that's all for this edition of dateline. i'm craig melvin. thank you for watching. good morning welcome to "street signs." i'm joumanna bercetche these are your headlines european stocks open lower the bonds turn positive for the first time in more than a month. >> reporter: parliament suspended and boris johnson fails again. the irish minister says his government remains unconvinced

they can replace the backstop. >> the ideas are capable of responding back to the unique needs of the irish border and avoiding the need of the island of ireland >> casting a shadow over the frankfort motor show volkswagen says tariffs continue to be bad for business >> china is considerably hit by the trade war, so it is tough for us and we would really appreciate if some of these threats would go away within the next month, which we probably don't see. >> oil stocks rise as crude prices extend gains after saudi arabia moves saying it is ready for a listing.

>> zb morningood morning you can see a lot of red behind me the prior sessions before s&p, nasdaq were around slightly positive a lot of focus on tech yesterday with the attorney general launching investigation into big tech that has been a big theme in the u.s. banks with yields higher that has translated to europe. the shanghai trade slightly softer after weaker than expected ppi data have come in minus 0.8% year on year.

one of the reasons asian equities are subdued overnight the stock 600 is down almost half a percentage point and we are already in one hour. a lot of macroevents to watch out for. i want to mention, you want to set this time for your agenda. the new commissioner will release details of the new commission constitution, you may want to look for the key rolls and weather the italian commissioner could take up the roll of economics commission keep an eye on that. let's talk about the individual forces starting with the ftse 100, the house of commons will not be in

session for the next two weeks yesterday, we saw another defeat for the government boris johnson was calling for a snap election but was that voted down in terms of data, we have unemployment data coming up. cac as well, we had some weak french production numbers and weak private payroll data. the italian index trading softer today, down about half a percentage point let me take you to the overall break down at the top, we have banks recovering the u.s. session, yields beginning to move higher we are seeing the theme play out for european banks spanish banks are out performing

shortly. talking about wti. one of the few that did perform quite well this is after the change of leadership the new minister has come in and confirmed the commitment we have the frankfurt motor show going on a lot of executives are there revealing their new models as well as expressing some concern for the ongoing trade war. at the bottom financial services and tech struggling as well thursday, we have a huge expectations of what they may or may not do and they will unveil some form of a becauazuka.

since then, we've seen yields under a little pressure. 10-year bonds are trading under. the 10-year italian bonds continue to benefit from positive reaction in the market after the coalition government was formed that was given a nod of approval by the chamber around 58 positive and the 10-year french is minus 26 as well i want to turn your attention to another part of the yield curve, that is the german 30-year, that turned positive for the first time in more than a month. berlin is considering a shadow budget to boost spending without breaking the country's debt rules. according to reuters, they are

looking at setting up amid signs of slowing growth. under that plan, death wouldn't fall under the federal budget but adhere to the rules of the growth pack. the government declined to comment on the report. here is a picture of the european bank. the story that has come out from germany. you'll see the little spots of red. the spanish banks are under pressure and we expect to hear a statement on the spanish use of the index during the crisis and whether or not that was permissible because eventually it led to higher prizes for consumers. higher yields have been positive for the european banks >> joumanna, thank you for that update let's get to the latest on

brexit chaos and anger swept through the house of commons as it officially closed for business and will be shut down for five weeks. lawmakers accused government after boris johnson failed in the attempt to a snap election mp's passed a motion calling on the government to release no deal plans despite losing his sixth vote in six days, the uk leader vowed to push ahead with preparations and talks with the eu >> no matter how many devices this parliament prepares to tie my hands i will get the speaker to get an agreement in the national interest this government will not delay brexit any further

we will not allow the verdict of the referendum to be slowly sufficie suffocated and while the option run from their duty to answer those that put us here, they cannot hide forever. the moment will come >> willem is live from westminster. the prime minister still insists he will not delay brexit given the breakthrough remains elusive yesterday, it is hard to see how he can avoid this fade >> reporter: that is right, that is a very fair assessment, juliana. not only the lack of majority but also the obsticles put in his way.

