tell us about the deal >> nafta renegotiated as canada reaches a midnight trade deal with the united states and mexican. it sends the futures into the green. the mood for a deal. phillip hammond said the e.u. is up for a brexit break through. businesses are sitting on their hands as uncertainty continues and italian bond yields

resume their rise despite trying to show how positive his budget targets are ahead of his meeting here in luxembourg. and ryanair is below 100 as the strike impact hits fares and traffic. good morning, everybody. happy monday we are just getting some data crossing out of europe the pmi numbers have just come in september final manufacturing pmi has come in at 53.2. this is lower than the estimate of 53.3 and lower than 54.6 number we got in august. it was largely anticipated for there to be a little bit of a jog versus where we were in august that is what we're seeing this

morning. euro currency has dipped .1% weaker on the session. the final manufacturing export orders, all looking at the export orders closely given the environment that we're in, came in at 60.2 that is slightly higher than the slashed estimates of 50. that is the numbers that we've got for this morning after getting various individual country manufacturing numbers earlier in the day but our top story today, the u.s. and canada have reached a new nafta deal according to officials on both sides, a framework agreement was struck before midnight salvaging the trilateral agreement canada is opening up the milk market justin trudeau will speak about

this today and you can see that has bounced about .7% and some analysts reading reports saying this morning we are likely to see a retracement all the way back to 1.26 level let's also take a quick look at futures to see how u.s. equity markets are reacting to this you can see all of the three majors are opening up positive on this session. about 26, 27% higher let's cut out this discussion. i want to bring in daniel oso, the practice group at dickinson wright who is joining us on the phone from ohio. very early morning for daniel. good morning thank you for joining us people are calling this a historic day i just wonder whether you can really call it historic if you're moving back away from the brink to stay this close essentially? >> i think historic may be too

strong of a word it's a day of progress, particularly for us here in north america. this puts us on a path to give us stability here in the market. there's still going to be a lot of text to review. we've been up most of the night reviewing the text looks good i think folks would be surprised to hear how strong this deal looks. it incorporates a lot of what we saw in the trans-pacific partnership. there are a lot of modernized positions, it's not just tearing up north american supply chains and value chains there is a lot of good news here >> while we're still, working through all the details, it's interesting. the second this announcement came out, one of the first questions i got was who caved? canada or the u.s. which side had to give the most concessions to get this through.

>> i think it's fair to say that the u.s. achieved almost all of its negotiating objectives there are very few that the u.s. did not achieve through this process so i think there are significant wins when you look at the u.s. policy objectives. people might agree whether those were the right policy but certainly you can put those in the win policy the good news for europe is we survived past it mexico and canada escaped some of the major disasters now we can get back to look forward. that was the easy part the hard part is getting it through congress. >> one of the big sticking points was because of dairy

concessions. my question to you is given that trudeau has made some concessions in that area, perhaps a little bit more concessions than he made for tpp, is that going to backfire against him politically back home in canada >> they made concessions beyond tpp. they are proposing to eliminate something called class 7 which is a big sticking point for people in new york and wisconsin. if you look through, we're already seeing some statements out of the dairy farmers in canada that this may be something they can work with at the end of the day, supply management that canada has has been preserved as opposed to the president threatening to deny it there is federal election in

2019 and i think that's when we'll see it play itself out. >> that's daniel ujczo from dickinson wright let's talk about the u.k the e.u. is in the mood to do a deal on brexit phillip hammond warned the next few weeks in negotiations will be critical. the chancellor stressed businesses are sitting on their hands as uncertainty continues steve has been in birmingham steve, you've spoken to a lot of people from the outsider view, it looks as though her allies in the cabinet, and there are a few of them, are actually directing their hatred or their anger towards the e.u. rather than internally focused this time around. >> reporter: i think you're right and i think this is a very important meeting generally for the prime minister had quite a disastrous conference last year we have spoken to five

government ministers already in the 12 hours we've been on the ground in birmingham it's arguably the opposition in her own party that she needs to worry about. if i told you the mp for somerset, people would be scratching their heads, who is this is it boris johnson, david day, no, it's david reese smock he held court yesterday. he is det against chequers they are dedicated to chequers guess what, cnbc has spoken to him this morning and i started off asking bhim his competing visual for this. >> the ch hequers is not leaving

