welcome to "street signs." i'm willem marx in london. >> i'm geoff cutmore in hong kong here are your headlines. european equities are under pressure as president trump and president xi prepare to hash out trade differences at the g20 summit amid word that peter navarro will also attend that meeting. president trump suddenly cancels his meeting with russian leader vladimir putin blaming the decision on moscow's naval attack on ukrainian vessels.

and shares in altice surge after selling part of its fiberoptic unit. and deutsche bank shares extend their losses after german authorities search the lender's offices in a wide ranging money lawnering pro er erin er erin em with the raid set to continue today. it's been a slightly negative start to the day for european negatives the stoxx 600 is trading almost half a percent lower at this stage of the morning if we look at the individual markets behind the numbers, you can see here in london the ftse 100 down 0.58 in london. the dax and the cac off by about a half and the minute off by a third. as we look at the individual sectors, you can see where some of that downwards momentum is

coming from. autos down 1.38% healthcare is a rare bright spot along with oil and gas majors trading about 0.16% higher. raids on several deutsche bank office locations in frankfurt continued into a second day as part of an investigation into money lawneringlawn e laundering annette is live from frankfurt what is the latest on this the raids are continuing today. the latest is that most likely also management will have talks with the investigators during the course of today. yesterday we had the official confirmation now from the prosecutor, management offices were raided as well or were searched as well

today investigators will also talk with current management if you look at when the alleged transactions happened, that's clearly under the rein of the current ceo as well. so the investigators are saying they started their investigation in august this year. the time frame they're looking at is 2013 to 2018 the unit which those trades or transactions were enacted was the private wealth management unit that was where the ceo was in a responsible position, heading up that unit. so you see everybody is clearly very nervous inside deutsche bank what that new scandal might also mean for the current management. clearly if there is evidence that he or the current head of

compliance only had a slight knowledge of those transactions, that would bode badly for the bank having said that, next week there will be a supervisory meeting on december 4th. that's a day to watch out for potential news coming out of deutsche bank. for now the lender is waiting until the investigations are over they hope that this is today then, of course, the prosecutor and the tax authorities will look into what they found and then the whole scandal or the investigation will unfold. so for now, that is it back to you. >> annette, thank you very much. the g20 summit could mark a key inflection point for u.s./china trade relations she weekend as presidents trump and

xi prepare to meet for dinner in argentina tomorrow the trade war between the two countries has seen both sides impose tariffs on 3$300 billion worth of goods president trump did not provide clarity over the direction he would take in those conversations as he prepared to travel to buenos aires >> i think we're very close to doing something with china, i don't know that i want to do it. right now we have billions and billions of dollars coming into the united states in the form of tariffs or taxes i don't know i will tell you that i think china wants to make a deal i'm open to making a deal. but frankly i like the deal we have right now >> u.s. markets took a step back yesterday afternoon after cnbc confirmed that trump's top trade advis adviser, peter navarro will attend the crucial dinner with trump and xi he's a noted hawk on china, he is frequently in conflict with white house chief economic

adviser, larry kudlow. geoff cutmore is in hong kong tod today. why does navarro's involvement in the meeting matter? >> clearly he's a problem as far as the chinese are concerned they know peter navarro very well they've watched his academic work over recent years clearly he's taken a very strong line against the chinese government and its trade policies his inclusion at this late hour has not been particularly well received as i understand it in beijing. coming into this meeting, you know, we have seen ebbs and flows in positivity. the markets, i think, starting to come around to the idea that actually we might begin to see progress towards a final settlement of this row.

