welcome to "street signs." i'm julianna julianna tatelbaum >> i'm willem marx >> a torrid new year for european shares which fall sharply on the first trading day of 2019 after stocks log their worst annual decline in a decade. basic resources lead the losses in europe as concerns about a u.s. china trade war and france's yellow vest movement hits factory data. and chinese shares gets off to a rough start after the first

contraction in pmi in 19 months. and in italy, banca carige's ceo and chairman resign as the ecb appoints temporary administrators for the troubled lender eurozone pmi numbers for december, it looks like the final manufacturing pmi came in at 51.4 for december that is against expectations of 51.4 matching it and slightly lower than the november number of 51.8 the output for manufacturing was at 51. that again matched expectations and was slightly higher than the november number at 50.7. the future output pmi came in at 56, against expectation of 56,

lower than the november number of 56.3. and european markets have now been open for just over an hour it has proved to be a negative start to 2019. this after the tumultuous finish to 2018. we can put these numbers into context shortly. i want to look at early trade. we are seeing steep losses across the regions every in italy, the ftse mib is down 1.8% in early trade the worst performer of the bunch. the cac down 2.3%. steep losses across the board. the dax and the ftse 100 lower as well. we are coming off of a year where the ftse 100, the dax, the stoxx 600 saw their worst performance since 2008 the cac, the ftse mib the worst performance since 2011 clearly a lot of caution coming in to 2019 and overnight weak data out of china. now this morning pmis out of

europe i want to take you through some of the sectors let's start with the miners, these trade sensitive macro driven companies steep losses across the board. the worst performer in the stoxx 600. antofagasta down about 6%. really no mining company escaping the downturn. this, of course, in large part on the back of that weak china data that we'll look into in more detail lately i want to take you to autos. another of those trade sensitive sectors. a weak start to the year for the auto sector. autos facing a number of headwinds on the structural front, changes in emissions standards in europe. we have the rise of electric vehicle, plenty of companies like renault down 2.8% that carlos ghosn saga rolling into 2019 this compounds the cyclical headwinds coming from china. weak start to autos.

oil, another sector in focus not only today but in the last quarter of 2018. a weak day for the most part for the oil majors we have seen further pullback in the oil price today. it's down about 1%, 1.5% brent and wti. data confirming that russia saw record output in barrels per day for 2018 still plenty of concerns around the supply side as well as the demand side for oil. i want to take you to chip maccermac makers plenty of selloff in europe. we are seeing hefty losses for the chipmakers today dialog semidown along with stmicro. that is driven in part by that weakness in asia let's see how the asian markets closed overnight weaker session across the board. shanghai composite down about

1.1% no sector, no region in green territory overnight. more detail on growth in china's manufacturingtracted fon 19 months. december's figure was 49.7 after the trade dispute between washington and beijing helped to weaken demand. fresh tariffs between the two countries had been scheduled to kick in yesterday but were recently postponed talks between the two sides are due to take place later this week chinese president, xi jinping, said in a televised new year's message that beijing does not intend to slow the pace of economic changes >> the world has seen a china whose reforms and opening up gathered speed, and has seen china's determination to follow through in the forms opening up. our pace of reforms will not stagnate, the door to opening up

will widen further >> we're joined by richard champion richard, we have seen softer data from china. you talked about slightly softer data in the u.s. does this provide a strong impetus for both sides to figure out trade disputes >> i think we're seeing those signs before the latest set of data we are beginning to get the middle to end phase of the position what won't be solved is the longer-term stra tretegic shiftn american thinking about property theft, about technological dominance or otherwise >> just to stick with the u.s. what do you think the shutdown over there means for the president, for his decision on trade? is that a factor to resolve

things and restore confidence in the market >> i think it helps. it detracts attention from trade. there's political issues to be overcome it does help get the agenda rolling forward in a more bipartisan way let's not forget about intellectual security, that has broad bipartisan support i don't think that changes, but it helps both to get the discussions on trade moving forward in a more constructive way and to get the debate domestically more focused on infrastructure which is something both sides of the house can find agreement on. >> picking up about the importance of intellectual property in the trade spat between the u.s. and china, does this mean a resolution has to bring some sort of conclusion, some sort of resolution on that front? it's not just about tariffs or the trade deficit but about tech >> there's an element of that.

