i'm joumanna bercetche >> i'm karen tso these are your headlines >> well, over the next hour turkey's president expected to reveal what he calls the naked truth about the death of jamal khashoggi and, according to reports, the ceo of softbank now opting out of speaking here at davos in the desert. european equities follow asia into the red with the stox

50 hitting the lowest level since 2016. shares in bayers sink after a judge finds their weed killer led to cancer, but reduces the fine by more than 2$200 million welcome to "street signs." turkish president recep tayyip erdogan is expected to point the finger at the saudi government for the death of jamal khashoggi when he speaks to parlment s sn about 30 minutes time. he said he will reveal the naked truth about khashoggi's death. let's get out to hadley. it's been noisy on the wires this morning with turkey's foreign minister saying they have not released information to other countries and news from riyadh this morning that one of the key investors with saudi

arabia, masa son, will not be turning up at davos in the desert >> that's right. as any story in the middle east goes, a lot of moving parts they seem to all be happening as we go to air. essentially what we know is the president of turkey will speak in about a half hour he's basically teased this up the last couple of weeks, allowing dribbles of information here and there about what happened to jamal khashoggi in that istanbul consulate. he said he will reveal the naked truth and all eyes will be on president erdogan and what he has to say we are told u.s. officials have not heard these recordings that were reported again and again in the turkish press to reveal what happened to mr. khashoggi. right now the future investment initiative, this davos in the desert investment summit has

been going on, many ceos backed out of the summit. many of them privately telling cnbc that they urged the crown prince not to go ahead with the summit saying you need to delay this until all the questions have been answered regarding mr. khashoggi's death and disappearance. as you see today this is an ongoing event. we heard from the ceo of the russian investment fund and the uae investment fund and saudi arabia's sovereign wealth fund right now they're talking about potential investments between saudi arabia and pakistan. we hear there's going to be as much as 50 billion invested in the oil and gas sector and infrastructure as well certainly some big name there's that are expected to sign today. baker hughes, also total the total ceo decided to be strength because he said in a statement even if it's not politics as usual, it's business as usual these are areas we have to

continue to operate in i have to mention something you said earlier the ceo of softbank has decided not to speak at the davos in the desert that comes a s a major blow to the crown prince a lot of questions about how this investigation into mr. khashoggi's death and disappearance is going to weigh on investors, but also in terms of the power play that is taking place when we step back and look at what happens between president erdogan and the saudi government a lot of questions about how that will impact markets not just today but ongoing >> masa son was one of the first people to go and kiss the ring when donald trump was elected president of the united states so he went to trump to you tore pay respects to the president, congratulating him on achieving such a big feat. the fact he's pulled out and

taken a stand on saudi arabia, calling for transparency here effectively by not turning up. that vision fund already pledged by $50 billion to the united states in startups >> you wonder, initially we thought about the potential ramifications in the oil market, now there may be ramifications on individual sectors as well. talking about defense sectors and technology sectors given that the vision fund is invested in tech stocks we'll see how this story unfolds. >> just one point on that, it's not just startups, it's got a lot of different businesses, softbank, that it brought together in emerging markets the links go from the united states to saudi arabia and right back again incredibly complex >> let's get out to julianna and see how european markets are faring this morning. >> good morning. yes. so after a rough session in

asia, europe is facing a difficult start with the stoxx 600 down 1.25% this morning. the narrative today is dominated by a number of different themes. some massive corporate stories today are dragging down single stocks we have the fallout from the rough asia session and focus on italy continues to grab investors attention. we're expecting that the european commission meet today to discuss next steps with regards to italy let's look at the european markets and see how the various regions are playing out. dax suffering the steepest losses, down about 1.8%. that's impacted in large part by bayer, which we'll get into, that's underperforming italian stocks also performing poorly, down about 0.8%. recovering a bit from earlier. quite a red picture across the they are all in the red. earlier when i was up here,

