this is the final session of the week, it could be the most exciting it's the last chance you'll get for positioning ahead of european stress tests, ahead of the payroll, the trade data, the factory orders out of the united states as well there is abid to the market after a drubbing in october. pretty volatile october.

the market in the united states has had three very strong days in a row they've been big triple digit gains for the dow on every one of those days. a 3.1% rally in the s&p during that period. that's interesting it's come despite the fact that there has not been a usual bull walk for the market, and that's big tech, big f.a.n.g. as well whether apple creates a bit of concern or a bit of doubt for investors who are racing to put positions back on the table, on the risk front remains to be seen apple numbers themselves, blockbuster figures. let's look at individual sectors and see what we have got on those. healthcare is the worst performer but up 0.4%. you have telecoms, utilities,

food and drink what a bias of defensive stocks. so the sectors that did the best including utilities on the down tick in october are seeing a rotation out again oil and gas had a rally despite the fact that brent and wti are falling aggressively you have brent down 6% handle before today for the week so far. despite lovely numbers out of a whole host of players. we spoke to the cfo of bp, the royal dutch shell numbers yesterday, they all have been solid or very, very good in the third quarter. but the oil price is coming off. is it the eia data, is it waivers on iran we're thinking about, the fact that saudis are upping production or speculator positioning that is creating the down tick in oil you know the answer. it's a bit of everything

basic resources, higher beater stocks let's look at the european bourses. london, the ftse 100 it's so easy to trade london you see the dollar raiding one way, you trade the ftse the other. not necessarily. some are saying if we get a brexit deal, the pound goes up, but so does the ftse it's not that easy xetra dax 1.5% higher. a lot of focus on italian banks today as well. why? because the european banking authority will release the results of its latest stress tests later today. 48 banks are being analyzed. let's look at those banks briefly. we are up 1.5%, 1.6% italian lenders especially, this is where we expect to see the close scrutiny this follows the recent rise in the spread between italian and

jer german ten-year bond yields. they're all moving up. banco bpm up 3.1%. significant holdings of sovereign debt are the key doom loop issue according to data from citi domestic institutions own 20% of italy's total debt load. the ecb stress tests have found that italysome of italy's banks fragile. let's look at deutsche bank. an amazing battle going on on valuation on this stock. there's a new player into the fray on this one shares are down 18% over the last three months, 1.3% higher in session jamie dimon denied being interested in acquiring deutsche bank speaking to the handelsblatt,

dimon called for consolidation between european lenders and expressed support for a common deposit scheme his remarks came following that hudson executive capital accumulated a 3.1% stake in deutsche bank. all right. change at the top at barclays. barclays has appointed the rothschild veteran banker, nigel higgins, as its new chairman he will be joining the board next march and will take over in may. he will succeed john mcfarland who will retire after serving four terms as chairman >> let's switch focus and spend time talking about how the markets will behave around the upcoming politics in the u.s elliott joins us this morning. good morning let's get this off our chest we're coming into the midterms,

everybody in the markets knows, and they are asking which way the house will go here if it's republican that's perceived as positive for the markets, democratic perhaps not so explain what you see and how you think the markets will react >> i disagree with that assessment i think a democratic take of the house will be positive i think you'll see a relief rally regardless october this year was the worst october equity performance this year in 40 years for u.s. equities for a midterm year. what do we see you always see a nice pick up towards the end of the year for a midterm year i think this year we'll have a double pick up, because of the relief rally after the nastiness in the elections, the political violence, a lot of that will fade after the outcome why do i think a democratic

victory in the house is positive it reinforces the good news we heard on the u.s./china track. it relieves some of the pressure on the president to find antagonism abroad when he can find it domestically so i don't think a republican re-election of the house is such good news. i do think that leaves the president isolated in terms of in search of a counterpart to his -- the force, the political force that he is what about the underlying drivers and pick up in volatility we've seen. as you look around people are worried about money repricing, what the fed will do some data points have shown a weakening trend. the manufacturing number for october was weaker inventories have been rising these fundamentals will remain weak running into the fourth quarter. so why get excited about the political outcome? >> well, i think some of the --