the rule book. your rules, not ours they're adjudicated upon by the european court of justice. super dan is a real opportunity, very interesting if you list zwroen what the chancellor was saying on the "today" program this morning he was saying the obstacle is the border how do you deal with the irish border question? so the government should deal with that which the e.u. has rejected nkts is it time for someone else to lead the party in. >> no, it's rhyme for the prime minister to stay >> finally, sir, do you believe the e.u. given the aftermath of

soltzberg, do you think things has taken a wrong attitude in the negotiations >> to be fair, you're absolutely clear that chequers had parts that didn't work, the common rule book and the customs arrangement were things that he had said were impossible from the e.u.'s point of view some time ago and i think he's been absolutely clear your interlock cuetism is tough. >> finally, if he does reach a deal based something along the lines of chequers, you and the group, the rg, would vote against? >> i would vote against and so would many members of the r.g. >> that would bring down the government >> it's not as it used to be >> you don't see chequers

turning into a vote of confidence or her turning it into it. >> she can't it doesn't give the prime minister the ability to say i'm doing this it has to be on the specific act. you don't believe the current debate in the conservative party will eventually open the door to mr. corbin opening the door? >> no, by which time 2022 brexit will have happened and we'll have a booming economy if we make the right economic choices. >> i was listening back to those comments literally and i think there's some absolutely fascinating stuff in there one, doesn't see a challenge on the prime minister, at least not overtly at the moment. you have to remember, this man is on the hardest side of brexit he's right up there with borison sob and his distaste

he was very complimentary about others mrs. may's allies say it's about the e.u., back to the e.u. what was very interesting is to say, look, we are not going to turn this into a confidence vote and we are going to run this government to 2022 that seems quite astounding from many of those observers, analysts, pundants in the westminster bubble who think, we could see, a, a challenge and if the believe the polls, they were wrong about the polls last time, yes, we'll get to 20232. mrs. may has to talk chequers. he's very forthright for a can at that plus deal. just counters some of those five minutes we've been speaking to

you against zblu great work, steven, for getting that interview. as you said, as we just heard, he doesn't expect that to happen until 2022 and steve we will be back with you in about 15 minutes time, won't we we will be back with steven in 15 minutes time. he will be speaking with martin gilbert who is the co-ceo of standard life. now moving on to another political story we've been watching very, very closely. italy's economy minister has insisted the country's debt will come down depiet a rise or cast a 1% reduction in the gdp over the next three years you've been following brexit, now you've been following italy and i was anything about this over the weekend and actually

from the outside standpoint again, italy seemed to be a moving situation here. if the europeans push back too hard, that plays into the narrative that italians have been pushed around in the past by european bureaucrats telling them what to do. if europe don't push back then they will get this 2.4% deficit through and it's a win-win for them >> reporter: well, from the political rhetoric perspective that may be true and the idea that mr. sarbini and the others would welcome push back is not a surprising one that's been criticized for a long time during the campaign and subsequently in terms of whether getting that 2.4 spending deficit improved by the commission, it doesn't mean

that the state italian consumers would agree. we've seen the italian bonds move pretty significantly in the last three days in the 2.3% figure released overnight thursday into friday morning he's going to be here in luxembourg today meeting with his european counterparts and meeting with the commissioner officials. we heard from dombroskus, the commission vice president for financial services and he was scathing that he saw this as an attem attempt despite saying they would tackle the $2.3 million debt file. >> the growth assumptions over the course of the weekend are really crucial they're at 1.6%. the next day he's talking about 1.6% in 2020 both of them the forecast for

italian growth he's relying, he says, on a huge investment to drive that groetd. if he gets to those kinds of numbers. it will make the 2.4% deficit attainable that's a big assumption. those are the models we're going to be seeing tested over the next few weeks once the european commission sees those budget proposals. i'll be speaking to pierre gramegna in luxembourg city. that's something i will be asking him about this afternoon. >> excellent back to you certainly, willem. thanks for bringing us the latest from luxembourg again, my favorite segment europe has taken back the ryder cup in dominant style. it pitted players from the