utilities were trading higher. but even those safe stocks are taking a turn downward tech is the worst performing sector, down 3.4%. a few single stock stories there. ams down almost 20% over concerns about the chipmaker's outlook. across the board, we are seeing a sea of red autos down 1.7%. renault had a disappointing earnings report out this morning. that's a wrap of the sectors, back to you. >> the tech sector down 3.5% but we've also been focused on the developments in italy. here it could be a decision day for the european commission when it come tois to italy's budget. let's get out to willem. can you walk us through what happened in the last 24 hours and what is the likely response from the european commission today? >> a bit more context. the italian government last monday submitted what is called

a draft budget plan to the european commission. that's something that all eurozone countries have to do b draft budget plan, the european commission, the executive branch of the european union has a week or so to give an informal opinion on what they see we got that last week from the two men for financial affairs inside the european commission they said they had serious concerns about some numbers they saw in that draft budget plan. some concerns about the growth estimates. we then heard conciliatory language over the last four, five days. pierre moscovici said he wanted dialogue he met with giovanni tria who works behind me. late saturday night we had a cabinet meeting where the head -- the lead members of the

italian government got together, they said we're happy with this draft budget plan, we're now going to pass it to our own parliament in rome to have it looked at in more detail eventually hopefully passed by the end of this year out of that meeting we got some conciliatory language from luigi dimaio saying he wants continued dialogue with the european union. from him and giovanni tria yesterday we heard that the italians want to remain part of the european union and part of the eurozone that was a big theme did some of these coalition parties that now exist in government want to see italy leave the eurozone some of their chief economic advisors indicated that was a potential option down the road yesterday the economy tria sends a letter to the european commission saying, look, we understand you have concerns about these numbers. we acknowledge some of these are outside the growth and stability pact rules that have been set by the european union over the last

few years, but we need to stimulate growth we have difficult but necessary decisions to make, those are the ones we made once that lert was received by the european commission, they looked at that in detail and they have until monday in theory to make a formal opinion about this draft budget plan the commissioners, all 28 of them and jean-claude juncker will be meeting today and once that meeting happens we may get more clarity if you look at the language from the italian government they have been more optimistic in terms of progress giuseppe conte talked about the reaction to that letter and moody's decision not to downgrade italy to junk as progress >> i believe today the market shows us that even according to

moody's the fundamentals of the italian economy are good >> even according to moody's, a ratings agency that people like mateo salvini have in the past heavily criticized so they will drive forward the relationship with the european commission, whether that's a confrontational one or slightly more conciliatory approach remains to be seen once we get a decision on this draft budget plan from the european commission we'll let you know >> numbers speak louder than words, that's what italian bond investors have been watching out for. we've seen a roller coaster ride for italian bond yields. yesterday at one point we were trading 25 basis points lower for the ten-year and two-year and ended weaker once all of

those gains turned into losses but this morning there's also a report from a local newspaper suggesting that potentially the government would be looking to change or make some modifications to that budget deficit spending plan for next year certainly people are watching this closely today the picture is one of firmness we rallied about 2 1/2 basis points already >> the volatility and the roller coaster ride in italy is almost becoming the norm. if they have a flat day that is almost headline news >> that will reawaken the bond vigilantes let's bring in steven cohen from blackrock to give us a bit of context here i'm curious what your clients are thinking about italian assets is there any level where they say at this point it may be a

potential buying opportunity for us >> we haven't seen much yet. you mentioned the roller coaster in volatility. with yields, when you get to yields of 3.5% and above, it stops looking interesting. particularly when you look at where italian spreads are relative to something like spain. go back to the old days, they were through spanish spreads i think you are starting to see some relative value players. particularly if some of the news calms down but i don't think you'll see a big international investor buying spree >> we read a lot of report about investors pulling out of the continent. from a positioning perspective would you say investors are underweight european equities? >> i think they are neutral to underweight. i don't think we reached the extreme underweight relative to maybe late 2014. you had that big rally in europe

then one driver of that rally was relative positioning you need a bit of good news for europe to outperform we've been going on that journey. europe has been cheapening up relative to the u.s. flows have been driven into the u.s. this year europe has seen outflows i don't think we reached the point where invests are saying on a relative valuation and given my relative positioning, actually europe is the best bet to make. >> i will use the word contagion, what you have seen if you chart the italian market and the ibex is a similar curve where there's been a steep fall. that lets casts its way over to italian banks. even though we're not seeing contagion around yields in europe, do you think there's contagion around stock plays on the italian crisis and some