let's think about why was the draw down in october to begin with we're seeing some late cycle stuff here q3 numbers in the u.s. showed what were the drivers of growth were consumption, inventories were down. business investment was down capex was down net exportses were were a drag n growth what was holding it up is consumption. that is not the stuff of what a longer term positive outlook looks like would have thought after that big tax package investment would be up. capex would be up. >> why would you think that? that's deliciously naive to think that, isn't it >> not at all. these companies have been throwing off cash like nobody's business for years the fiscal bonus gave them more cash to throw off. why would anyone think at this stage of the cycle, everyone has been saying for a year-year late

cycle, we're on borrowed time, why would they start spending money on capex now >> part of the tax package was not only about cash. it was also about how you record depreciation how you record your expensing. the fact that you could instantly expense a full capex is new would have thought more companies would take advantage of that. they didn't or they haven't yet. of course would have expected buybacks to rise you had an additional tax structural change that came in you would have thought companies would respond. even mid size companies. it doesn't seem to be driving small or mid size companies to reacted to that. sentiment is up. we keep hearing about sentiment. we'll do it we'tchlit we're going to invest. we're going to spend we don't see the reflecting that. >> will we >> as you say, we'll have a

sentiment that maybe transmits into spending decisions. okay, we have clouds of electoral uncertainty that are out of the way now maybe we'll spend a bit. i think q4 will look better. 2019, i'm not so sure. >> why a resolution of the china/u.s. trade spat at this point? even the democrats acknowledge that the section 301 report was accurate on most findings. and we have to see resolution of the legal rocess, the ip theft which is dominating the headlines at the moment with companies being indicted about stealing and so forth. it seems there are many issues here that make it quite difficult for a genuine comprehensive agreement with china at this stage. surely that will suppress investor sentiment >> i'm surprised you said that we're not anywhere near a

resolution we had one tweet that basically suggested -- >> look at what the markets did on the basis of trump tweeting out that we had a better phone call >> they had a nice phone call. they set up a date they'll have dinner. so the next few weeks should be positive the markets are right. at least for the next few weeks there should be good news or not negative news. will it come to resolution by the end of november? partially the midterms will be a driver that will affect trump's percepti perception, but also think where are we willem marx can w, what t >> we only have two more ace cards that trump can play in terms of escalating tariffs, then you reach the end of the road this a great time to take stock, consider a cease-fire, suspend certain measures so you have some cards to play next year when things get bad again.

from the chinese side, the same. the damage is being done they are deleveraging their financial sector, taking risk out, providing stimulus, the last thing they need is further escalation so offer something on the table that's enough to, you know, calm markets, get a cease-fire going. the question is what is that >> let's say the president is extraordinarily successful and gets to somewhere near -- this is a big extrapolation let's say he's successful. he gets a trade deal which takes the chinese trade deficit out of the u.s. economy ie, there's a big fat zero, whatever it may be what does that do to the u.s. economy? what does it do to u.s. treasuries >> i cannot see that premise of the question being real. >> this is a stated aim of the president of the united states how can you say it's not a premise that's real. >> the majority of the u.s. trade deficit is simply the

trade deficit with china getting that to zero is unreal istic >> let's say he makes some partial success towards that what does that do to the u.s. economy, the costs of the u.s. economy, and what does it do to the holdings of u.s. treasuries? >> the trade deficit with china is macro economically not the important thing. if you get a shrinkage in the overall trade deficit, that could be significant that would mean a smaller current account deficit, less demand for dollars, a bit -- i guess supportive of treasuries, which means that rates in the u.s. are probably likely to go up a little bit faster than one would expect again, the premise of the question is wide-reaching. for me, trade deficits are a function of macro economics. you have fiscal deficits, the way you have the trump deficits