united states against players from europe. they stole the victory for the europeans on sunday. the win sparked celebrations watched by some of the biggest gatherings in the event's history and i also spent a lot of my weekend watching the ryder cup, i have to say. coming up on the show, we'll get a view about q4 and take a look back at q3 as well. stay with us can be relentless. tremfya® is for adults with moderate to severe plaque psoriasis. with tremfya®, you can get clearer. and stay clearer. in fact, most patients who saw 90% clearer skin at 28 weeks stayed clearer through 48 weeks. tremfya® works better than humira® at providing clearer skin, and more patients were symptom free with tremfya®. tremfya® may lower your ability to fight infections and may increase your risk of infections. before treatment, your doctor should check you for infections and tuberculosis.

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welcome back to "street signs. let's check in on how markets are fairing. the main news is that the u.s. has managed to renegotiate the deal with nafta in the 11th hour that has helped boost risk sentiment. we're seeing a bit of a bounce in asian equities. we have the europe 600 trading up a quarter of a percentage point. we have the final september manufacturing pmi numbers. they came pretty much in mind

with the estimates there let's take a look at individual sectors just to see where some of the leadership is coming this morning. chemicals leading the charge up at 1 point be point 2% no deal -- i shouldn't say no deal no doubt helped by the tax there approval that has gone through from the chinese side. helping boost the performance this morning up more than 1.2% and that sector got a good performance in autos. very trade sensitive sector doing quite well this morning up .8% technology another sector right in the middle of all of these trade war discussions. right at the bottom we have travel and that is down half a percentage point let's get into some of these stories that are driving the performance there. because the air line sector has been under pressure this is after ryanair cut their guidance by 12% they say it has lowered third quarter fares as fear strikes

consumer confidence. ryanair expects profit to be at 1.10 to 1.20 billion previous uros that is weighing on the sector in finance, jasper neilsen is appointed the head danske bank. and as i was talking about, linde opened higher. the two chemical firms announced their intentions to merge the operations last year they were selling additional assets to get approval from other regulators from the united states and the e.u and given that we are -- i was just speaking about this we've just started up a new

quarter. the first day is october 1st the last quarter of the year let's take a look back at how some of the key indices performed in the third quarter of this year let's start with the u.s. index. the dow is actually up about 9% over the last quarter and i should point out that actually the dow is up 44% since u.s. election this was the best quarter we saw since the last quarter of last year better quarter of the dow jones. talking about the s&p performance. we saw a good quarter as well up 7.2% quarter to do through the 3900 level propelled by some of the performance we saw in tech nasdaq as well on the quarter is about 7% performance very strong equities as well and with me to pad it out a little bit more and consult with

the crystal ball about what's going to happen next, i have ron with us. ron, what are your charts telling you about u.s. equities? >> momentum is the story interestingly, that q3 negative seasonality is not holding the market back so far what's more important if we look at the presidential cycle pattern, that suggests there should be some still down side risk into this last month of october before we actually get a very strong up zbling does there tend to be some seasonality around mid-term elections? do people stop trading into it >> yes, i think it's a little bit of uncertainty in terms of how things play out. also, i think the pattern gets very positive into re-election season it's that massive upswing later

on down the line for now legislation is likely to be weaker post mid-elections >> one of the interesting thing talking about wars, trade wars, geo polite kpal call -- geopolitical what do you think of that? >> any kind of low volatility have been a good contrarian play we look like we're in a compressed pattern now similar to the one we saw prior to the setup that i mentioned it is at least looking like an attractive vol play on the short dated side but potentially on things like russell stocks, maybe small cap and then a few other markets that are maybe not pricing in as much of the big moves that we've seen. >> one of the big reasons that

the u.s. stock market has done so well is the performance of the tech sector. we know that some of the blue chips stocks there, the fang stocks have been propelled that has all started to change we're beginning to see some of the big names under pressure, whether it's scrutiny, anti-trust, whatever it is what are your charts telling you about the trajectory of the fang stocks, particularly the trajectory are we at peak euphoria? >> we have been for some time. timing is the bigger question. at what point will we see a healthy res piet i just came back from a trip from asia. i saw the back stop cliff drop recently now that's a china specific story but also the potential canary in a coal mine on how we can get a fall from grace on the tech stocks but also because

they can become overcrowded. they're part of a mature growth story which i think is turning. >> ron, i have 10 seconds. european he can pit tequities, y change >> they've become an attractive buy. >> ron william, thank you very much stay with us, when we come back more for the conservative party conference where steve will be thinking to co-ceo martin gilbert stk ths.icwi u today is the day you're going to get motivated...