political machinations >> there's nervousness i wouldn't call it contagion yet. we know that -- >> what would look like contagion to you how would that play out? >> i think you would see significant moves in bank stocks we've seen banks underperforming, but much greater volatility in financials that's the medium through which any sort of contagion whether it's sovereign debt or financial related travels, we've seen european banks underperform. we know underlying fundamentals remain sensitive to any sort of italian crisis, but also what does that mean for capitalization crisis somewhere in germany >> do you get the sense that people aring loe looking at thee markets and the range of issues propping up whether it's the trade narrative, geopolitics, budget issues, brexit, are investors saying there's too many risks, we'll sit on cash?

do you get the sense that people are upping their cash allocation at this point while there's so much uncertainty with these macro stories? >> absolutely. that's one of the biggest stories this year. if you look at flows into the mutual fund industry, etf industry, it's 50% of last year. a lot of that is because people have been de-risking throughout the year going into cash particularly in europe there's a different story between european investors and u.s. investors, though the last month or two u.s. investors have become more cautious we're in a situation where there's a lot of political noise. there's a lot of financial noise. we have not seen earnings pick up a lot of concern around tech valuations so the momentum trades that people have had on have worked now there's questioning as to have they run too far. but the non-momentum trades, you are not seeing those

fundamentals that make people want to rotate out of portfolios you have to remember in the u.s. we have a benchmark of cash of close to 2.5%. so the game is very different to what it was three, four years ago where you were trying to beat zero. so mentioned in the previous session buy the dollar, that's being -- if you do believe in the dollar and you look at short-end rates in the u.s., that's your benchmark for anything you want to invest in around the world >> all right we'll come back to you after this break that was steven cohen from blackrock. we'll have more on the italian budget later today when we speak with valdi valdis dombrovskis, a first-on interview at 15:00 cet we are also waiting for turkish president erdogan to speak about the death of jamal khashoggi in around 15 minutes. we'll bring you that speech live stay with us helped put a roof over the heads

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red across the board unable to sustain monday's momentum. we see red across the european markets as well. let's go to nancy hungerford for more a couple of key indice there's were down. we are marching into 2% territory for this trading session. >> no surprise investors won't find relief in what's happened here on the asia session look at these moves. we are looking at losses of more than 2% for the shanghai the shenzhen off 2%. both markets did see gains of 4% the biggest one-day increase we had seen in almost three years not erasing those gains, especially when you add on the gains we had on friday you can see some of that optimism around government support out of beijing is starting to fade today on the session. the hang seng just closing about 20 minutes ago it closed lower by 3%. today a lot of attention was around the japanese market

look at the nikkei 225 it's off about 2.7%, a two-month low here as part of this shift in risk appetite we did see the yen supported that weighs on the equity market in japan keep an eye on the action here tomorrow 2.7% at a two-month low is nothing to write off here. the kospi at a 19-month low going back to the action in japan for a minute, one stock we've seen a lot of attention around, that's softbank. because of its close financing ties to saudi arabia remember, saudi arabia funding makes up almost half of that vision fund. the 1$100 billion vision fund there that softbank has invested in tech across many areas. once again that stock was off 3% this is the closing price before we got that news from the "wall street journal" before we learned that masa son will no longer speak at the fii

conference where hadley has been reporting from we did hear earlier the softbank coo would not be participating in that form as well the stock was under pressure this comes on a day when the broader japanese stock market was lower. back to you. >> thank you for that. chinese markets and european markets deeply in the red. officials in china say they are not afraid of a trade war with the united states. speaking to business leaders in beijing, the leading member of a committee tasked with forging alliance with other countries said china refused to be intimidated by the u.s he also accused the u.s. of disregarding consensus during trade negotiations he said china is not looking for a trade war with anybody steven cohen is still with us. how is the trade war narrative playing into how investors are thinking about investing or not investing in this environment? >> it's been a factor of the