going on in the u.s., you'll have large trade deficits as a result we warned about this we said it doesn't matter what you do, tariffs or no tariffs, if you're having a fiscal deficit approaching 5% of gdp, your trade deficit will grow that remains unchanged i don't see fiscal correctioning in the u.s. in the near-term my high school economics teacher got it so wrong. he said if you can get someone to sell you goods on credit for as long as you want, you're winning. >> why is that wrong >> the president says we should sell goods, not buy goods, not have that big debt >> the complexity comes back to that argument about what role the dollar has as the global source of trade settlement, as the reserve currency of the world. my argument or my question would be if actually we go anywhere close to what the president wants, what happens to the rest of the world the rest of the world suddenly

finds it difficult to find the dollars it needs to settle trade. unless we get parallel reserve currencies, that ain't going to happen any time soon >> this waiver story about iran, you know, about the buyers of u. u.s. -- or iranian oils will get waivers. it happened at the same time that the indians floated a story that they would pay in rupees for iranian oil from november. not uncoincidental, and not irrelevant from what you're saying if people use other forms of payment other than dollar -- which has been a red herring for most of my career -- that would be a game changer. >> and it is a red herring still. the indians have a track record of managing currency and it not always being freely convertible. >> india may revert -- this is a

slight segue india may revert to paying iran in rupees for the oil it buys from its third largest supplier as u.s. sanctions will bite from november 4th, a top official said on thursday very interesting why is it relevant the two biggest oscillation issue for the two biggest oscillation issue for for iag is fuel costs jet fuel, and personnel costs. iag shares which have been pretty awful to be honest so far this year, the last three months down 9%, they're higher today on confidence and the profit outlook. the group, which owns british airways, welling and iberia, has said they are maintaining financial goals for 2019 to 2023 despite rising oil prices. i did a tiny bit of work on this one. the sector average turns 12

times forward. let's take a break we'll be back in a moment. elliott, i think you're staying with us. it's crunch time for apple find out why record earnings are not enough to keep investors happy. >> plus from mountain view to london why google staff across the world walked off the job place, the xfinity xfi gateway.

and it's strengthened by xfi pods, which plug in to extend the wifi even farther, past anything that stands in its way. ...well almost anything. leave no room behind with xfi pods. simple. easy. awesome. click or visit a retail store today.

chinese central bank flashes apple shares, or the supplier shares apple -- that's not -- well, yeah, a strong performance for those potential apple suppliers and the semiconductor chain. apple fell as much as 7% in extended trade taking the stock briefly below its trillion

dollar market cap. disappointing guidance and a change in recording ovreporting overshadowed the results did i not say people are concerned about the implications for iphone sales because they want to take away a bedrock for the analysts, how many phones and ipads have been sold >> it's worrying on the surface, but the key thing for apple is they sell high-priced premium products those have a limited market share. because apple has been so successful in selling those devices, they're at the point where there's little of againic growth left for them so them not reporting unit sales from now on is not particularly surprising to me because there's not a lot of good news that apple would ever be able to tell

for iphone sales >> are the analysts being spoiled like me when you take sugar away and things, i have a tantrum. they used this as a bed rook for their analysis to be fair, all the analysts have been buyers of this stock any way. regardless whether unit sales were available to them or not. >> it's one thing that apple wants to share data that makes itself look good when those numbers are not going up, when it's not obliged to, it may not want to share it the other factor is this, i feel, gives apple more room to have a more diverse product portfolio. when it's not feeling the pressure to publish numbers t can invest in more risky devices or have devices that don't need to be the next big thing if you look at how successful the watch is, or the smart speaker, they're not shipping 10 million, 50 million plus devices

like those every quarter, but they still have a purpose and place within the apple portfolio. >> let's talk about that idea of transitioning to a services business a lot of commentary says there's focus on apple pay, the app store, it's also the idea that you can't get away from the products at all. how much is it trying to make itself a crucial company on services, not just in individual segments >> that's precisely a big factor in this. apple really wants analysts and the investor community to focus on that services story services nearly hit $10 billion in the quarter, which is the highest that apple has ever had from that. it's so important for apple to retain that customerloyalty that it builds that services element to it. it helps smooth out revenue forecasting. it helps, you know, transition and bring in more devices. if you have apple music, getting