then the inclusion of peter navarro at this dinner suggest things might get bogged down in detail over ip and issues of market access and so on and so forth. all those areas laid out in that section 301 investigation. so i think probably investors are starting to sell off some of these risk assets coming into the weekend because positioning-wise, i don't know how many people feel comfortable to be long and exposed given that there's been a shift in the attendance and mr. navarro is now included the chinese, of course, in state media saying they wanted fair-minded approach from the united states going into the weekend g20 session. but i think a couple of things to flag up here. one, the inclusion of peter navarro, and the other, the fact that they seem to be bogged down

in trying to come up with a communique that everyone with agree on >> at the g7 in canada, there were challenges between the various participants to come up with a unified message that seems to have become a difficult task at these summits given the positions of the two world's largest economies. >> no, absolutely agree with you. it wasn't that -- it wasn't just that summit that was difficult back in 2017 there were a series of g20s and g7s where you felt that the cracks were starting to open and become fractures. at that quebec meeting, donald trump turning around and saying i don't agree with what seems to have been agreed to here larry kudlow saying he had to go in and redraw the whole communique before going home and having a heart attack, which fortunately he seems to have recovered from so i don't think these countries

are finding it very easy at this moment to come up with a united message. even at the imf meeting that i was at in bali, where there is a g20 attendance they struggled there in the end all we got was some old boiler plate about we don't think there should be competitive currency devaluations we can all agree on the benefits of trade at least. so i'm not sure that in itself gives us too much optimism about some of these issues that divide being resolved over the weekend. geof >> you mentioned the benefits of trade. are these tariffs really starting to bite for the economy there? >> i think it's the uncertainty that is really starting to have some impact. the tariffs at this point are having a modest effect in real

terms. but that effect is being magnified by the uncertainty of ceos who are reluctant to increase business enterprise spending at this time when they don't know what the economy is going to look like in 2019 and i think just the overnight data, willem, gives us an indication of why we've seen such a big selloff in chinese equities over the course of this year we're barely above the line in terms of the manufacturing pmi data is concerned. barely positive. when you look at the nonmanufacturing side of the chinese economy, you can also see that i think consumer spending is starting to ease a little that was also the message i discovered up in southern china as we have just done a big tech conference here, east tech west, and talking to a lot of executives in the technology space who are normally very

ebullient about things even the tech guys are starting to be concern and they are starting to evidence of the w s white collar worker pulling in their horns because they're worried about how this story goes down. >> we have with us jeffrey yu from ubs wealth management let me just give you the impossible task of trying to explain what trump is saying that can be challenging. he said just before he took off to buenos aires there, he is happy with the deal he's got right now. so he's had years of railing against "unfair trade practices from china." what is he talking about the current deal >> i think his view, going back to his quote about how a few months ago, how much up the u.s. stock market s how much down the chinese stock markets were at

that time were >> so happy with the status skoquo? >> yes because that hasn't been factored in aggressively yet, we have seen headline impact, because that has not had marked impact on the economy, that's why he's saying he's happy with the status quo >> for investors looking through a break through here, what would that constitute? would it be a unilateral ending of this tariff program >> if it's unilateral, it doesn't sound like a deal. it's more along the lines of having a framework for talks, agree on the needs for a deal. that was the interpretation of the chinese foreign minister this week. they agreed to reach a deal. actually it was they agreed on the need to reach a deal as long as there's a status quo, no escalation or ratcheting up as current tariffs that can be

construe ed as a win >> give us a smart idea or two about how to position running into the end of the year here given what you feel may happen at this weekend meeting. has the dollar peaked at this point? is it worth scratching around to sell dollar, buy something else against it do you pick up chinese equities? how do you play this market? >> without -- or this conversation would be different without jerome powell's comments this week. this upended market positioning. you could even argue the market narratives whether intentionally or not you could say the federal reserve now has put a down payment on being not exactly risk on but at least not risk off heading into the g20. at this point the dollar clearly has suffered we don't think the dollar has peaked yet, but markets are more ready if the fed is going down this path to position for upside

and risk and maybe help emerging markets at the same time >> i read all the financial newspapers as you did in the wake of the comments from jay powell here. everybody latched on to this idea of the fed pause. i'm not sure i buy it based on what i heard him say in that speech and his previous position about the fed just being very data sensitive >> as we know, central bankers always tell you they never pre-commit to anything so the dot plots, whatever information value you assign to them, they're for guidance only. they can surprise to the upside or the down side the market reaction, was that a function of how markets were positioned such that marginally dovish news or if you want to interpret it that way would trigger a tremendous reaction, and if it's just business as usual and they continue down the current path, markets would have held on to the status quo.