caution that we talked about before i think the problem with the trade war discussion is that there's so much unknowns does it become a trade war and does it start to feed through into company investment, future investment and company earnings. i think this quarter will be interesting. going back to last quarter it was early to see if it transpired through company earnings, but also statements. this quarter we may see companies talk about what the actual impact is i think that's when it becomes potentially something bigger in terms of markets the problem is it's yet another thing overhanging investor sentiment. until you clear it out, it is another reason not to invest >> we have had a series of conversations around short-term and long-term investing. we are talking about pensions funds here have assets and liabilities. we have this esg discussion coming to the mix where pension

funds are aligned to values and beliefs. how do you go down that pathway and keep in mind all the different events today, the italian budget, trade, china slowing down how does that weave into the narrative when you talk about esg? >> the esg conversation is moving quickly it's something talked about a lot the last couple of years it's been the domain of institutional pension funds in places like the netherlands or the nordics where you have a lot of regulation. that's starting to shift dramatically this year we've seen more demand across the region, particularly in europe for what are the vehicles i can use to actually do what you're saying. i want to build my portfolio to deal with all the risks that are out there, my return assumptions, i want to now bring my values and sustainable thinking into that but historically it's been opaque that's why we have done a lot around etfs. we think etfs are a great vehicle to bring those building

blocks you have to make the portfolio building simple. you don't want to dramatically change what you've been doing. you want to add an element of sustainable tility to portfolio that's what we hear across the region >> when you're screening for those investment stocks, are you following a passive allocator or an active management ongoing portfolio that you keep updating to reflect the situation on the ground >> there's various ways to do it the way we've looked at it what are the areas where investors broad i will have the most concern, where they want to screen out, that could be a type of investment or a subset of an investment or an exposure. that, to me, is an area where we think we'll grow dramatically, also parts of the sustainable investing space where it's a more active stock by stock decision >> all right we have to leave it there. steven cohen from blackrock.

karen, after 3 1/2 hours you're heading out as well for a documentary. >> i'm handing it over to you, but i also think i'm handing it over to erdogan. >> it's a green market moving to a red market coming up on the show, a preelection sweetener. donald trump says a tax cut announcement is coming before the midterms can be relentless. tremfya® is for adults with moderate to severe plaque psoriasis.

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welcome to "street signs." i'm joumanna bercetche these are your headlines turkey's foreign minister says istanbul has not shared information on khashoggi's killing but calls on the u.s. to cut off support to kurdish forces in syria as turkish president recep tayyip erdogan prepares to reveal the "naked truth. and masa son becomes the latest to cancel his speech at the future investment forum. european equities follow asia into the red with the stox 50 hitting the lowest level since 2016. shares in bayer sink after a u.s. court upholds a jury's

finding that its weeds killer is linked to cancer but reduces the fine by 2$200 million it is a difficult morning in europe as joumanna just said we had a rough handover from asia that's feeding through to europe looking across the different regions. the dax is the underperformer, down 2%. i had a look at the stocks before coming on linde is the only stock trading higher on the back that the u.s. fdc approved the praxair deal. everything else in germany trading lower. bayer a standout laggard today across the board it is red italian stocks trading lower down about 1%. steepening some losses we saw earlier today. let's get into the forex

markets. euro holding steady versus the dollar we have the ecb meeting on thursday investors will look to that shortly. sterling is recovering after dropping to the lowest point in 2 1/2 weeks on brexit concerns looking to the u.s. futures and seeing how this affects u.s. trading. we are seeing the s&p indicating slightly lower the nasdaq slightly lower as well clearly the u.s. is not immune to the negativity in asia and europe in the u.s., massive focus on earnings this week the busiest week for s&p 500 companies to report. >> the tech sector one of the leading underperforming sectors in europe this morning