the apple speaker sort of makes sense on top of it it's one of these where everything helps support each other within that ecosystem for apple. so that's why you will see a lot of apple talking more about services over the next 12, 24 months >> so the chinese central bank put out flashes, they issued their stability report, and it doesn't make you want to rush in and buy the shanghai exchange. stability of the system will improve but financial risks may surface in 2019. preemptiveness and flexibility of financial policies will further improve next year. we are resolving potential risks for china, but it's still an arduous task structural contradictions in the economic operations are obvious. trade frictions initiated by the

u.s. are bringing negative impact to china, the global economy and financial markets. china was seen as the great hope, i think, for tim cook as potential strong markets for these more expensive iphones when you look at year-on-year sales, 16% as opposed to the 19% for the previous quarter, might china also be part of the reason why they'll start concealing unit sales numbers >> realistically, i don't think so china has been a very important growth market for apple for quite awhile but similar to china's smartphone market, it's very mature for the relative economic growth of that country compared to how smartphones are still growing in india, other parts of southeast asia the chinese smartphone market has matured quickly. so the amount of growth that apple could get out of china is probably less than you would

think at the moment. >> give us the benefit of your political antenna. where is the next crisis coming from or the next recession is it china? is it the eurozone is it some of the slowing trends in the states? >> where do recessions start what's the main culprit, usually tight monetary policy. if you look at the last recessions of the last 100 years, that's the number one driver i think that's the prime candidate. the only other candidate is a shock scenario, something happens in the news that we don't expect that triggers a shock via commodities or other disruption. none of the other usual candidates, oil prices are okay, financial sector is okay, bank balance sheets are okay, none of that usual excess leverage that we usually see, none of that is on the horizon so who will kill the cycle most likely the fed or a shock scenario that we don't know about as of today. >> on that happy news we'll wrap

it up. thank you very much. daniel gleason and elliott hentov, thank you. elizabeth, we'll see you later. president trump zones in on immigration as midterms loom we'll have more on the fierce campaigning before next week's vote when we come back stay with us

european stocks in the green after president trump said he had a long and good conversation with chinese president xi jinping. >> auto giants across europe rally on a report that president trump has asked his cabinet to draft a possible trade deal. italian banks are trading higher ahead of thestress test results later today. and it's expected that their exposure to sovereign debt could leave some vulnerable to shocks during the health checks $70 billion wiped off

apple's market cap, briefly taking the stock below the $1 trillion price tag after the tech titan stunned investors by scrapping its unit sales data and issuing disappointing december guidance. so the opening calls and the futures traders got it right the market is bullish at the moment, at the tail end of the week november has been a very, very good month so far for traders after the drubbing that long risk players got on equity markets in the month of october. we've already had three very solid days of gains, albeit from the tail end of october and the start of november from the u.s the question is can that momentum be maintained on a lot of fronts there is a positive feel, isn't there the trade conversations between xi jinping and trump look more

positive, whether they are or not as mr. kudlow said, the economic advisor, that remains to be seen earnings, are they that good there's been some good numbers out there. dupont was a good figure yet apple after the close last night in the united states, concerns about the outlook and concerns about iphone shipments going forward. it's the high beater sectors leading, including basic resources, banks and technology moving to the upside the only sectors under pressure, you can see it there, all three of those, utilities, food and beverages and telecoms are defensive. kering is up 6.4%. the luxury goods group having a good performance we've got today not only payroll data, but stress test data later on

