i'm natalie morales. thank you for watching. [theme song] >> the house of represents is moving forward with an official impeach inquiry. the president must be held accountable. no one is above the law. >> the stoxx 600 hits the lowest level as the democrats begin impeachment inquiry.

>> president trump slams the probe and says he'll release the transcript of his phone call and the prime minister cut short his visit as a call to resign >> i disagree firmly with what they have to say and it is right to go ahead with a plan for the queen's speech we have an agenda to be getting on with. >> and set to be ousted after overseeing two profit warnings since taking over on the job just over a year ago good morning

our top story this morning house speaker nancy pelosi has started a preceding of inquiry on the president in exchange for investigation into democratic rival joe biden and his family announcing the start, pelosi said trump had violated the law and betrayed the united states >> this week, the president admitted to asking the president of ukraine to take actions that would benefit him politically. revealing dishonorable fact of betrayal of his oath of office and national security and betrayal of integrity of our elections. >> trump tweeted a fully reclassified and unredacted

transcript will be release on wednesday and said the call was very friendly and accused the democrats of a witch hunt. we saw wall street dip in the red. overnight, in asian equities a lot of heat there. in europe, the stoxx 600 has dipped let's not forget europe as well has been settled with its own uncertainties vis-a-vis brexit in terms of break down, the ftse 100 in the uk down about 10 percentage points. a lot of scrutiny now that parliament will reconvene.

the prime minister has flown back from new york and will face a series of questions. a lot of questions over the next couple of weeks. down 1% as well. some of the names as mentioned with the change over at the top there. cac and luxury goods coming after expose yor with china i want to take you to u.s. futures to set the tone. you can see the moderate declines as far as u.s. markets are today. we did see the s&p drop about 8%, the dow is down as well. markets are definitely pricing in further political premium at this point inn reporter has more on the

inquiry and trump's firy reaction >> reporter: house speaker nancy pelosi makes a stunning announcement >> the house of represents are moving forward with an official impeachment inquiry. >> seeking to enlist a foreign power for his own political gain >> pelosi for months has been facing pressure. >> at some point, you have to take a stand and say we cannot for posterity allow this to go on >> the president said the speaker's move will hurt democrats. >> they all say that is a positive for me for the election >> reporter: more details have emerged about the president's phone call with the ukraine president and questions grow

about whether he withheld to ukraine. >> there was pressure put on with respect to joe biden. what he did for his son is something they should look at. >> reporter: they will release a transcript of the ukraine call on wednesday the white house is preparing to release the whistle-blower complaints by week's end >> the normal process would start in the house where a member would have to ibt deuce a resolution where the president is been found guilty of these things if at least two thirds find the president guilty, he would be removed from office and the vice

president would take over for the remainder of the term. the key is in that statement they would need two-thirds majority in the senate for trump to be removed. at this point, it seems unlikely unless republican lawmakers were to vote in favor of that happening. >> you are right barring some unforeseen circumstances, that will be the case there is a reasonable chance given what information is disclosed. the president will be voted for impeachment in the house of representatives but because the republicans control the senate, i think it is unlikely to go further. some argue that this is more symbolic >> what is the symbolism of it you could also argue that many democrats have been pushing for

impeachment for at least a year now. why now? why did nancy pelosi make this decision yesterday >> you are right there has been serious speculation up until this point. she has really resisted because she thought it would be perceived as overreaching and didn't want to compromise the democrats possibility of winning the election in 2020 at the same time, i think the democrats have said enough is enough this charge is simple enough for the american people to be able to understand it and serious enough for impeachment inquiry to be brought. both of those allow nancy pelosi and the democrats to say we think we can make the political argument for impeachment >> what does that mean for the campaign, joe biden aside. the topics they are talking about are immigration, well tax.