what is required is not so much a broad brush, an overarching agreement that sorts out all of the issues that the americans have identified. i don't know we'll get that. that's too important for both sides, but i think a give and take a little bit of give from the chinese side in terms of access and intellectual property, that may be something that we see, which would be welcomed across the globe, not just in america >> on the weak data, we saw retail sales growth slow to a 15-year low, autos really dragging on the retail sector. how much is the government going to be able to withstand this slowdown how much can they actually do to mitigate this? >> i think there's plenty they can do let's not forget china remains a command economy. i think we'll see further measures to stimulate, further moves to increase liquidity in the system either through easing reserve

requirements in the banking system or by direct lending. i think we will see a response we've already seen a response. we will see a response to continue to encourage the economy to move towards the kind of long-term growth goals that the chinese will want to achieve. >> if you're an investor looking at china today, what is your message for people in that position going into 2019 >> for us china remains a story you play by the people who supply into china, rather than through china directly so we -- and that broadly means asian emerging markets in that scenario we continue to like, despite it having been particularly difficult last year in that area, the whole move was a settlement in the first half of the year and that will put downward pressure on the dollar which will helpmerging market in the region. >> where else do you see opportunity on the equity side of things?

is japan the obvious choice? >> we think japan is a long-term secular market which is very attractive now and corporate reform is still going full speed ahead >> excellent stay with us plenty more to chat about as the show progresses. that's richard champion joining us remember, if you have any views, get in touch with us on twitt , twitter, @streetsignscnbc and tweet us directly also coming up, the ecb takes some serious action when it comes to banca carige, it appointed temporary administrators to the bank as the lender's ceo and chairman resign i know that every single time that i suit up, there is a chance that's the last time.

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like magic. at comcast, it's my job to develop, apps and tools that simplify your experience. my name is mike, i'm in product development at comcast. we're working to make things simple, easy and awesome. welcome back the ecb appointed temporary administrators at banca carige after the majority of its board

resigned special commissioners will proceed with capital strengthening measures and will search for a merger partner. shares are suspended today i want to look at the broader italian banking space to see how the sector is reacting it's turning to be a negative day for the entire sector. ubi banca down 3%. bper also down quite a negative day for the italian banking sector i wanted to bring back in richard champion who joins us this morning curious to get your view on the broader italian banking space. some progress has been made to sure up the balance sheets, has there been enough progress are these banks investable >> very, very close to not being investable for us at least banks like unicredit made much more progress than others further down the spectrum in the

italian system the whole banking sector in italy was very slow to recognize the bad loans it had bloating its balance sheet post the financial crisis they started to take action but it's late in the game if you compare them with american banks or other european banking systems where such measures were taken much earlier in italy the problem was probably worse than elsewhere. >> that handicap comes from even if these banks do start to take measures a bit later in the game, they're still very heavily exposed to public debt in italy. politicians in italy perhaps not behaving as much as they would like >> that's right. you wouldn't want to see a situation in which italian bonds decoupled from bunds, because 2.7% on the ten-year italian bund, it's a big premium -- sorry, the italian ten-year,

it's a big premium to the bund >> on that note, i was struck reading through the various end of year reports and analysis to see quite how well people did if they invested in german bonds. it seemed like the eurozone as an asset in fixed income ended up being a good bet in 2018. >> in a bad year yes. fixed income generally surprised many beginning of last year you would have seen people saying equities are the place to be because the yields are just too low. even so, even in america you only saw small losses in treasuries i think that that's something we have to be aware of. for us that remains the place of value. >> i want to come back to european banks 2018 another difficult year for european banks we saw legacy issues continue to weigh on these lerners low interest rates continue to