turkish president recep tayyip erdogan is expected to point the finger at the saudi government for the killing of jamal khashoggi when he addresses parliament in a few moments time hadley is in riyadh. there's been a lot of developments over the last 24 hours. we heard from the softbank founder saying he will not be attending the conference in riyadh about 50% of the funding of softbank comes from saudi. >> absolutely. we understand from that "wall street journal" reporting that masa son won't be speaking at davos in the desert, this initiative happening now in riyadh but we don't know yet if he's canceled on the event completely if he does that he'll join a long line of international ceos with connections to the saudi government, connections to the public investment fund

basically warning the crown prince ahead of this summit tha now wasn't the time for this summit and to delay. president erdogan of turkey expected to speak any moment now. he said he will reveal the naked truth about what happened to jamal khashoggi at the istanbul consulate. there's been a lot of back and forth between saudi officials on getting the narrative right. the foreign minister of saudi arabia speaking earlier today to say the saudi government is committed to getting to the bottom of this, continuing this investigation, to finding out exactly what happened. just to give you a read out on what's happening on the sidelines of that public investment fund conference, the davos in the dessert, billed again this year as a major meeting for international investors in the saudi government the softbank fund as well. a lot of questions on whether or not folks that were expected to be here, the fact they're not here f that changes the game in

terms of the mission and investment commitments they had already with saudi arabia that seems not to be the case we have seen the gcc countries closing ranks here the head of the uae sovereign wealth fund is here. he spoke today the conversation surrounding 50 billion dollars of invest mement with russia with total, oil, gas. a lot of things coming out of this the deals have not stopped even though the politics are not quite right. we're all waiting for those comments from president erdogan. >> thank you for bringing us the latest we'll be back with you shortly we're keeping an eye out for erdogan's speech we'll bring them to you live before we do that, let's get out to sara fagen who joins us on

the line thank you for getting up so early to join us in anticipation of president erdogan's speech, if in the setting and we will find out in the next half hour or so if it does arise that he ends up implicating mohammed bin salman directly or that he was aware of the death of khashoggi, what do you think the response out of the united states should be? >> it's a very tough diplomatic situation for the united states as you have described on the air already. the regional tensions between turkey and saudi arabia are well known. you certainly expect the president of turkey to implicate the crown prince the turkish government has essentially already done that. with the cia director in turkey, i think the president will have to take his cue from her not

another government i think the president's response to date has been clunky at best. he's been a little bit all over the board. last night he said in the united states before departing for texas that he's been unhappy with what he's heard he has a lot of questions. of course he had come out earlier and suggested this was some sort of rogue killing gone awry so the u.s. needs to have one stand, it should have it throughout this conversation and we have not done that yet. hopefully after the president speaks with the cia director we'll be on the same page. >> in the circumstance that i spelled out, do you think this could be the beginning of a shift in real politics and a geopolitical stance for the united states, which has been traditionally closely allied to saudi arabia, even more so under president trump's tenure if the circumstances were to change and it would to evolve that the crown prince, mohammed

bin salman was directly involved in the journalist's disappearance, would you expect a change in relationship between the united states and saudi arabia going forward >> probably not over this specific incident. this is serious. not taking anything away from a person being murdered in this horrible fashion the reality is the saudis will deny it. they have been denying it. they will continue to deny it. the regional relationship between saudi arabia and iran complicates the u.s. response on this for as troubling as some of the saudi behavior which goes well beyond what happened in the consulate in turkey going back to imprisoning political opponents, many other challenges, what's happening in yemen, i think that the united states is going to have to

become stronger and harder in their response to the saudis, to get the saudi government back to a place where they're a true partner with the united states i don't think it's going to somehow how this seat change over this incident immediately i think this will become a path. i also think the crown family, the saudi family is going to start -- i'm certain they're questioning whether the crown prince is the right person to lead their country i don't think this will help his case >> stay with us. we'll be back with you shortly we are rating for turkish president erdogan to speak about thejamal kshgihaog we'll bring that you speech live when we come back. rance won't re your car, what good is it?