the major obstacle by the irish government we had a chance to meet with the irish leaders. we sat down in the country's embassy near the palace. had a quite long conversation focused on brexit. although he said that the projections around no deal and the impact on the irish economy were not good at all they expected some 40,000 jobs to be lost he said he expected some 55,000 jobs to be not created if a no deal brexit were prepared. i asked him how he could given this level of uncertainty. >> precisely because of the uncertainty that it is every

more important that we are very clear about the issues and decisions we can take ourselves. we will be putting together a budget in just over four weeks time, in advance of that, i will have to outline what i believe is the safest assumption of putting that together. we will do that. if we do indicate that a no deal brexit is the most likely scenario, i'll also outline one of the measures we'll put in place to protect jobs and living standards in the irish economy >> right now, you have various models >> we have one model and various outcomes as we get close, we'll have to make a call regarding what is the safest assumption. above all else, my duty from an economic point of view is to

look at what plans and strategies to put in place that will protect the economy i believe because of the strength we built up and all we've gone through, we'll be able to do this. >> reporter: the irish finance minister saying he can't yet settle on a base-line assumption for what will happen next. that uncertainty is going to be laid at the door of both the uk and european commission. he was in dublin talking about the failure of state craft if a no deal brexit is passed he said it will be up to historians to apportion blame for this set of circumstances. >> willem, when it comes to a possible extension, there is the question of whether prime minister johnson will request that extension then there is the european side and whether they would be

willing to offer an extension. what are you hearing in terms of their willingness? and what happens if they don't decide to offer an extension >> reporter: you remember over the weekend, the press conference prime minister was talking about this possibility saying we can't have this going onand on every three months. we are not prepared to offer this automatically representing the irish government was a little more relaxed. saying from the irish perspective, we'd like to see specific reasons why the uk feels they need one. there has been a democratic event that would be a good pretext. i had a chance to catch up with one of those seeking the no-deal brexit he said as far as he is

concerned, the eu would stop the extension. as prime minister, they would be responsible for pushing the uk off the cliff. >> that is the no deal brexit information. asking why he thinks brexit is a dead lock. >> mrs. may, as you remember, was herself against brexit the negotiations started with a prime minister who her self was against it i believe that is a bad start. then you have the european union. they don't want one of the children to leave the house. they are afraid if they allow it, one of the other countries will follow it

mr. trump saying we will have a lot of trade agreements. maybe it was too sweet i believe also from the european part, also from the european part, there was no incentive to get a good deal. they wanted to make an example to any country, if you try to do this it will be a big mess so a big incentive people are afraid. if you look at the polls of people who want the country to leave the european union is the lowest in five year's time >> has this proved the end italexit, is it the end of the break up story >> not at all. i still believe i convince people today, it might not be the most

viensing time. you can work together, you can trade together you can have an internal market together but you should not need the politic unity for more head on line to contessa brewer.com. >> today jack ma steps down as chairman of alibabay taking the reigns of the world's richest man. he will hold a farewell party at a stadium. >> coming up ahead, we head live to the frankfurt motor show where automakers are racing to show off their new electric vehicles

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. >> welcome back to "street

signs. the trade war between the u.s. and china continues to rock the car industry recording the sharpest decline something to a near record low joining us life from the frankfurt auto show. slowing demand for the world and now potentially tariffs from the u.s. >> well exactly, that's the case geopolitical challenges very much on top of the agenda here when it comes to the immediate profit out look and sales outlook. if there were more sales, this would hamper the perspective also between the u.s. and china.

it is not good news to carmakers. consumer would not buy them anymore. having said that, i caught up with the ceo of volkswagen the biggest car company in the world. this title, they are competing with toyota. and he says he sees the nonresolved trade conflict >> it doesn't make our life easier we are a global industry we are depending on low trade barriers between the markets china is considerably hit by the trade war. so it is tough for us. we would really appreciate if some of the threats would go away within the next months, which we probably don't see.