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tell us about the deal >> good day for canada nafta renegotiated mexico sending the canadian dollar higher and u.s. futures into the green. in the mood for a deal u.k. chancellor phillip hammond says businesses are sitting on their hands as uncertainty continues. bond yields are on a rise.

they're putting a positive spin on the target. ryanair sinks to the bottom of the stock 600 after they slash the full year guidance as the strike impact hits fares and traffic. okay we spoke about the eurozone pmi data that came out about half an hour ago we're getting the u.k. manufacturing data now as of the september manufacturing pmi has come in at 53.8 versus 53 in august the august thunder was revised upwards actually this is higher than expectations the reuters pole hl had consens and we had an upward division there. positive news there. you can see that is reacting very well to that.

we're up 1.54% let's go and talk about other currency pairs this morning. this morning we spoke about cable which has bounced a little bit. we have euro trading slightly on the back foot. we've got dollar yen inching up higher very close to the 114 level now. about quarter percentage point versus sterling, as i mentioned, the dollar is trading weaker that, of course, is on back of some of the responses we're seeing from this nafta deal. broadening out to european markets as a whole and what we can see is that, again, the theme is one of slightly more positive tones of the session versus whoat we got. it's rebounding quite nicely again, some positive news on the

trade front is a good thing for the german index speaking of the u.k., the ceu is in the mood to do a deal on brexit that is according to phillip hammond who warned that the next few weeks in negotiations may be critical speaking for the bbc the chancellor stressed businesses are sitting on their hands as uncertainty over the final brexit deal continues. speaking earlier to the u.k. secretary for business greg clark, he told us that the brexit negotiations are a stage-by-stage process >> needs to be taken in stage. the first stage, these are proposals, it was always likely in a two-year negotiation that actually the pace quick zblens terms of the tempo of the negotiations as you get towards the end. it's not usually the case with negotiations, always the case with the european union. the workover in the next few

weeks will be very important to secure that. now once we've got that, then of course you're absolutely right, it needs to go to the house of commons but i think that if as i can expect, we will be able to conclude it, there will be something that will be strongly in the interests of a british business but business right across europe, that that will give a boost to the economy because it will end some of the uncertainty that is around negotiations it will send a very clear signal that supply chains that cross the continent and over the channel can continue and flourish i think that will be seen to be a strongly positive mood i think in no circumstances when it comes to a debate, i think the case can be made and won. >> steve is in birmingham. steve, you've spoken to a lot of

politicians. i believe you can speak to an invest investor. >> reporter: yeah, absolutely. welcome martin gilbert to the show he's many things the co-ceo of aberdeen you're deputy chair over at sky as well. i don't know if you're a tartantory >> very much. >> looking very well i want to start off, march contin -- martin was at the golf game. >> we are one of the worldwide sponsors of the ryder cup. it's one of the top three or four events in the world now for television. >> isn't it a metaphor for how great europe can be? or is it too great for great brita britain? >> it is amazing

>> companies like yours have to live with whatever brexit happens. how prepared do you think you guys are and do you think british business is? >> i think you have to divide it in two financial services are well-prepared because the regulator forced those to be well prepared. i think manufacturing businesses are probably a bit behind. so, for instance, we're located in luxembourg. we always were so we didn't have to do much to prepare. we had do open an office in dublin but financial services i think are well ahead of the game. >> mr. hammond is speaking today and some of the harder brexiteers are accusing mr. hammond and others of project fear as well as far as you're concerned, how deep will the ramifications be for the financial services sector given the level of

preparedness you had >> i think there's a project fear factor or whatever it might be but the markets don't believe it the markets have been incredibly stable as has sterling to a certain extent i think the markets are expecting a decision by the end or just before 29th of march when the markets think that some agreement will be reached. they're very, very sanguine about it >> the pound goes down on fears, ftse goes through the roof i noticed them both rallying so i'm wondering how prepared asset managers are for a scenario where there is a brexit and it's not quite as dramatic as everyone thinks. do we get the pound and u.s. assets rallying? >> definitely. u.k. stocks are probably lagging slightly behind the big global stocks at the moment