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u.s. president donald trump says his administration will unveil a middle class tax cut before the midterm elections which are two weeks away he told reporters that middle income earn eers would receive

10% tax break and proposed the tax cuts would be revealed before the election but would have to go through congress afterwards while campaigning for ted cruz, trump gave the senator credit for spearheading the fight for more tax cuts. >> ted is leading the charge in congress for more tax cuts in fact, i just left kevin brady -- how good is kevin brady? he's here. we'll be putting in a 10% tax cut for middle income families it's going to be put in next week 10% tax cut. >> sara fagen is still with us thank you for waiting on the line let's talk about this proposal, the middle income tax cut. apart from it being a political sweetener, what are the chances of this making it through

congress >> i mean, republicans will still control congress through december 31st. so there is a chance, particularly a small package could get through. there's not a lot of legislative days left between now and the end of the year. both chambers are out until after the elections. so i would say it's possible but unlikely >> and let's talk about the midterms and how things there are going. just a couple weeks away most predicted polls suggest that the house has more than 80% probable leability of switching democrat, but the senate is still to remain in republican hands. is this what you're thinking >> i think that's the most likely scenario. midterm elections tend to be a referendum on the president. the president, while his numbers are up interestingly enough, his job approval is higher at this point than it has been at any point in his presidency.

it's still under 50% that means historically some significant losses, particularly in the house given the nature of the u.s. senate map, i think the republicans will keep their majority and potentially pick up a seat that has much to do with where the seats are located. in the house it's a different scenario every district is up i would expect that democrats will have a majority next year >> what implications does that have on policy measures? we were talking about the tax reform introduced by the trump administration, one of their biggest measures this year, and it has been beneficial for the economy, providing extra fiscal stimulus if we get a divided house what is the likelihood of those measures being passed next year?

>> democrats taking the house is sort of a two-fold scenario for the president. on the one hand tax cuts would not get passed the democratic party would not support a tax cut as president trump suggested. though in fairness we don't yet know the details about what that tax cut looks like i do think there are possibilities for the president to work with the democratic congress president trump talked about reigning in prescription drug prices that's really a democratic talking point out on the trail they're talking about healthcare so there would be some synergy there, an opportunity. i think there's a possibility that you could see them work together on infrastructure infrastructure has been talked about in the united states it's desperately needed. some significant infrastructure funding. you could see them working together on that

one thing we know for sure that will happen, which will create a lot of tension, is that the democratic house plans to do a significant number of investigations into the donald trump administration everything from the russian hacking conversation that's been taking place over the last couple of years to the president's use of the emolli t emollients clause in the constitution which says he is making money off his potcy by ha presidency by having a hotel close to the white house that will create pension, distraction and mean ultimately that probably very little gets done >> sarah, thank you very much for your views this morning. renault says its exit from iran amid u.s. sanctions hit the carmaker's top line. third quarter revenues fell 6%, missing forecasts as the french auto firm also cited the

emerging market decline as impacting sales. however renault reiterated its full-year guidance. in the tech sector, ams shares are slumping down more than 24% amid doubts over the chipmaker's outlook. the company says it expects margins to rise 16% to 20% and sales in the range of 570 to 0 $610 million in the next quarter, boosted by the production of new iphones. that guidance crucially fell short of analyst expectations who raised doubts about ams's ability to meet longer term targets. the update came as the chipmaker posted a 50% rise in third quarter profit and revenue of 580 million euros for the period and bayer shares are slumping after a judge in the u.s. agreed monsantos' weed killer was responsible for a man's terminal cancer but reduced the fine from 2$250

million to 39 million. in august the jury ruled that the weed cancer caused dwayne johnson's cancer julianna has been following this story. it also comes at a time where bayer and monsanto tied up, a megamerger monsanto had to deal with with some of these -- or bayer had to deal with these legacy issues facing monsantos this is one of them. it seems the size of the damage was less than the market was anticipating investors still not reacting well >> they are not reacting well today or in august when the initial ruling came through. if we look at the monetary impact of this award, it's down to about $80 million. it's small in the context of bayer's overall revenues so it's less about the monetary impact and more about the fact that they have upheld a claim that the herbicide is scientifically linked to cancer. right now there's over 8,500