make the profitability and revenue environment difficult. brexit, of course, hanging overhead will 2019 be better? >> only marginally we see economic growth in europe marginally ahead in 2019 from 2018, which means the background is a continuation of low rates, which is putting pressure on margins in the banking system. >> richard, i want to bring you back in a moment deutsche bank is in a strong position as its turnaround stra strategy begins to bear fruit. the bank was said to have no need for state aid and would not consider a merger. saudi aramco acquired the remaining half of its joint venture with langsis it will retain its base in netherlands. deutsche telekom is suing the

german government over a 5g auction. the telecom firm is unhappy with the preconditions for the auction that have been announced by the network regulator the company says the terms discourage infrastructure investment i want to take you through what we saw in the u.s. markets, the final day of trade for 2018. then put this into the context of what we saw all year. we saw a bit of a bounce in the final day of trade the dow ending 1.15% higher. the s&p up 0.85, and the nasdaq up0.77% given the magnitude of the losses we saw in the run up, this only put a very small dent into that climb higher for u.s. stocks let's look at the 2018 moves we saw in u.s. stocks, starting

with the dow behind me has been a violent december this is where we saw the real te selloff, the real calm down in the dow. the dow has seen its worst 2018 since 2008 the dow ended about 5.6% lower in 2018. that pales in comparison to the 34% drop we saw in 2008, still quite a severe year. the dow logged its worst performance in december since 1931 let's move to the s&p, following the same path lower of the dow these losses are driven by a combination of factors weighing on investor sentiment. concerns around a broad economic

slowdown globally. concerns around the u.s./china trade war and concerns around the federal reserve and if they're making a policy mistake continuing on their rate hiking path the nasdaq also seeing a major pullback in december the valuations of u.s. tech stocks coming into focus under a huge amount of scrutiny. the tech sector, in addition to riding high valuations, also facing unprecedented scrutiny when it comes to things like data privacy and security a huge number of idiosyncratic sector specific stories in combination with thesedzheadwinds that investors are concerned about as we look to the first day of trading in the u.s. in a couple hours time, we're coming off a violent, violent end to 2018 >> 2018 saw volatility shake up markets as trade tensions between the u.s. and china increased and central banks moved to end ultra loose monetary policy, but some

strategists are still optimistic at the start of the new year as seema mody reports global markets were rocked by volatility in 2018. here's what to expect in the year ahead first, buckle your seat belt tariff uncertainty will continue to drive overseas markets. china's shanghai is the worst performing major stock market in 2018 thanks largely to the u.s./china trade dispute a no-deal scenario would hike import duties on chinese goods and put more pressure on china's already slowing economy and neighboring countries in asia that depend on china for trade if a a trade deal is sealed, expect investors to return to markets linked to china. a dovish fed will offset trade concerns a growing number of economists are debating whether trade frictions and a weaker global economy will slow down

the pace of u.s. interest rate hikes. any pause or delay from the federal reserve will be welcomed by emerging economies like south africa, turkey and argentina that are sitting on a lot of dollar denominated debt and have come under immense pressure in recent months. >> finally expect india's national election in 2019 to be a close call prime minister modi's party suffered defeat in five of the country's 29 states, suddenly the idea that modi may not be re-elected in next year's general election is on the table setting the stage for an intense and heated battle for power of the world's largest democracy. expect investors to be watching closely. we also had a raft of european pmi data out this morning. the eurozone posted a poor set of economic data to start off the new year with manufacturing activity in france, italy and

germany contracting at the end of 2018. italy's factory activity dipped for the third month in a row, france and germany posted their poorest manufacturing growth since 2016 richard i want to bring you back into this conversation about europe we've seen soft, soggy economic data does this set the stage for upward surprise in 2019 or is this just the beginning of further deterioration? >> i don't think it's a real deterioration from here. i think the headwinds that exist for europe remain pretty strong. compared to the rest of the world where we see a broad growth path we see europe underperforming that in general. there are some one-offs which won't occur. the change to testing of autos won't impact in 2019 that had a big effect on german

gdp. some things will help. >> autos one of the most -- worst performing most unloved sectors in europe, part of the weak data is driven by this one-off, these emission standards, changes, valuations extremely low. the sector is facing a number of cyclical and structural headwinds. is this the time for bargain hunters to come in and pick up the auto stocks? is it still too early? >> for us it is time for selective positioning in the auto sector. our clients do hold shares in bmw and renault for that reason. renault gives you a cheap play for obvious reasons with the carlos ghosn saga going on in the background bmw again is a solid company in