regardless, it feels like markets are more comfortable towards risk heading into the weekend thanks to the fed's intervention >> if we end up with no real break through or change to the status quo after this weekend, and we have this new u.s. tariff regime kick in january 1st i want to ask you to look into your crystal ball and sort of tell me what could the chinese do at that point for retaliation? we heard from officials in beijing they ruled out the option of getting involved in the u.s. treasury market making changes to positioning there. what could happen? >> i think china's view is play the long game. if they can get peace on the tariffs, not an essential component of the long-term relations. there's a lot of talk about this report this week, the chinese influence in american interests,

constructive vigilance, and vigilance being the key word. if the china relies more on domestic demand to push growth, that might be the right approach if growth seriously goes to the downside, will they do a stimulus but that must be on the domestic side >> so the chinese take this long-term view that you're positing there what does it mean for the short-term view? >> short-term probably unchanged. i don't think investors are really positioned for a miraculous resolution on the trade side even if it's a called peace between china and the u.s. i think others will start to point out issues with the auto tariffs. so there will always be issues in surrounding trade i don't think there will be many triggers for aggressive risk on for that but let's step back,

look at the data, is the consumer being released, and if that turns around, it may not be that bad yet >> thank you don't go away yet. geoff cut moomore is in hong ko appreciate you joining us from that part of the world. jerome powell said earlier this week that rates were approaching a neutral level. but minutes released by the federal reserve suggests it will raise rates in december. they showed all the fed officials agree that further hikes are necessary despite concerns over the strong dollar's impact on growth and inflation. for more our colleagues state side will speak with the president of the minneapolis federal reserve, neel kashkari at 3:00 p.m. central european time time. if you have views on u.s./china and the relationship between

those two economic superpowers, get in touch on twitte twitter, @streetsignscnbc. coming up later, theresa may touches down in buenos aires for that g20 meeting we'll discuss the british prime minister's brexit plans after this break for your heart... your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally discovered in jellyfish, prevagen has been shown in clinical trials to improve short-term memory. prevagen. healthier brain. better life.

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welcome back to "street signs. oil prices are holding on to gains after russian energy producers indicated they're open to cuts in output. russia's energy ministry held talks with producers on tuesday to discuss saudi arabia's proposal to cut supply at next week's opec meeting in vienna. oil analysts are looking at supply being cut by over 1 million barrels a day. i'm still joined here by geoffrey yu. we talked in the break there about what this would do if we saw these price gains hold for a longer per of timiod of time.

what are the short-term effects? >> there are concerns that this could cause upside surprises you are now seeing a down side risk in inflation. you have clients who were asking about some tip holdings back in the day, whether the prospects for them have been done aggressively at the same time are the positives to come from this. a lot of emerging markets have been beaten down, under under positioned we know low oil prices help clients, but this could be another reason to dip back in again. >> you look at turkey entirely reliant on imported energy, and if they see these prices going up, this becomes maybe another reason to watch out for what's happening there. >> it really is a gentle path

from meermgi inemerging markets you look at south africa, that correlation is strong. but a lot of other commodity markets -- sorry, a lot of other emerging markets, low energy prices are a good right now. given the valuations, local currencies, or hard currency debt in emerging markets, one area we like, but another reason and for portfolio managers to look at their positioning in em right now. especially if we get an upside surprise from the g20. might get itchy fingers to press the buy button that could be a strong catalyst. >> part of the complexity here is you have nation states going into the opec meeting with a view on where they would like prices to go, and the impact of supply/demand on that. you also have the energy suppliers that in some parts of the world are affiliated with governments, in other parts are not. where does this leave energy producers in the u.s. and europe