now the focus is squarely going to be on this impeachment investigation. what does that mean? >> that is the concern it won't allow the contenders to make the argument on the policy, which is ultimately what the american people are all about. this is not good news for donald trump. but he's going to use this to play to his base this is a witch hunt, this is presidential harassment. all of the typical words we are used to hearing. he's going to use this as a rallying cry to get people to the polls in 2020. >> the republican party would have to carry the defense of this all the way through and ultimately into the run up to the 2020 election. there could be some republican lawmakers sitting on the fence seeing how things pan out who could eventually be swayed by

evidence, if there is actual evidence of trump providing obstruction of j ustice >> there is going to be serious investigations by the house judiciary committee. depending on that outcome, it could sway some moderate republicans. it would be very difficult for them to rally a majority in the senate to remove the president from office. >> and again to bring it to 2020, so much of this is happening in the runnup to 2020, does that put the other democratic contenders in an awkward position ultimately joe biden is being targeted here? how should the other contenders give air to that without giving too much support >> they are going to have to thread the needle here

it is true that all of the credible outlets haven't given a lot of credence to the fact that joe biden did anything wrong at the same time all of his contenders are vieing for this nomination, so they'll try to get him where they can we'll see how they choose to play this. >> remains to be seen. interesting time thomas gift from ucl dutcher bank is speaking in london we just got a flash. no surprise to anyone who has been watching the situation in europe there we have it, a lot of negative effects from the ecb policy in line with the comments we've seen from many different banks in the runnup to the ecb meeting and the looser policy and rates. that is in frankfurt

no surprise there he's unhappy about the interest rate environment. >> no. actually, i think it was before even the ecb officially announced to release the policy. others were stepping out to say this has severe side effects which are worse than beneficial effects. of course, the banking lobby is adamant about the business model. at the same time, i spoke to the board member response to the banking regulation on monday, he was saying the tiering takes away most of the pain from those banks. the results are out whether that tiering is benefitting or helping the banks, ruffling up

those effects. they are holding a speech at the transaction banking conference that is the topic currently. of course, he is a big fan of transaction banking. he wants to grow that business of deutsche bank because it is a lot more stable than other parts of the bank. what he's saying or the conclusion coming up is that they have to stay in order to grow that business they have to use all sorts of future challenges and payment customer apps. it is clear deutsche bank wants to be ahead of that curve in order to attract customers in that area. remember deutsche bank is trying to diversify away from volatile business areas into very much stable business areas to

transaction banking. that is the big topic of the speech he's going on about risks. geopolitical risks saying he's worried about the growth out look especially in china because so much is depending on china when it comes to global economic growth back to you. >> a crucial time when it comes to that overall restructuring plan i want to talk to you about another company shares of thyssenkrupp are lower after talk of dismissing the ceo the chairwoman is set to be installed as interim ceo it was a rocky ride for the ceo.

two profit warnings, four failed restructurings what next for the company? >> absolutely. the ceo was set to be asked for a new strategy as soon as november this year this now is obsolete it's an usual step to oust the ceo and replace him with the head of the supervisory board. this is contradicting the normal efforts. they are saying as well that the new ceo will take over for 12 months so they are looking for a new ceo. the question was with the future of the elevator business with

twists and turns about the future of that business. he went from a clear plan to ipo. they scrapped the ipo plan and then a new plan to sell to investors. it seems that this is the dominant plan right now. of course, what is expected now from investors is to have a clear vision of how to embrace the future clearly, thyssenkrupp fell out from the dax in germany. that did not help for the standing of the current ceo and did not help with the moral. wait and see what will happen over the next few weeks until we hear from the new ceo martina

merz who, by the way, is the first female ceo >> a big day for a company we've been keeping a close eye on. coming up on the show, trump threatens additional sanctions against iran accusing tehran of blood lust. we'll be right back. you got in ? (danny) of course you don't because you didn't! your job isn't doing hard work... ...it's making them do hard work... ...and getting paid for it. (vo) snap and sort your expenses to save over $4,600 at tax time. quickbooks. backing you.