the long term in terms of its cash generation and return on capital. all the while we have got that secular headwind of electrification, of new ways of producing cars and indeed whether people will want to own as many cars as they have in the past i think that will help keep the lid on valuations a bit. i don't think we will see a huge rally, but they're too beaten up at the moment. the final point in that sector is when we look at the competitive landscape going forward, these companies are investing huge amounts in r & d. that's one reason the net profits have suffered a bit more recently, because they have been devoting so much to r & d. we think in the long-term that provides them with a strong platform >> one final question, where else would you look for opportunity in terms of equities and europe >> two things to mention there are a number of european listed companies which have good exposure to the united states.

which have been really beaten up by a selloff anyone industrials, particularly in the states things in the uk like ashstead, this is very, very cheap compared to history and is pricing in a u.s. recession which will come much earlier than we think. >> richard, thank you very much. that was richard champion. coming up after this break, the race to challenge president trump begins we'll have more on that after this break (client's voice) oww, it hurts... (danny) ...that you're not using smarter tools to manage your business. you work too hard to work this hard! collecting receipts? is it the 80s? does anybody have a mixtape i can borrow? you should be chasing people's pets... ...not chasing payments! quickbooks gives you a sweet set of business tools... ...that do all the hard work for you. you may groom corgis, but you don't have to work like a dog. (vo) you earned it, we're here to make sure you get it. (danny) it's time to get yours.

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welcome back to "street signs. i'm willem marx. >> i'm julianna julianna tatelbaum. a torrid start to the new year for european shares which fall sharply on the first trading day of 2019 after stocks log their worst annual decline in a decade. basic resources lead the losses in europe as continued concerns about the u.s./china trade war and the yellow vest movement hits factory data across the region. chinese shares get off to a rough start after the first

contraction in 19 months prompting fears of a broader slowdown. and bank ka carriaca carige resigns spelling more difficulties for the troubled lender we have had a raft of european data out this morning on the pmi front just now the uk pmi is coming in for december the manufacturing pmi is coming in at 54.2 for the month that is the highest in six months this is versus a revised 53.6 in november compared to reuters expectation of -- this is the highest reading in six months and stronger than all forecasts in a poll stronger uk data looking into the components of

this the new orders was the strongest since february, helped by stockpiling ahead of brexit expe export orders also rose in december looking at how sterling is reacting to this slightly lower on the day. down about 0.35% so far this morning. theresa may urged mps to back her brexit deal ahead of a crucial postponed vote later this month in a new year's eve speech, the british prime minister challenged the country to put aside differences over the issue so that the uk could move forward. >> the brexit deal i have negotiated delivers on the vote of the british people. it gives us control over our borders, our money and our laws. it is good for jobs, protects our security and works for our whole united kingdom in the next few weeks mps will have an important decision to make if parliament backs the deal,

britain can turn a corner. in germany, chance la angela merkameric chancellor ank angela merkel vowed to stand up and fight for germany's interests. >> translator: democracy lives from change an we are all subject to the times we build on what our bread predecessors left us we will only master the challenges of our time if we stand united and work together with others across borders in france president macron urged citizens to end all hateful attacks which he said were the negation of france. >> we lived through a great rift deep anger broke out it's an anger against injustice,

against sometimes incomprehensible path to globalization, an anger against the system which became too complex and lacks kindness also an anger against deep change which is questioning our society on its identity. that anger means what excesses and misbehavior we have not given up this is the start to 2019, it is so far proving to be a negative start to the year all four major regions in europe are opening lower today. the worst performer of the bunch is the cac down 1.9% every region is trading lower. we had a raft of pmi data out. uk pmi slightly stronger than expected slightly stronger than what we saw in october and november. but overall in europe the data has been a bit soggy and the pmi data today a bit mixed