when it comes to the price points they're looking at? from >> i think there will be 2015 we're nowhere near that. high yield widened a bit over the last few months. nowhere near the fears of energy from high yield will blow up in the same way that we saw throughout the last energy price -- last oil price declines european energy companies are more integrated, more diversified in terms of exposure probably less to lose in that respect. ultimately when you deal with nation states and national interests, it's probably best to hedge their risks, both to the upside and down side, not be overly aggressive. we have not seen a massive expansion in capex this year x which was a surprise >> geoffrey, don't go away this is geoffrey yu i've been talking to at the sone conference in london on thursday, cnbc talked

with a partner and portfoliolan and asked whether crude's recent fall was down to fundamentals or political issues >> it started with something that was fundamental i think there are two parts of the story. "a," it's clear we underestimated shale production in north america i don't think it's massive, but 30 300,000, 400,000 barrels and also demand has been on the weak side. fan, i don't think it's a game changer. i think they're wrestling they're talking about started with the iran cuts they were announced in june. what happened was that the sunni arab world really stepped up production much. and iran didn't disappear from

the market they seem to have disappeared now. that part is probably out of the question that was a start >> you think the motivation for applying the waivers was purely one of price >> i don't know if it was intentional or unintentional, but it was the consequence >> going into opec next week, it will be a big meeting is your expectation that we will see a round of supply cuts >> i have to qualify myself, if this was a normal situation, no doubt about it they don't need to cut a lot to get stabilization. we're not talking about something similar to 2014 or 2015 if they cut a million barrels, we're back on track and end up in the 70s the complicating factor is the politics and what happened to mr. khashoggi and what that means to the house of saud and there's clearly a risk of that and there's a push that the

american president seems to favor lower prices had this been normal i would have given 99% probability that we would have seen a cut right now i don't think. >> do you think it's the right time to start legging back into positions in the energy market some people say the reason we got to $50 is due to ga m&a m g position strikes and maybe the market is too bearish on the demand now >> there's no doubt about the situation, it's very extreme i would add to what you're saying, also the effect of cta' and people had losses, so the risk appetite is small there's no doubt about it that this is heavily, heavily, heavily oversold i'm just so -- if we do get the cut, we will get a dramatic cut in the other direction we could get 20%, 25% in a matter of days

however, as i said, there's big politics, i don't truly understand big politics. >> no one does >> if i have to take a side, i will take the long side here >> coming up, ing expects lower growth in 2019 as trade and g geopolitical tensions continue to simmer. rate 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. tell your doctor if you have an infection or have symptoms such as: fever, sweats, chills, muscle aches or cough. before starting tremfya® tell your doctor if you plan

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welcome to "street signs." i'm willem marx in london. these are your headlines european equities are under pressure as president trump and president xi prepare to hash out trade differences at the g20 summit after confirmation that pete navarro will also attend that meeting president trump suddenly cancels his meeting with russian leader vladimir putin blaming the decision on moscow's naval seizure of ukrainian ships and shares in altice surge after selling part of its fiberoptic unit for 1.8 billion

euros. and deutsche bank shares extend their losses after german authorities search the lender's offices in a wide ranging money laundering probe with those raids set to continue today. the british prime minister, theresa may, says she is not willing to compromise over her brexit deal. but british lawmakers have begun to discuss alternative plans in the event that the prime minister's agreement fails to get through the british parliament one possible suggestion is to reach an agreement with the one that norway currently enjoys with the european union. but as mrs. may traveled to the g20, she said such an agreement would not provide british authorities with control over immigration to the uk, something she repeatedly prioritized she said she remains focused on persuading mps to back her deal ahead of that vote on the 11th of december. liam fox says the prime

minister gained public support for her brexit proposal. he said a no-deal scenario would not be a disaster and he expected cabinet members to vote for may's deal he also said he hopes to strike a trade deal with the european union as quickly as possible we have a member of the british house of lords with us thanks for being with us does the british prime minister in your view do the uk a disservice by presenting such a binary option to lawmakers >> absolutely. this deal being pushed through, through the public, trying to convince parliamentarians that it is the only option on the table is absolute nonsense this is the worst possible deal. it's the worst of all options. it's a brexit that is one and out, it's not right to be forcing us into this choice of take my deal, which is a bad deal, or no deal