we don't see the recession it is a tough time we think with the product we have, we are in a strong position >> you are not expecting the u.s./china trade deal to be resolved soon? >> we receive positive messages all the time i think the chinese really made an effort and are making an effort to settle we didn't lose our hope but it seems to be a tough thing that will last several months more. >> next to the economic challenge, it's clearly another big problem or focus of the industry is that they have to undergo a huge transformation itself, like an organic transformation to more electric. volkswagen is at the forefront they are electrifying their

whole flee there are rumors that their battery cars are below the battery cars of tesla. they don't want to give information away because that is the best kept secret still, elect indication for volkswagen is the new normal also for one or two weeks ago, which is a pure play electric porsche. i asked them if this is a real porsche considering the sound and all. >> the outcome is a car fully comparable to today's gulf diesel it is a much reduced cost for

running. we bring a very attractive offer in our core segment, which is gulf >> we are leading in europe with electric cars, we have probably the most complete portfolio of electric cars. >> we think it fits perfectly to porsche because of the acceleration and our know how of driving dynamics the response of the market is very good. we are very confident about the car and accept ans in the market >> so tesla isn't present here the big question is what p will happen with tesla if all those luxury carmakers from germany will present and market their

new sedan versions dimeler presented their new vision going forward, fully electric that is a competitor to tesla. the question is will tesla survive that if everybody else comes to market. back to you. >> thank you for bringing us all of that information. we are going to take another short break, stay with us. massive profits, massive ipo grabbing the saudi ceo and his comments ahead memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life. ♪ ♪

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and boris johnson loses a second attempt to hold an election. unconvinced about making progress on the irish backstop >> we continue to be highly skeptical whether those kind of ideas are capable of responding back to the unique needs of the irish border on the island of ireland. >> casting a shadow over the frankfurt motor show continuing to say tariffs continue to be bad for business. >> china is continually hit by the trade war. it is tough for us we would hope these threats would go away which we don't see. >> crude prices extend gains

after saudi arabia minister backs cuts and aramco leader says the company is ready for a listing. >> as i mentioned, we are getting the uk employment data let me bring those numbers to you. the employment weekly earnings jumped 4% year and year through july this is the expectation. this is the biggest increase since july of 2008 up lone the biggest increase since february 2010. so very, very strong labor increase in terms of total weekly

earnings that is risen 2.1%. again the biggest rise september 2015 the lowest since 2017 versus 818,000, that headline number 4% in the three months since july is the biggest increase since february 2010. >> you can see that pound has reacted a little bit but the number one narrative for the pound is what has been happening with the politics. we bounced almost 4 points to push back the possibility of a no deal brexit >> thank you, joumanna the pound is currently trading above that 1.3 mark. holding steady despite what has

gone on in parliament. despite what you mentioned there, the uk parliament is suspended and the prime minister insisting he will not delay, he will press on for a deal at this point, no breakthrough in sight the euro is slightly lower requesting a stimulus package. we will recover all of that on thursday let's take a look at european future and look at where equities stand trading across the board here. ftse 100 down despite the fall as well. let's look at u.s. futures now and where we are in terms of the wall street open yesterday, we saw the stocks

reversed gains in the session with the s&p 500 breaking a three-day win streak look at u.s. futures now we are looking at a negative start to trade in the u.s. >> not a pretty day for stock markets. europe is a negative territory today. >> germany is looking to boost the budget berlin is looking to set up independent public agencies to vest more amid signs of slowing growth under the plan, the death would not fall under the federal budget but would instead take on the role declining to comment on the report, however. siemens ceo has requested anglea

merkel's decision. adding, if you vest in things that generate revenue, that is a very good thing. >> britain's exit is a big theme at the motor show. saying a hard brexit will lead to higher car prices >> let's assume and hopefully we still have some week's time to find a solution between the uk and the european union let's assume hard brexit, that would lead to the implementation of the wto tariffs wto tariffs would mean we have a crisis in most of the markets around the world most likely meaning that would