if you look at the different regions. overall not doing a huge amount to boost sentiment more broadly around europe, even in the uk where we saw the pmi come in stronger than expected it was boosted by stockpiling ahead of brexit not screaming positive signals on the data front this morning let's look at fx markets and see how things are shaping up in early trade. the euro trading slightly lower versus the dollar, 0.2%. the dollar the huge story in 2018 now as we look to 2019 the question is how much more strongly can the dollar go depending on what happens with the fed and their rate rise path the pound is straytrading slighy lore against the dollar despite that strong uk pmi data just out. let's look at u.s. futures and see how stocks are shaping up in the first day of trade for 2019 it looks like we'll see a bit of a pullback as we highlighted just a little while ago the final day of trade

in 2018 was positive for the u.s., driven by portfolio rebalancing. so no massive moves to the upside, now this morning we're seeing losses resume for the u.s. >> sticking on that side of the atlantic, elizabeth warren announced she will explore the possibility of a presidential run. warren is known as a strong proponent of financial regulation and is the first high profile candidate to make a move for the 2020 democratic nomination this weekend warren will visit iowa the state that hosts the first presidential caucus in february of next year. president trump has invited eight top lawmakers to meet this afternoon to discuss the partial government shutdown. it will be the first time he meets with democratic and republicanleaders since that shutdown began on december 22nd. we're joined by tracie potts from nbc news in washington. so democrats take control of the house on thursday when a new congress is sworn in what are the two sides, the

white house and house democrats planning to do this week to end this shutdown? >> as you said, the white house, the president specifically has invited leaders from both sides over to talk about his border wall it's being billed as a briefing on the border wall, which is the issue that has the government in shutdown he wants 5 billion to build the war, the democrats say they won't give it to him the president wants to invite democrats to the white house to talk about the wall, democrats say they think it's a stunt and they're not sure the president is really ready to negotiate when democrats take over half of the house tomorrow, they say they have a couple plans that will end the shutdown. while it may pass the house, republicans are still in control of the other side, it's not clear they will send anything to the president unless their suy'e sure he will sign it while they say they have a plan to end this, it's not clear that

plan can get to the president's desk and get 800,000 people back to work and get their paychecks back in order. at this point it is still a stalemate. we have some things happening this week. it doesn't seem there's been a big break through over this break at all to end this shutdown we're on day 12. >> what changes when the democrats take control of the house for those of us not in the united states following this closely. does that increase their leverage dramatically? >> it increases their leverage because nothing can pass, they can't end the shutdown, the president can't build the wall unless a majority of democrats on one side of congress agrees right now they're polar opposites on that issue. >> tracie potts, thank you very much indeed. north korea leader kim jong-un has used a new year address to reiterate a commitment to denuclearization kim says he is ready to hold

talks with donald trump any time but he warned that pyongyang would have to reconsider this course of action if the u.s. made any unilateral demands without changing its own position president xi meanwhile urged the u.s. to cooperate in trade issues trump respond with a formal message in which he said he wants to promote constructive relations between the two countries. we're joined by jonathan fenby from t.s. lombard. these messages sound positive and friendly do they have any bearing on the course of negotiations >> they're certainly in the new year spirit, but they don't change anything at all they're speaking differently xi is in favor of returning

basically to the status quo where china and america were before china is making a number of concessions which trump may or may not accept for trump the question is at what point he decides doing a deal with china is in his overall political interest we don't know when that will be. >> why do you put the speech marks around doing a deal? >> the kind of deal that is on offer at the moment from the concessions or the steps that china has made really doesn't change any of the basic structural issues which are there and which a lot of the trade hawks around trump want settled before there's any deal. >> what does a win look like for china? >> a win for china would be to make -- give concessions or make steps which look good, which move in the direction that china

wants to move in, which is modernizing and stabilizing its economy, but without effecting the basic structural issues that i referred to, that's above all the state leadership of the economy and most importantly without effecting the modernization of the economy, particularly in technology >> you mentioned trade hawks there. robert lighthizer, the trade rep, dismissed the wto in 2001 for allowing china membership. you have people like pete navarro a noted critic of china's policyies. do you now see daylight between what president trump is saying publicly and what these guys have been saying for years if not decades? >> yes there is a great confusion i think chin