sterling will rally. some of the fear factor will come out of u.k. stocks. we're seeing them getting midcap well they're more domestically orientated the big ftse 100 tends to be a global company. >> it's interesting. you were saying the bigger threats to the market perhaps not coming from china and trade issues, is that where you see the biggest problems at the moment, not necessarily for brexit, but something happening trans-pacific or elsewhere >> yeah. i think everyone is worried about a trade war between between china and the u.s. i personally don't think it's in china's interests -- >> didn't the u.s. already start it with them >> they haven't started the war yet. this is just skirmishing but i don't -- i just can't see it really in china's interests to take on the mite of the u.s.

because the u.s. is still doing phenomenally well. >> how's business? we know it's a really tough time for asset managers we know you are working very hard to turn around your company to make it 21st century, how's it going >> it's going pretty well. look, asset management is under the most pressure. but an industry that's been as successful, that's what we're experiencing >> any sign of a waning appetite for some of the other products like the ecfs? >> i think passive will be down to 0% fees from fidelity so it's going to be very, very, very competitive place to be. i think you need to be somewhere

in between the active and passive smart meter just to use jargon we are three and we're also inactive. small base, you strip out some factors, re-emphasize others, does it really work? >> yeah, yeah, it definitely works. you don't want to be where we were in 2000 where a vote of 15% of the index you were taking a massive risk so it's that type of thing >> you worry about those valuations of the tech stocks? >> everyone's got them it's been great to have them as well, by the way no, i am worried i think they're pretty fully valued. >> there was a chance that you and i could have been colleagues actually. >> i know. >> amazing >> i understand it's not going to happen because -- i should explain. martin is deputy chairman of sky. i am an employee of comcast as well obviously you will step down when the deal is completed. >> i will be an employee of

comcast momentarily. >> there you go. >> no, it's great. >> do you think it's a good deal >> i think it's an excellent deal for comcast. >> comcast paid a lot of money for this >> yeah, but it was a unique asset. brian rob berths realerts realld this. >> a good deal is a good deal at twice the price and a bad deal is a bad deal at half the price. i think he's bought a tremendous asset. you had to pay a full price for it because, of course, disney -- disney/fox were there bidding as well i think it's a superb buy for him. i think all of the people at sky -- we'll be colleagues of yours now. >> i'm not looking forward to having to go against lance foster one more question, you're here and you're promoting very

important things as well >> yes yes. people have lost faith in the savings and so on and it's about that i'm looking forward to it. >> always nice to see you. it was a big night. >> it was. it's a miracle. >> there you go. we needed it >> yeah. yeah >> martin gilbert, the co-ceo much standard life aberdeen. back to you. >> steve, colleague of all of us. moving onto the u.s., the whoet house was looking into sexual assault allegations

president trump ordered the investigation. nbc's kelly o'donnell has the results. >> reporter: with a friday night deadline, today the president's team claimed to be keeping its distance. >> the white house isn't intervening. we're not micromanaging the process. >> reporter: careful to emphasize the fbi's work is not a criminal probe. >> it's not meant to be a fisching expedition. >> reporter: they say the fbi has not received new direction today that would alter the original cope of the two allegations made against kavanau kavanaugh. they say her team has not been

contacted. the fbi has lr calready contact debra ramirez according to her lawyer who says she will cooperate. kavanaugh denies any misconduct. >> i am innocent. >> reporter: today democrats raise doubts about the investigation itself. >> finally we're going to get one and the question is are we going to get the kind of investigation that is thorough and fair >> right >> it was a good moment when we got that re-opened, but now it's going to be on him to make sure this is a credible investigation. >> this afternoon the president pushed back, tweeting apart, that the time and scope is not enough for them it be will never be enough >> reporter: that was nbc's kelly o'donnell reporting there. elon musk gets a slap on the wrist from the s.e.c