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>> welcome back to the show, one of the companies we've been watching is thomas cook, officially going into liquidation. getting some flashes saying they've had talks with investors over the last couple of days they have officially filed for ininvolve an si. this is the german arm of thomas cook their aim is to carve out

profitable appearance from the british parent they are ultimately trying to spin off the thomas cook german portion. president trump has called on world governments to stand up to iran's, quote, blood lust in the wake of the saudi arabian situation. >> all nations have a duty to act. no responsible government should subsidize iran's blood lust. as long as iran's menacing behaviors continue, sanctions will be not be lifted. they'll be tightened turning another cautionary tale

of what happens when a ruling class embarks on a crusade for personal power and riches. >> responding to those strong words, in an interview, he said iran's relationship with america would only change if, quote, inhuman sanctions were lifted. prime minister merkel called for talks. iranian leader said he would discuss changes to the deal if the u.s. agreed to waive the sanctions. merkel will hold a conference today in how they will work with the new environmental targets.

companies have largely welcomed berlin's new climate package but spell out earnings and investment and natikis bank warns of economic stagnation. calling on bankers to weigh the effects of climate change and investment interesting report i'll bring in our guest from natikis. very interesting report you published. looking at the relationship between climate change and economic output. three out of four of your cases produce a negative growth by 2060 tell us more >> in this report, we scanned

the literature on growth and climate change on a global level. we took a summary and indeed, they look concerning even in a high effort if we manage to keep the increase close to or below 2% in that case, that could be around one percentage point. there will be adjustments and a progress that overrides that progress if you look at the studies, this is a major head wind for the global economy for the medium and long term. >> dirk, don't your efforts show that is a collective output. it can't just be led by europe

or the u.s you know how china is the biggest emitter of co 2 over the years. if china are not doing their bit, it is not going to be effective. >> i agree, the global climate will not be saved in europe. they have to show it can be done done in a way that will still be a head wind for growth but not a wreckage for overall economy in the past, europe has been a major contributor for the global economy. it will follow where europe was a major source of rising co 2 levels in the atmosphere it is not an argument to not do anything in the end, china and the u.s. will decide what the global

climate will look like we need to show that it is doable and lead the path and show what the possibilities are. >> let's talk about germany in particular i was reading about 47% of germany's energy now does come from renewable sources this comes from the package on friday to promote green investments. how much is that going to move the needle >> it is the first step. it is not very ambitious at least the government admits that and says this is politically possible future governments will have to do more. current governments were exhausted. the next government will probably have to intensify the efforts. there is a start where any future government can increase

the pressure and the price for co 2 it is a beginning. i'm not necessarily satisfied with these negotiations and the agreement. at the same time, it said it shows there is movement and any new government sooner or later, it will find an instrument to show more ambition >> and at the end of the day, it is an economic disincentive. very interesting piece on the impact climate change could have very interesting the head of research at netixis. also coming up, boris johnson gets set to meet with mps for the first time after the decision was found that his

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>> the house of represents is moving forward with an official impeachment inquiry. i'm directing they proceed with

investigations under that umbrella the president must be held accountable. no one is above the law. >> the stoxx 600 in europe hits the lowest level as democrats launch an impeachment inquiry of president trump of whether he sought from ukraine new over his rival. the supreme courtrooms johnson's suspension of parliament was unlawful. >> i disagree profoundly over what they had to say i think it was right to go ahead with a plan for the queen's speech we have a dynamic domestic agenda to get on with. >> intending to be ousted.

the german tril giant. and wework ceo calls the work towards ipo significant distraction. welcome to the show. global markets have been rarked ov rocked over the last 24 hours. asian equities were weak you can see in europe, every one of the equities deeply in the red. the ftse 100 down .9%. italian index is leading down about 1.6% mainly luxury autos and

resources are the ones we are looking at u.s. futures are what we are looking at yesterday, we had the three majors close down about .8% weaker still 4% from all-time highs we have come off a little bit. you can see slightly leaning negative as well for foreign exchange, we saw a dip in the dollar, trading deeper to the tune of a quarter percentage point we have euro back around 1.10. dipping lower by about .1% point. trading on the back foot cable is 1.2430 weaker on the section. boris johnson has been forced to

cut short his visit to the u.s. after the supreme courtroomed the suspension was unlawful. a call to parliament after the verdict. speaking alongside at the un general assembly meeting, he said he disagreed with the ruling >> we respect the court and disagree profoundly with what we had to say i think it was entirely right to go ahead with a plan for the queen's speech this is the longest period we haven't had a queen's speech for 400 years. we have a dynamic domestic agenda we need to get on with. >> jeremy corbin has led calls for johnson to resign and said what he said was an attempt by