knowing who is making policy in china. you have the treasury taking a softer line seeking some kind of an agreement you have the trade representatives, navarro and lighthizer who are looking for a harder deal, and the question is where trump will decide to fall in the end we saw in the meeting with xi jinping in buenos aires that he came out wanting basically to, as i say, do a deal, get a deal done now, whether this follows the pattern of the north korean summit with kim in singapore, where there are a lot of honeyed words but very little actually came out of it of substance, that 2019 will tell us >> one of the major sticking points is the technology practices employed in china. if we do see resolution on that front between the u.s. and china, is that really the end in terms of the pressure on china europe an other countries share the same concerns that the u.s. does around things like forced

technology transfer. >> yes, indeed one question throughout this has been the ability or inability of the trump administration to set up a common front with the europeans, the japanese and others with china. you have the europeans, the japanese, the south koreans who want to keep trade going with china. south korea is the biggest supplier of semiconductors to china at the moment. it wants to keep that market going. you got talks going on with japan, with south korea, with asean which the chinese hope will produce some kind of trading block there. there's an awful lot to play for in this. with technology and while china may give up the words of made in china 2025, the controversial modernization plan, which it drew up a little while ago, it

will still want to move ahead technologically. one thing that this trade fight has brought out is how backward china is in many respects. >> how concerning is it to you that economic data has been weakening recently how much of a factor does this play in the chinese government's willingness to negotiate >> that's one question we'll have to watch over the days and weeks. the slowdown in china, we got it with the latest pmis that came out today was -- could be foreseen the xi jinping has been wanting to deleverage, slow down the economy. the problem is they got the trade war coming at the same time and uncertainty among private business, which produces most of the growth in china, which doesn't quite know where it stands with xi jinping's big state approach >> one final question. we had that arrest last month of

the senior executive from huawei, meng wanzhou and there's been more mixed messages coming out of washington about what that arrest meant and what may happen next does that lack of university have any significance when it comes to the u.s. leverage >> it leaves the chinese unte uncertain of where they stand. are senior executives of chinese companies at risk if they go abroad they don't nknow where they stan with this. trump appeared to be willing to use the main case as part of the negotiating process, which would be very dangerous. so the chinese in many ways don't quite know where they stand with trump they're not the only ones. >> jonathan, thank you very much for joining us this morning. i wanted to take you to the

u.s. ten-year yield. it's been a key focus point for investors over the second half of 2018 in particular. we see where it's trading now, 2.66%. that is marginally higher than where we started the year. so we will continue to watch this and investors very closely watching the inversion of that yield curve to see if we see any further inversion along the curve as the year progresses if you want to tell us anything about yield curve inversions or give us your views on the u.s./china trade dispute, get in touch on twitter. @streetsignscnbc coming up sh, victory at the pdc world darts champion for ven gerwen we will hear whether the 2018 edition hit the bullseye let's look at european bourses

before we head to break.

. welcome back michael van gerwen has won his third pdc world darts championship it makes him one of the sports most decorated players. one of the people who likes to watch darts very closely is adam reid he's been covering the tournament over the past couple of weeks was this final match a showcase for this increasingly popular sport? >> from a spectacle it was yes, michael van gerwen was the number one seed, he now becomes the three-time winner of the event, which cements his place at the top of the sport. to reflected on the tournameur tournament as a whole, i'm joined by matt porter. even at this early stage, let's start off by saying what markers do you look at to determine whether or not this was a successful world championship or

the most successful world championship for you >> from our point of view it was the biggest world championship we had 2.5 million pounds prize money. 96 players 85,000 fans live live tv coverage worldwide from a scalable point of view, this was the biggest darts tournament in the world, and a world class iconic sporting event now. michael was the world number one, perhaps not had the year he wanted in terms of winning tv tournaments. he still won tournaments across the globe in 2018. it's right and fitting that he's starting 2019 as our world champion >> it has been pointed out this was the first world championship final to feature two men under 30 michael smith being the other one. it has been almost 36 years. does this show darts is becoming a young man's sport? >> it shows the change in the game in the old days as people will remember, dart players were middle aged guys in the pub.