erste group down 2.11% i know bt is down 1.5% >> president trump says his administration will require immigrants seeking asylum in the u.s. to enter the country through a legal port of entry. this comes as trump hits the campaign trail five days before midterm elections with immigration a key topic in the run up to the vote peter alexander has more. >> reporter: this is peter alexander in missouri. president trump upping the ante, trying to drive home immigration as the defining issue of the midte midterms the president announcing his plans to sign an executive order next week denying asylum to migrants who try to enter the u.s. illegally between ports of entry. >> under this plan, the illegal aliens will no longer get a free pass into the country by lodging meritless claims in seeking asylum. >> reporter: that would violate u.s. and international law that allows anyone to claim asylum once they've entered the country, no matter how they got

in the president also delivering this jarring warning. >> anybody throwing stones, rocks, we'll consider that a firearm. >> reporter: it comes as the president is facing sharp condemnation for fear mongering and racism by promoting this web video trying to terrify republicans to vote. the video produced for the trump campaign features a twice deported mexican immigrant sentenced to death last spring for killing two california deputies. >> i killed two and i'll kill more. >> reporter: its divisive message blaming democrats without evidence and trying to tar undocumented immigrants as violent invaders drawing comparisons to the willy horton act republican jeff flake calling the ad sickening tweeting republicans everywhere should denounce it. president trump in a new interview with the christian broadcasting network defending himself against accusations he's a racist.

>> the word racist is used wit every republican that's winning. any time a republican is leading, they take out the r-word, racist word. and i'm not anti-immigrant at all. i'm all for people coming into the country legally. jeremy shapiro is from the european council on foreign relations. look, you raised it in the first couple of words of your copy, what is it at stake? what is at stake in the midterms for all of us? >> a lot is at stake people tend to focus on what it means for president trump's elections prospects in 2020. i think that's not the most important thing at stake what's more important is whether the president has any sort of legislative agenda in the next two years of his term. if the democrats take the house, there will be no domestic legislative agenda for the president, they will sometitymym

and bog him down >> who is to blame for this? can i point the finger at mr. obama as well? after the healthcare debate and after he got through so many issues on healthcare early in his first term, that it seemed poisonous thereafter am i wrong to say it's been the last six or seven years rather than the last two years? >> you're not wrong to say that. it's been quite a bit longer than six, seven years, but you're wrong to blame president obama. when obama -- >> didn't it become more polarized after healthcare >> no things were becoming polarized for quite some time before that. there's been a lot of work on this i think everybody has their person to blame. there's a lot of tit-for-tat and sins on all sides. when obama entered office, the republicans were clear mitch mcconnell said it, we will stymy this president's agenda.

we don't care what the agenda is, we'll make sure he's a failure as a president that turned over and the democrats are retaliating essentially and will retaliate if they gain control of the house. >> all of these issues that somehow the president has teflon-like managed to push to the margins, like the porn star payoffs, the russia investigations, these will all come back to the center, do you think, if that's the way that it goes >> that's right. one of the reasons that the president has been able to push these things off the agenda is because the democrats lacking any actual control in institution within washington don't have a very good platform for them if they whip tin the house, the have the power of subpoena and investigation and that will enable them to set the agenda of the news that means when they start these investigations, they'll be able to run the news cycle a bit

more they'll be able to focus attention on things that they believe have not gotten enough attention. it's not just russia, it's things like the emolument scandal, his payoffs to porn stars. these have bubbled up slightly in the press and disappeared >> there's a lot of journalists, full-time people looking at the financial affairs of the president. you say the president's financial scandals, no one has turned up anything illegal yet, have they? >> that's right. i'm not predicting they will, but i'm predicting because the democrats will have a platform to keep these scandals going, whether they find anything or not, that they will be in the news think about the bengahzi scandal in the obama administration. the republicans in the congress, because they had that platform, were able to keep that scandal going for years. when we look back on it, there

was nothing there. that can happen with trump, or there can be something there and it can be more exciting. >> the democrats seem to be struggling to get across what they stand for at the moment i don't know if that's because they're still trying to work out what actually went wrong with the presidential election. at this point, beyond opposing trump, the campaigning doesn't seem to have any strong policies to encourage people to vote for their candidates >> yeah. i think that's true. i think it's also sort of endemic in the way that opposition parties work in the united states. they can't have a leader they can't really have an agenda that they agree on but i think in the past several presidencies they've been successful at motivating voters with hatred of the incumbent that was a republican strategy, under obama and clinton. it was a democratic strategy in