johnson to push through a no-deal brexit >> the prime minister acted illegally when he tried to shut down and move toward a wreckless plan with no deelt he has failed. the government will be held to account for what it has done boris johnson has been found to have misled the country. this unelected prime minister should now resign. >> willem, the house of commons will convene today no doubt the prime minister will face a lot of resistance what does this all mean for his strategy on october 31 >> former members of his own party like rory stewart saying he thinks that strategy is now

dead they are all crowing at the fact that that is no longer going to be a path or strategy he can continue to pursue speaking with members of the party, they've been quite reticent tau talking about the impact, he acknowledged it did not make the country look good. i followed up asking whether he thought essentially the decision made mps like him question johnson's decision moving forward. >> my concern is that that normal becomes the normal. the unprecedented times we are going through. have we lost sight of normal

procedure in parliament. we have all returned and are left with the biggest challenge that has baffled us for three years. we can agree we don't want no deal but we are going to go back there no better today than where we'll be labor have just pushed any understanding of a promise of wanting a decision this government wants a deal we are as confused as ever you need people to finally rally around saying i'm willing to compromise >> i don't want to see a general election with brexitunresolved it means you are knocking on somebody's door to say, will you vote they'll be deciding whether

their vote goes on their view of brexit not how much we spend on defense or health insurance issues understanding our new relationship with europe to allow us to debate important issues that i think the nation wants to turn back to. >> for people watching, i find it very difficult to understand. your party leader pushed for general election earlier this month. we are saying we shouldn't have a general election what does a conservative party want do they want a deal by october 31 >> this government is a minority government it can't get legislation through. we wanted to have a queen speech to put in bills for more speeching and money for health

service. we can't do business because we don't have the numbers the reset button is for a general election i make it clear, as long as brexit is unresolved that issue overshadows and distorts the outcome of a general election >> what is the end game? boris johnson said he wants election he tried earlier this month. members of his party don't want an election because they are worried about losing voters to the brexit party or with liberal democrats. you've got corbyn saying he'd like that set. you've got members of liberal democrats saying their priority is a referendum. they'd like to tie that to any

deal boris johnson brings back we'll get a better sense after today of how those views will solidify into action >> i think that is the big question and whether you say it can lead to any action and whether it can agree we'll leave it will. thank you for bringing us the latest >> i want to bring in the marketing director of research thank you for being on the show. just listening to what willem was saying saying many in the conservative party want to get through october 31 so we can remove this question and start focusing on other topics the reality is, even if there is a deal, we still have a political issue to deal with

nobody knows what the trading relationship with the eu will look like. >> the uncertainty is very likely to continue through 2020. it's very unlikely there will be a successful deal by october 31. you'll get another election. the outcome of that election is very uncertain you may see completely different policies if you are multinational planning for the uk in 2020, you have no idea if they are in or out. you don't know what that means for pricing or pound volatility. you have to work with scenarios. we are now in year four. it has turned the uk into an emerging market where it is difficult to plan. that is weighing on corporate investment, confidence levels. it has subdued growth.

>> one of the questions that comes up a lot is what would be worse for the uk economy at this point? a no-deal brexit or a corbyn-led government that is anti-enterprise that would introduce high taxes and sort of punish the capitalism model in favor of a socialist model >> it is important to investigate that from a timing perspective, you'll see that play out a no-deal brexit is a planning problem. many small businesses don't have a plan this is something they may deal with right away. corbyn policy could play out over the course of several years. they may influence that over time it could have a more fundamental impact on the way that the uk functions as a market for

investors. >> when you were constructing your out look for 2020, how much of an impact are they having at eurozone >> it is having an impact on germany and we are seeing that play out in terms of trade it is having an impact on business confidence. it is contributing to the slow down in europe >> thank you head of research at ducker frontier shares of apple supplier ams. currently with an offer on the table but 10% lower than ams earlier speaking to the ceo of ams and asked if he's

apprehensive >> very competitive. the only bid on the table. it is very competitive if you compare where shares were trading in the beginning and take 38.5 as a very competitive bid, we are convinced we'll get stlu >> teamviewer is priced at 26 euros. 25 points per share with the valuation of 5.25 billion euros. adam neumann has stepped down as ceo of wework after the failed attempt to ip on the office rental company last week.