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welcome back to the show

argentine share france ses melman is launching a pop up from the third to fifth of october. they will feature a six course tasting menu and will take place at wolfgang's pub cut. francis mallmann joins us himself. tell us about it. >> we're here to cook. we have fires and we have a delicious menu that includes obviously a very big steak, different things from the andes like a recipe done with corn called umita which we like we have a potatoes from the andes with delicious caviar and butter nothing very good for diets, would it be? >>. >> no. if this goes well, are you just

testing the waters do you plan to open up a full time restaurant? >> know, we've been thinking about it it's hard to get a fire permit i cook with wood we're working on it. i would love to be in love done with our language of food. yeah i would like that. >> he was reading a report in "forbes" actually. they said 70% of the human population is reducing meat consumption or leaving meat out altogether we' we're seeing that here how is that affecting the way you cater your men use >> i just started a vegan vegetarian product that will come out in a year my feeling is that in maybe 30 years there will be no more

animals on our food. they will be gone. be eating grains and vegetables so we have a very strong emphasis on vegetables in our fire cooking. >> what happens to -- >> it makes me saad. >> what happens to the barbecue, that's why you have to go very deep into patagonia several years. what i feel is young people are not missing it with fish they write to me on instagram, they said, mr. mallmann, we love your cooking but sadly we don't eat meat i think of that in my restaurants, too i think it's very strong new voice. >> got to respect that.

>> of course. >> can i ask you about the argentinian economic situation we've seen a devaluation of the currency for a business like yours it would be a positive. you have a flexion coming into argentina. >> they shouldn't even zb we will get many cures in argentine na is auch si beautiful country. that's the truth but i think we have to adapt to this new economy and try to get out of this travel we have but it would be good for tourism but not generally for our country. >> do you think the world is ready for a wave of argentinian cuisine being produced

steak is a very big thing but the way you do it with the smoke fire and woods, that hasn't been tried and tested yet. >> yes, i think we have a strong voice nowadays in the world with our delicious wines from mendosa, patagonia i think that our language of cooking is growing worldwide, yes, it is >> finally, one very quick question for you my husband thinks he makes the best steak in the world. what do i meet to do a little bit of salt and a lot of patience. by the grill you need time. >> thank you very much for joining "street signs. now elsewhere in some of my company news, aston martin has lowered the price range for the ipo. they said shares will be listed at 18.20 pence

books in the offering are supposed to close midday tomorrow est. u.s. regulators have settled charges with tesla over the ceo elon musk saying he will take it up as the -- and tesla will also get hit with a $20 million -- fine we were talking about this on friday it seems as though this is the best case worst case scenario? >> yes absolutely it's the best of a bad situation for tesla. if you go back there was a settlement deal for tesla before this happened.

they charged alleged fraud and that gave the sec bargaining power to bring tesla to the table and get them to settle that was a big move. i think for investors in this company, they'll welcome the clarity. they'll woman come the moves to independent directors which should help theoretically dilute the power that elon musk holds on the board. >> doesn't it mean that now he can focus exclusively on production issues and things like that rather than engaging in a very public twitter war >> there's two things going on legally tesla's not out of the woods yet. they still have two class action lawsuits on the go they have a potential department of justice criminal investigation on the back burner on top of that, there are still worries and concerns whether tesla can turn profitable, hit those production targets that market is going to be the big focus on the market barring

any other legal issues popping up. >> i think we're getting into a tense area it tells you that investors won't give them a lot of time to turn the story around. >> not a lot of time they're burning through vast amounts of cash. elon musk sent an empts mail over the weekend to employees saying the company is very close to being profitable. they're on track for hitting the guidance of 50,000, 55,000 model 3s that should be a promising sign for investing. that could help allay fears about stock in the market. >> today we're saying premarket shows up 15, 16% already good reaction. thank you for being up on that one. speaking of the cars, the world's biggest automakers will descend on paris for the auto show trade tensions, electrification and the might of diesel will set

the top of it and gac motor and that is later this week. before we head out for the day, of course, we did get the updates of the nafta agreements between the u.s. big performance for the dow. markets are opening up 200 points higher, nasdaq 60 points. everything is pointing to a positive start for the u.s that is it for today's show. "worldwide exchange" is coming up next. for our european viewers, stick around for our interview with the luxembourg prime minister. that's after the break

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