for liam fox to say no deal is going to be fine -- >> based on what we heard from treasury and the bank of england. >> they're accused of project fear we know the british public will accept no deal, and the parliament will not accept a no-deal situation because it will be disastrous >> you are one of many voices in this country calling for a second public referendum on whether this is the path to be pursued or whether the uk should remain in the european union do you think that the prime minister's argument to have such a vote would destroy public trust in politicians is a valid one? >> this is the argument. but i would say this, for a start right now the polls show 50% of people want a vote, and 55% want to remain in the

european union we don't have referendum in this country. this is the third one we had the last one were convincing 67% decisions. this was 52% to 48%. the world has changed. the facts are known of how complicated and difficult this is the government is trying to mine mi minimize damage. every analysis shows that we would be far worse off leaving the european union, whether it's the prime minister's deal or any other option why are we going ahead with this for something that's out of date 2 million youngsters now are now old enough to vote, it's their future 80% of them, it would remain in the european union >> is your argument that people in favor of brexit in particular hard brexit should be able to make their arguments to the public again and stand behind them >> absolutely. in a normal democratic cycle,

which we have, you have elections every five years in five years time if people have lied to you or deceived you or the facts have changed or you don't like them or you changed your mind, you can vote them out and vote for something else. that's normal democracy. democracy is dynamic, not holding people to ransom for something that is two and a half years out of date. >> you hear again and again from the prime minister that she essentially has decided that what people voted for in 2016 was to take back control of borders. immigration is something she talks about repeatedly she was around the home office and in charge of that process for six years before becoming prime minister do you see this as her version of brexit defined by her that she alone seems to support and that's not fair on the british public is that your view? >> i know personally that she was home secretary six years when i had dealings with her,

now two and a half years of prime minister her stance has constantly been hostile and anti-immigration look at the immigration figures released today the non-eu immigration today is nearly 250,000 the government target is 100,000. you're two and a half times of that if you have a target of bringing it down under 100,000, which the government and she have failed miserably for 8 1/2 years, it's nonsense we need the immigration because the economy needs it our public services are depending on it. 10% of the doctors are from the eu over 5 prgs of t% of the nursesm the eu look at the city of london here. how many people from the european union are highly skilled people we need that without that we will have a labor shortage >> let's leave politics for a sick second. the question for you, geoffrey,

we heard from the bank of england and the treasury department in this country about the consequences of a no-deal brexit do you think or your firm think or investors think this is too bearish of a prediction? >> i don't think they take a view on that our clients will have their own views on what will happen, and many of our clients, entrepreneurial clients, they run their own businesses, they had dealings with the eu, they have diverse views on that from an asset allocation point of view, we stress diversification. two, owning the ftse there's a strong exposure to international markets. three, over the medium term, longer term, sterling is still showing undereevaluatiova

under evaluation they don't like the uncertainty either, but at the same time their decisions on how to position for it are divergent to what they feel personally. they do try to separate those positions. if you're looking at philip hammond, responsible for british f finances, his department said this week the course we're taking are certainly going to leave us worse off you have seen cabinet resignations you hear again and again from prime minister theresa may she is staying the course. she sees this as a public service, a public duty how can a man like that stay in his job and maintain a straight face pursuing a course of action as part of a government he knows and publicly he has stated to leave the country worse off? >> absolutely. this is where cabinet responsibility and the argument about business uncertainty and they're saying if you vote this deal through, there will be

certainty for business and the economy, but there's no certainty, the transition period is two years, it could extend another two years. the irish border issue is a circle that can't be squared and the norway option is the least worst option i led an amendment which we won in the house of lords that said that should be the least worst option and from a business point of view things would carry on seamlessly that option is still on the table. i would much rather remain because that's the best option for the economy and the people >> thank you geoffrey, thank you also we will check in on how european markets are faring. 9:40 a.m., the ftse 100 down three quarters of a percent. in germany, the dax is down