bush and trump in the trump presidency particularly but he's a divisive figure and not a very popular figure, that's a successful strategy i'm not clear they need an agenda they'll have to graph one when they find a candidate in 2020 to be their standardbear bearer an that candidate will have to bring in a positive agenda. >> will the result have any impact on who gets elected president next time around >> we've seen in the past that presidents often run against opposition congresses, that's an effective political technique. >> good to see you this morning. thanks for helping us out. young voters are expected to go to the polls in record numbers in next week's midterm elections. for more on what this could mean

for president trump and the republican party, go to our website, cnbc.com. the european union is reportedly ready to compromise with britain on the irish border backstop according to "the financial times," european officials are looking into an idea that avoids a customs border along the irish sea. under the plans northern ireland would remain in the customs union and the uk would be in a bare bones customs arrangement the agreement would hold until a permanent trade deal between the eu and britain is signed the bank of england voted to keep rates unchanged mark carney said the rates co sl go either way during brexit. >> as we get closer to the deadlines, negotiating dead lines, it concentrates the mind. it concentrates the minds of a

number of businesses that given that there's still uncertainty they're taking decisions it's a decision not to invest is the decision as well as the decision to invest they're taking decisions to keep things to the side not all businesses, but a number of businesses are holding off for the moment until there's greater clarity. you know this program always tries to hit the right note on just about every topic i know steve is a big fan of musical theater. so fortunately we have a special treat for him this friday. tanya caught up with sarah brightman for the latest episode of the cnbc conversation she began by opening up about what inspired her new album. >> with all of my albums there's a theme behind them. generally i like to work with songs that are full of hope, light, remind me of, you know, times in my childhood.

♪ i feel that world has a dystopian feel people feel unsettled about their lives, what will happen in the future and the world around them as well so i felt these songs would make me feel better and all of my fans who are interested in my music. >> you're going on a tour as well 125 shows, five continents how do you prepare for something like that, both physically and mentally >> a lot of time is spent building up for these tours. when i get there, it's like i'm just moving from one thing to another. it's not a big drama i've done so much preparation for them, for myself >> you get involved in the collaboration side in terms of the business side of the tours

i know you're partnering with svorski as well. >> i've been using their crystals and jewels for years. so it seemed a natural partnership. but on the business side of things, i never think i'm not calculated in what i do in that way. it has to be something that's real and natural and feels that it's part of what i'm doing. >> taking you back, you reached global stardom with "phantom of the opera. ♪ ♪ inside my mind >> andrew lloyd webber, who you are married to you have kept a good friendship with >> yes, he's a very unusual and creative man

and when i think back to our years when we were personally involved and married, it came together creatively in a beautiful way. it was great i would be singing in one room, he would be composing in another. he would call me and say look, i have come to this bit, what should we do he would get me to sing a scale or whatever it was so it was creative i hear my patterns within the music and it's great i feel privilege to be a muse or a part of that procedure >> sarah brightman, good luck with the world tour. thank you very much for joining me >> thank you very much >> that was just a brief snippet of the conversation with sarah brightman. you can catch that over the next few weeks at various times on cnbc programming hope you will scribble that one in your diary. italy october manufacturing pmi falls to 49.2.

the lowest level since december 2014 the forecast was 49.6. manufacturing pmi orders sub index to 46.2 from 49.7. so this is real contraction territory. we talked about the numbers, being above 50 is still, p expansion. euro/dollar down a tad so contraction signaled by the latest pmi data out of italy we'll take a short break we'll be back after that interesting news going on in the way that the geopolitical stories are colliding with the wwe. we'll get adam's take on this.