slide. this is not a great scenario and exactly why we urge the government to come up with a clever solution. >> the session in germany seems increasingly likely. are you concerned about that germany is such an important market for you as well >> germany is our number three market in our group, doing very well in 2019 we are optimistic to continue on this path we are gaining the segment in germany, we are raising volume why, because we have launched the new 3 series we are launching the new 1

series in a couple of weeks from now. so no reason to be too pessimistic. >> another interview there with the cfo of bmw aneta is at the german motor show you have another guest with you now? >> yes, in a very interesting time to talk about the german economy and also how significant the car industry is to the outlook of the german economy. the ceo of one of the biggest car parts supplier in the world. good morning we were talking about germany headed towards a recession how do you feel about that i have a feeling this time around, the demand of product is

sliding abruptly >> we had a period of significant growth and now we face a downturn, which is kind of normal. looking forward, we have a lot of uncertainties we see more difficult market for the next two or three years. >> let's talk about the uncertainty and the transformation what is the product response >> we focus on co 2 reduction and safety we have in the background here, the safety system. those vehicles would come to the market but we provide the safety system they can run 100 kilometers or more it is kind of an electric

vehicle for everybody if you have only one car in the family. that is new and something we brought to the show. >> you were saying the next few years is important is it because of the economy going down or both >> we have both effects that come together. that makes it difficult to take the right measures and why we expect a longer period of the softening of the market. >> brexit is a major concern for you as you have production in the uk what are your plans? what are you doing in the uk >> first of all, brexit is something very difficult because we are so globally connected what we do is we have to safe guard our customers.

we work with high inventory now and have all the logistics in place. many things we cannot predict. we have teams ready to react very fast for whatever comes >> let's talk about the general market for carmakers and the lobby which you have colonelly do you think it is fair that carmakers say it is too late i see everybody bringing electric mobility we will

provide it so it is about time we sit together and not blame each other. >> many carmakers see its future and mobility at the same time, when you look around on the city, there is no charging infrastructure what are you expecting this gap to close >> they are going in the right direction now. on the politician side, we see the interest and investment. i would say over the last month, those things have moved. we've come to the hen and the egg problem. bringing that mobility to the road here. i think in the next two or three or four years, we'll involve this problem >> thank you so much

it is a very tough time for the car industry as such it is not only like an organic challenge, also the economy is not going too well for carmakers. when it comes from demand. now with the u.s. showing signs of weakness, that is probably a tough time ahead >> thank you for your coverage from frankfurt let's push on and talk oil oil prices hit the highest level in almost six weeks on hope that producers could agree to extend outputs. the saudi minister says he will maintain the deal to cut production by 1.2 million barrels a day. saudi aramco will discuss the place and timing

joining us from the world energy congress dan, yesterday, we were all listening closely to the newly appointed enn appointed energy minister had to s say. >> reporter: we had the opportunity to speak to him. this is the first commentary he's made. unfortunately today, he did stop short of clarifying where the secondary listing will take place. new york, honk con, tokyo are all in play. reports saying tokyo is the preferred option he also said the company is now ready and waiting for the prove al of the share holder, which is the government, that is the

local listing that will take place before the end of the year he stopped short of confirming the the valuation aramco would receive. he stopped short of commenting on the price of oil. i asked whether or not he would like to see higher oil prices at the same time, we asked him whether or not a lead advisor would be appointed here is some of what we did learn. listen to the exchange we had a few minutes ago. >> this thing will be decided by the share holders. >> do you have a preference of the location >> as always, i say, the share holder will decide we will list whatever they ask us to list >> any idea of time line