artie minson will take the reigns the former ceo has agreed to give up his majority voting control. wework's listing was delayed after initial value was slashed by $20 billion in january, he insisted they were ready >> we are ready for the ipo because we have our bond we report on a quarterly basis wework is always ready coming up, trump under fire. democrats launch an inquiry to possible impeachment we'll sit down with an exclusive at lulrdw with james bla,

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>> welcome back.

president trump used his speech on the un general assembly to turn the heat up on china. >> the second largest economy in the world should not be allowed to declare itself as a developing country to gain at other's offense. for years, these abuses were tolerated, ignored or even encouraged globalism exerted a religious pull over past leaders causing them to ignore their own national interest. as far as america is concerned, those days are over. >> hopefully we can reach an agreement that will be beneficial for both countries. as i have made very clear, i will not accept a bad deal for the american people. >> china's prime minister

responded saying beijing did not intend to play the game of thrones on stage also said the two sides should cooperate for mutual benefit i want to bring in our guest again. looking back to 2018, that was probably the start of all of this uncertainty 2019 no different. how will 2020 be any different >> not particularly. these tensions are becoming more structural you are seeing in terms of the policy, this is not just p president trump, there is consensus about pushing back on china. we are likely to see a substantial backing down you'll see both sides trying to escalate too much.

you'll see these wars of words and tariffs on and off and negotiations that resume we don't expect this to be resolved in 2020 or beyond >> what does that mean for the slow down most particularly in the eurozone and the pmi data. this doesn't mean to be much on the upside where you are seeing weakness and manufacturing started in china with the slow down there the slow down in the trade wars. on the china side, you are seeing the domestic consumption. especially on the consumer side, might see more on the upside we don't expect that to deteriorate much but no improvement expected through next year. >> i notice that inventory bills are increasing

not only for china what does that mean on a forward looking basis. it is probably not a good thing. >> you have seen price discounting, which a lot of our clients are seen in their business from technology on. we are seeing reduction in production the second thing is discounting, which can be managed but in others, can causes extreme price change that weighs on growth in 2020 as well >> we have seen central banks turn from hawkish. we are seeing the fed cut rates now. >> we see that as supporting the global economy especially on the corporate side we know monetary policy has

already played a role but hasn't really stimulated. you will play a role as a buffer but not accelerate growth. >> thank you for your views as we get into 2020 already talking about 2020 martina is the managing director of global research u.s. house speaker has launched inquiry into potential impeachment of president trump the president is facing scrutiny over claims he offered military aid to the ukraine with a proeb to joe biden and his family. we were talking about the transcript of the conversation he now says he's going to release that transcript. what does that mean for this investigation? is. >> reporter: what it means is that people, including lawmakers

here, will be able to see the exact words that were said what was the conversation about investigating joe biden and his son and how, if at all, did it relate or connect with the united states providing aid to ukraine. what the whistle-blower has alleged is that the president pressured ukraine for information of his political rival in exchange for aid. the president said they discussed the two but they were not related. what lawmakers really want to hear is the whistle-blower who claims to have some knowledge of how that conversation went tomorrow, the director of national intelligence will be here to testify. they've released the whistle-blower's complaint trying to put this conversation in context

you see nancy pelosi who has now opened an inquiry as a result of pressure from her own party. more than 75% of democrats saying they want to start this process of gathering information and evidence and interviews and hearings to formally determine whether the president broke the law. >> certainly, a big question i want to ask you, what is this decision out of the senate to pass a resolution demanding that the whistle-blower complaint be turned over. that was a unanimous discussion out of a gnat controlled by republicans. >> right and republicans did not --well republicans did not push back against that resolution. there could certainly be political reasons for that if there is damaging information in this whistle-blower's complaint, they would not want to be seen as having tried to

cover it up or somehow keep it out of public view so the complaint is coming forward at the request of congress with the consent of the white house. >> thank you for giving us the latest on that story we've had flash out of the ukraine and the president who says nobody can put pressure on me only my six year old son can looking at futures, it looks like a negative session again. that is it for our show today. i'm joumanna bercetche "worldwide exchange" is coming up next.

>> here is your top five at five new risk to the markets and your money as president trump now faces a formal impeachment inquiry. the announcement and series of events leading up to it moving markets. the push and the pull not just coming from d.c. the ceo of wework steps