now there's so many young players coming through development tours for players aged 16 and upwards and plenty of professionals now in their 20s. michael smith and michael van gerwen are two outstanding examples we saw chris dobey perform well as well. so a number of players are coming forward it's not just the old guys who are under threat now, it's the young guys under threat from the even younger guys. >> for anyone who is not a huge darts enthusiast or tuned in for the first time, how does the pdc go about keeping people interested throughout the entire year >> we have a dozen televised events throughout the year and our world series this year, we'll be in las vegas in july, germany, australia, new zealand, asia, africa the way we're trying to spread the game -- darts is played

around the world, but mostly at amateur level around the world so we're trying to professionalize is in territories that we feel is right. so we're looking at all the different components of the sport and seeing where we think darts can move into next we made great strides in australia over recent years, looking to the same in north america now. we like to keep our product fresh, it's entertaining, a good night out. the game is played at a good pace >> just lastly on that point, the fact that there's a lot of clamor for audiences from all sorts of sports, is there a point where darts can get to or is it really the sky is the limit? how do you look at the world >> who would have thought a few years ago that there would be a half million pounds to the winner of the world darts championship it's huge money. we are looking at golf and tennis type money now for these bigger events.

we will keep grog. there's growing. we have go when the time is right and the demand is right. we'll keep judging that and doing our best to make darts a more popular global sport. >> matt porter, thank you very much it's only day two of 2019, but we have a major sporting world champion i will speak to michael van gerwen later on. from the pub to the big stage, head online to read adam's latest report on the growth of darts in british sport. the family of an american arrested on spy charges in russia says he is innocent russian authorities detained the former u.s. marine paul wheelen in moscow last week on suspicion of carrying out an act of espionage. >> for the former marine going missing in moscow, a mystery

russia arrested 48-year-old paul whelan for spying. but his family says the russians have the wrong man >> paul is your tourist who happens to be in apparently the wrong place at the wrong time. it's inconceivable he took the actions that the russians have alleged. >> reporter: the state department requested access to whelan and expects russian authorities to provide it. in moscow for a follow marine's wedding, he was last seen giving a tour of the kremlin, which he has visited at least once before whelan's arrest threatens to complicate the fraught relationship between the united states and russia. last month, russian operative maria butina pleaded guilty to acting as a foreign agent when she tried to infiltrate conservative groups like the nra. asked about her in his year-end press conference, putin insisted russia wouldn't retaliate. >> translator: we're not going to detain any innocent people in order to exchange them for anyone >> reporter: that pre-arrest

denial raising suspicions among russian experts. >> it has the sense of a tit for tat action to me because they're still holding this man in custody. >> reporter: according to russia's state run news agency, whelan if found guilty, could face 10 to 20 years in prison, raising concern among his family that he could become a political pawn >> the only thing i would say is let my brother go and send him back on the next plane they can. netflix has pulled an episode of a comedy show which criticized saudi arabia after a complaint from the saudi kingdom. an episode of "patriot act" lampooned riyadh over the killing of journalist jamal khashoggi as well as the war in yemen. netflix confirmed it removed the show from streaming in saudi arabia after a request to take it down. brazil has officially inaugurated a new president. the right-wing leader announced an end to socialism and

political correctness but also called for unity after a tough campaign we will restore order in this country. we're aware of the challenges we face we know where we want to go and the potential brazil has >> let's go to the forex markets. the euro at the 1.14 mark. the sterling has weakened versus the dollar, 1.27, that's after uk pmi data. lastly let's take you to u.s. futures. just few hours away from the u.s. open. shaping up to be a negative start to the day that's it for today's show i'm julianna julianna tatelbaum. >> i'm willem rxma "worldwide exchange" is coming up right now hey, batter, batter, batter, batter.

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new year, same market madness. dow futures pointing to steep losses for the first wall street trading day of 2019. it's a sea of red across the globe. stocks from europe to asia all dropping sharply this morning. plus oil under pressure. prices tumbling on economic slowdown worries it's wednesday, january 2nd. "worldwide exchange" begins right now. good morning welcome to "worldwide exchange." i'm dominic