0.65%. the cac down 0.59% in milan, the minute down 0.32%. altice says it will sell its stake in the sfr fiberoptic unit for 1$1.8 billion 50% of the business involves three investment funds and could be finalized in the first half of next year the altice founder said the sale will mean that sfr will over the next four years deploy its fiber network "massively." deutsche bank shares have extended their losses to hit an all-time low raids on several office locations in frankfurt continued into a second day as part of an investigation into money laundering allegedly exposed in the panama papers. ing expects lower global growth in 2019 as trade and geopolitical tensions continued to simmer. we're joined by mark cliff,

chief economist at ing we already talked in this program about trade tensions i quickly wanted to get your view on what you think may happen over the next 12 months when it comes to the relationship between the u.s. and china. broad subject, i acknowledge >> yes i think it's going to be a rocky year actually. this weekend is going to be some discussions between trump and president xi will we see some kind of cease-fire perhaps maybe. i don't think this will be the end of the story i think it's way too early to be expecting resolution of this i think we will see a ratcheting up of tensions i think trump is looking for a big win. i don't think that's imminent. i think that will keep the markets on tenterhooks the next few months >> the trade situation is a factor for the u.s. and the chinese economy. is it that much more of a factor for the chinese economy?

>> they're the ones running the surpluses, trump is keen to remind everybody of that the chinese also have some cards. and of course they have a clear strategy, a long-term strategy, made in 2025 so they're not going to be a hurry to back uf they' off. they're also big buyers of u.s. debt which will be in the minds of the u.s. administration as negotiations proceed >> we've seen wages rising in the u.s. what do you think that means for inflation? what does it mean for the ability of american consumers to go out and spend money >> wages are helping consumption. that's one reason why we have a decent momentum in the u.s. economy at the moment. that's why the fed will continue to raise rates there's been some softening in the rhetoric in the last few days but i think we will be looking at more rate rises next year, which will then temper growth as

we go into the latter half of the year >> quite an open-ended question for both of you here geoffrey, there's a lot of headlines coming out of this white house all the time very few over the last few months have been coming out of capitol hill when it comes to the ideas of new legislation looking ahead, what kinds of new legislation that would have an economic impact should investors expect out of a congress that is now split even though that has tended to be good for the u.s. economy. >> it's interesting to ask whether any legislation will come at all. the focus will be on deregulation there are areas which are the purview of the executive and administration rather than the legislature itself that's where we are with that. you can make the argument that if the status quo over the last two years helped the economy, then if that is maintained, things will not be worse that's an argument we have seen.

at the same time natural momentum, that's weakening to some extent in the u.s >> mark, do you wyou expect -- thing we heard about in the campaign was infrastructure. we have not seen anything on that yet we've heard noises from the likes of chuck schumer about that over the last couple of weeks. would than a game changer? >> it's one of the few things you can find which is a pote potential positive surprise here there is the possibility of a bipartisan agreement of some form of infrastructure stimulus. the question is how will it be financed obviously the deficit is under upward pressure because of the previous round of fiscal stimulus this is just a chance that we might get a positive surprise on that front >> we will watch for that closely. mark, thank you very much for coming in. thanks again to geoffrey yu as well coming up on the program, the gloves come on this weekend

as tyson fury and deontay wilder take to the ring more on that after the break

welcome back to "street signs. the sone idea contest aims to find the best investment pitches to feature in its conference my next guest just won that. nelson dong is the winner. why did you want to win this contest? >> i was planning to enter last year, and then final season hit, and i didn't like the idea i was working on this year i found some extra time -- >> a slightly different date line >> different times of the year new york is usually in the spring london is in the fall. i was able to enter this year

