up a loan program after its worst one-day selloff in almost three years. the peso is down about 100% in the last year. in a televised address, the president sought to reassure citizens and investors saying they should not lose confidence in the economy >> i know these tormenting situations generate angst and fear, i know and i understand it but know that i'm taking all necessary decisions to take care of you we're doing everything in our power to move forward. >> really substantial moves there. just to break it down, the argentinean peso lost 24% this

month alone. 82% this year. turkish lira, 33% this month 72% this year. the united states has reported economic growth slightly ahead of expectations for the second quarter putting the economy on track to meet the trump administration goal of 3% annual growth. gdp increased 4.2% at an annualized rate. that's the fastest rate since the third quarter of 2014. however economists warn the growth pace was largely driven by one-off factors tune in today when becky quick will be sitting down with warren buffett a quick look at futures before we head out. that's it for today's show i'll be back after this break. this isn't just any moving day.

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it is 5:00 a.m., and here are your top five at 5:00. will today be the first day in a long time we don't hit a new record high? futures are down, but never bet against this market. trump and trudeau expressing optimism saying a u.s./canada trade deal is possible. the president calling out google for bias. google taking a shot of its own back we'll show you what it did another ipo on-deck, but can online surveys make you money? and venezuela's last great asset may soon be taken over by a hedge fund, an