i had an e-mail conversation last night with christian malik

from jpmorgan. he is doing a lot of work on what opec is and isn't doing his thought is because of opec the price is coming down now whereas because of opec the price went up this year as well. the fact being there's more production going on in the market and doubts about iranian waivers. the sanctions are due to start the 4th of november. it looks like according to some reports, it looks like waivers which people thought all along would have to happen in order to keep the extra supply on the world markets, they will happen for key buyers including the likes of japan, south korea and india. >> is it a demand or is it a supply story let's throw the french

manufacturing number in here french manufacturing losing momentum in october. output contracts is the headline on the data. final purchasing manufacturers index for france fell to 51.2 in october from 52.5 in september for the first time since july 2016 the pmi'ssubcomponent dropped into negative territory hitting 48.9 those that responded to the ihs requests for information said on many occasions it was subdued automotive sector activity explaining october's weakness. we spend so much time focusing on opec and on the supply d dynam dynamic, should we be spending more time listening to the folks

at the iea who spend their time -- >> you know the answer, we look at both, of course we also look at other people apart from mr. trump mr. trump was the loudest person saying these prices are too high, get them down, opec. we're defending you, but you're screwing us over, so to speak. he actually found a lot of sympathy from other buyers i spoke to the indians -- the indian oil minister in june in vienna you have to look at the numbers. it was killing the indians, that $80 price tag. their budget deficits were blowing out. that's why i disagreed slightly with elliott who was here earlier saying we were not seeing signs of stress from the oil market i think we were seeing it and it wasn't just the president talking about this you're right a lot of customers are turning around saying sort this out. the other thing it's not about daily supply

we consume roughlyb 99 million barrels a day. >> and what is the line for iran will it come off the market? >> never was not in the scale buyers have been delaying purchases, looking for alternative supplies, they have not always found them. yes, oil was coming off the table, no, they would never lose all their export capacity for the globe. wwe chief brand officer stephanie mcmahon has spoken out about the company's controversial decision to push ahead with its crown jewel event which takes place in saudi arabia later today calling it simply a business decision some will say it's purely about greed. adam is back with us

unpack this one for us why are they carrying on with this event >> because they're tied into a ten-year contract is the short-term answer, geoff wwe values its commitment to saudi arabia so much that they said they were monitoring the situation, now stephanie mcmahon, the day before the event, said that it was a business decision and said like so many american companies they are going to move forward and deliver a crown jewel for all the fans of saudi arabia and around the world it's not been without its controversy because of the investigation going into the murder of the journalist, jamal khashoggi. big name artists like john cena and daniel bryan privatelya hav expressed their problems with this decision. they have been replaced on the

bill we know that the undertaker and shawn michaels are going to be competing. they don't regularly fight in wwe anymore. hulk hogan is being brought back to the wwe to host the event after three years out. the wwe are really pushing in. tickets are sold out for this even event, 60,000 are sold out it's a huge multimillion dollar business their q3 revenue came out earlier this week. 188 million. that was versus the consensus expectations of over 200 million. this is in stark jux taposition with what is going on elsewhere in the wwe they held an all-female pay-per-view event last weekend. a landmark occasion, never done before in professional wrestling on this scale.

now they're not going to be -- these female wrestles won't be allowed in the country so a very interesting period for the wwe to try to work out how to move forward. >> isn't it a huge -- it's controversial when you say you can have wwe but you can't buy saudi oil. i don't know >> let's wrap it up. thank you for tuning into the program this morning it's a pleasure having your company. "worldwide exchange" coming up after this we'll be back monday morning. bye-bye. place, the xfinity xfi gateway.

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here is your five at 5:00. apple is the stock to watch. shares down big following the latest earnings report. all three major averages are on a three-day winning streak. will it go to four oil sinking to a seven-month low as the oil market braces for new iran sanctions. starbucks shares soaring after knocking it out of the park the last quarter. and the big number you need to watch as we count down to today's payroll report it's friday november 2, 2018 "worldwide exchange" begins right