around in my senior year of college. i lost a lot of sleep over the initial submission really i just love investing i wanted to find an actionable thesis because i do this stuff all the time i thought this is one of the most major competitions out there. i thought it would be amazing to give it a shot i had no idea what might possibly come of it. but it feels surreal to see the results of that now. >> what happens? you put forward a thesis we won't go into the details because it's complicated, once you do that, are you forced to defend that to anyone snchbl >> i was preparing for a q & a on the subject -- >> but they loved it so much >> every presentation is 10, 15 minutes. they gave me a 10-minute time slot i ran slightly over. but there was no time slotted in for q & a. i was extremely relieved when i heard that because i'm used to defending the thesis quite a

bit. >> what's your game plan for the next 5, 10 years >> i'm going to be starting f l full-time come at the academy come july 17th it's a phenomenal program. it is a ten-month training program in full-time after which you get placed on a research desk under a portfolio manager in a sector you're paired with i will start out in the hedge fund space i hope to stay with it for the rest of my life. somewhere down the line i want to be my own fund manager. i have a friend of mine from nunne jersey, we talked about starting a fund for ourselves hopefully at some point it materializes we made an llc back in new jersey just to mess around a bit, but sometime in the future we want to make that an actual reality. >> geoffrey, how important is it

to develop an investment thesis? >> i have the benefit -- i went to school in america, by the way, minnesota, not penn, but i had the benefit of studying internships with ubs, fx strategies, and i find that it's important to learn on the job. this is what i tell people coming through no matter what desk you're on, an analyst, strategist, economist, it is essential to learn on the job you will find the more you learn on the job the better. you find a lot of people at ubs, they spend 40, 50 years at ubs, and they start off as apprentices. this shows the importance of on-the-job training. you can do as much as you want on paper, but the feel for markets and theint interacting with clients every

day. >> and the fear of having skin in the game. >> i'm sure you wanted to ta toe risk it's important to sit with a portfolio manager and a trader the body language. do their pupils dilate when they see those headlines flashing that is just as important as fundamentals >> our thanks to jeffrey yu and to nelson dong from the wharton school coming up on the program, some sports. madrid's stadium will host the postponed 2018 final on december 9th the second leg of the final between river play and boca juniors was due to take place on the 24th in buenos aires but

violent incidents forced authorities to postpone that game elsewhere, last weekend it was tiger against phil, going to head to head on a golf course for $9 million tomorrow in los angeles two unbeaten heavyweight boxing champions will do battle over a world title and a combined fight purse of $24 million. adam reid has more details on this high-priced battle royal. >> deontay wilder against tyson fury it's in the heavyweight division it has taken on a whole new level. these guys are exceptionally good fighters. both unbeaten champions. it stands to be their biggest pay day to date. wilder, lesser known in his home country than his predecessors, like the great mike tyson, and evander holyfield.

but deontay wilder looking to find his footing as a loved champion it will be his biggest pay day it will double his net worth tyson fury will earn about $10 million for the fight. he said he will donate it to charity. he's going to build homes for the homeless back in the uk, having a massive change of attitude he lost about 150 pounds in just over a year in terms of coming back to boxing 400 pounds he weighed this time last year. he did win the world championship against wladimir klitschko three years ago this week this is what happened in the final news conference leading up to this fight. tyson fury getting under the skin maybe of deontay wilder tyson fury ending up with his shirt off. >> as you should always. >> boxers do that. after they regained their composure this is what they had

to say >> it's just -- it's the emotion that's come out of it. he always talking about how he comes from his mother's womb, no man can beat him all the things he has done if i'm so less of you, why haven't you accomplished what i accomplished >> three years since i went to germany and kicked wladimir klitschko's [ bleep ] all over dusseldorf three days until i do that to the bronze bomber. so i stand here today as the heavyweight champion of the world. >> colorful nggelaua there that is it for today's show. i'm willem marx. "worldwide exchange" is up next. ♪

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it is 5:00 a.m you are looking live at buenos aires, argentina will pump maresident trump makel with china it is friday, november 30th. "worldwide exchange" begins right now. all right. good morning welcome from wherever in the world you may be watching. i'm brian sullivan hope you're having a great friday wherever yo