>> it is going to be soon. i leave it at that >> i asked him whether or not investors should be worried about governance at aramco this has been a huge focus we are seeing as they prepare to open up to the world the chairman of saudi aramco has historically been the energy minister of saudi arabia we've seen a tremendous change there. now the head of the public investment fund being appointed as the new chairman of saudi aramco that is a major step forward when it comes to essentially separating church and state. it is very important for potential investors. the other thing we spoke about is the time of questions he has

been getting which encourage this i asked him about the conversations we had been having and the type of questions. here is how he responded >> investors will evaluate all of these things, they will look at our financial performance, safety and information when it comes to our carbon intensity, emissions and all of these things, technology it is a company that is global it is the biggest in the world, the most profitable. it has the most values when it comes to all the categories i highlighted. >> the company is ready to go public the big question, is the market ready? it is really a commitment to

continue the current policy of the opec plus group and whether that will result in higher oil prices even though the business is opening up more and more, the bigger question will be where is this secondary listing going to take place and will the market absorb the environment that will be very, very important to focus on. when we see oil in the bare market territory that being relatively under control and demand being a huge question going forward as the u.s. and china continue to move forward in trade no doubt that is front and center for leadership and perhaps one of

the reasons we've seen them 5 accelerate >> we love your hustling you got some good answers there saying it is going to be soon. we've been talking about it for a long time. it looks like it may be happening soon now north korea has fired two unidentified projectiles the launch has come after pyeongchang said it was open to comprehensive talks with the u.s. the discussions have been stalled since february in other geopolitical news, protests k protests continue despite the full withdraw. carry lam calls for an end to violence and says her government

will try to clarify any instance of fake news after the call to try and liberate the chinese city, she sent a direct warning. >> translator: the government thinks some foreign national assemblies, in this case, the u.s. congress will interveer with hong kong that is not acceptable i hope it can be accepted that each international assembly will deal with its own affairs. moving over to europe, von der leyen to unveil proposed eu commissioner she will have two executive vice

presidents negligent keep an eye on that. sfl also coming up apple prepares to unveil the new i fie iphone and what consumers can expect these folks don't have time to go to the post office

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>> welcome back. at&t shares closed higher after investor proposed a 3.2 billion stake. revealing the strategy that could push share prices above $60 by the end of 2021 saying many of the actions outlines are ones we are already executing. wework's largest investor softbank is concerned about cooling appetite

parent firm we work is valuing the corporation. apple is set to unveil new items. investors will be listening to any details about apple's new services elizabeth, just outline for us what is the gadget lineup expected for today >> we generally get iphones at this fall event. analysts looking for three new models here. possibly the i 11. kind of in the developments when it comes to these features the first one being an upgraded camera, faster processors, more

waterproofing. nothing crazy. nothing that might seem to get people to run to the store and buy these phones with a $1,000 price tag. >> we've talked about the transition away from hardware to services one service i'm interested in is the apple plus launch. >> apple thad that big event where they introduces the new streaming service. we still don't know what the pricing is and when it will be available. we don't know what the plan is for this longer term all we know is that apple has vest invested in original content this is a hard wear event.

they could just leave that for another time >> if i understand, none of the iphones launching today are 5g enabled. where does apple stand >> many see this as a bit of a transition year as apple is expected to release the first 5g phones next year in 2020 apple seemingly a little behind the curve at least with coming out with the device here the company's response is that they will wait until this becomes more adaptive. perhaps they are better off than competitors who will glitchy reviews. >> which of apple's products will be subject to tariffs

>> we've seen tariffs on air pods and some of the watch components likely if these tariffs go into effect, they'll be hit and that could be crucial in that territory. >> exciting. looking forward to the new gadgets and apple tv >> right because i have so much time in my day >> thank you for watching our show today, i'm joumanna bercetche. >> and i'm julianna tatelbaum. more coming up next.

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>> here is your top five at 5:00 major averages just below record highs. maybe an apple today can help us could a surprise announcement be the spark that kicks the rally to second gear out of the middle east, aramco discussing the possible ipo. what is not working at wework?