claims in the u.s. >> to be clear, this $35 millio was responsible for one specific case how many cases are outstanding >> close to 10,000 cases are pending. so it's about what this means for the fate of this herbicide moving forward and it is coming at a disappointing time after the approval for the merger -- or the acquisition came through earlier in the summer, they were hit with this ruling in august two points that are worth focusing on here with regards to the reaction one, this has been a real roller coaster for bayer shareholders when the monsantos deal was announced, healthcare share holders in bayer were enraged by the deal a lot of those healthcare investors rotated out of bayer and made room for agriculture chemical investors to come into the stock. so there's been a lot of shareholder turnover

the second point that is worth noting is bayer is now moving from being a pharmaceutical company to a pharma plus ag chem portfolio. that is a completely different portfolio. >> and investors are seeing these stories and probably getting nervous. >> for sure. the reason that investors would buy into this deal is because you believe bayer was making a good call on the ag sector, buying in at a low point in the cycle and they believed in monsantos portfolio. this is some negative news flow >> we'll keep an eye on that one. thank you for following this story. we're awaiting the speech from president erdogan, dealing with the ongoing saudi journalist story in the meantime, i want to bring you movement in the turkish leer

rach lira we have come back a bit, we're at 5.83. not only is president erdogan addressing the international community but also domestic developments will be at play here and the central bank of turkey is also meeting this week. a lot going on as far as the turkish lira is concerned this morning. cristiano ronaldo says he is 100% committed to his lawyers and will be playing for juventus this evening >> signing cristiano ronaldo at the age of 33 saw the juventus

share price nearly triple in june when it happened. but it lost about 40% of its value in the time that these allegations of sexual misconduct were made against the portuguese forward. his sponsors are thinking about things as well and we'll see how that progresses ronaldo has full faith in his lawyers that the truth will come out. he is focused on football, and in that respect he is doing very well on the pitch. a shaky start for juf jventus, he's scoring goals for them including sal vivaging a point t week he played in england and he did such great things winning the "power lunch" and champions league with them ronaldo -- without ronaldo juventus have been winning serie a titles they won seven in a row, but

they lag behind their rivals tonight in terms of money they make off the pitch manchester united, 730 plus annual revenue sponsorship manchester united signing commercial deals all over the world. true religion deals the latest to sign up paul pogba modeling double denim on seesocial media. match day revenue, despite juventus hiking prices, manchester united dwarfing them in terms of money they make off the pitch on a match day look at this, interesting to see what they pay their highest e n earners. ronaldo, a huge $33 million. alexis sanchez has not performed for manchester united, but he gets paid a huge amount as well. that shows the faith that juventus are willing to put in ronaldo and the fact they're trying to improve their own

brand by having him on board he was the center of attention for all those reasons and more including those sexual assault allegations which he responded to in the news conference just yesterday. >> i'm a happy man the statement two weeks ago, if i'm not wrong. i'm glad, of course i'm not going to lie on this situation i'm very happy my lawyers, they are confident of course i am, too. the most important thing is i enjoy football i enjoy my life. the rest i have people who take care of my life and of course the truth always comes in the first position i'm good >> cristiano ronaldo denying yet again the allegations put towards him. however interesting to point out that just in the first 24 hours of cristiano ronaldo shirts

being available to juventus fans when he did sign for them, over half a million were sold the brand pulling power of cristiano ronaldo evident. and juventus chasing that champions league manchester united looking to stop them with a win at old trafford tonight >> all eyes on mourinho as well. i believe his job is in jeopardy at some point. adam, thank you for bringing us the latest. later today we'll be talking to valdis dombrovskis, the european commissioner vice president. that's a first-on interview at 3:00 p.m. cet. that is it for today's show. "worldwide exchange" is coming up next. and challenge the contents of your stomach. if that sounds dramatic...

it is.

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it is 5:00 a.m a global selloff topping your five at 5:00 stock futures are down big china, japan, europe tumbling. president trump pitching a new 10% tax cut for the middle class. details on that. the countdown is now on. just two weeks until the midterm elections. which each possible outcome means for your money. treasury secretary mnuchin meeting saudi's crown prince and more high profile business leaders pull out of that business conference in riyadh. today is the day the jaw dropping 1.6