♪ good morning and welcome to "street signs" i'm joumanna bercetche. >> i'm willem marx these are your headlines on this monday morning china cut ascii liquidity rate to support growth for the first time in four years it also out thes progress in trade talks and nasdaq listening business tells cnbc west that investors are worried. >> really the most important topic in the u.s. and one that the chinese companies looking to the u.s. are looking for some

certainty around. violent clashes grip hong kong as police and protesters engage at a fierce battle at the university campus while a high court rules a ban on the use of face mask is constitutional. saudi aram moe highly anticipated falling ipo. and spanish boris becomes the center of a bidding war as it's a 2.8 billion euro offer for the exchange moments after they confirm takeover talks. ♪ tlok the program, happy monday the ministry of commerce in beijing said that telephone talks between chinese and u.s. officials this weekend were, quote, constructive. they focussed on each side's

concerns about a preliminary trade agreement. we all know that's a phase one deal the ministry said that u.s. treasury secretary steve mnuchin and robert lighthouser requested the conversation with their chinese counterparts and both parties agree to stay in close contact. reuters reported that the trump administration is expected to once more extend the ability of u.s. companies that do business with chinese telecom violent huawei they placed the tech company on an economic blacklist due to concerns over national security. our colleagues will join us live in the chinese studio. you spoke to huawei's chairman just a few hours ago how did he react to those reports? >> yeah. fascinating, willem. he was really down playing any potential impact from either the trade deal or an extension of

licenses to u.s. companies selling technology to huawei the message largely seemed to be nancy, it's not going to affect us hugely. >> they would say that right they want to take advantage of their home market which is stoet be the largest 5g market in the world. so of course that's the message we have been hearing from huawei for quite some time. but i was equity surprised when you asked the chairman to what extent they're having discussions with the u.s. government at this stage. >> and the message was not at all. you would think an issue this important, particularly where there's a security aspect involved, that the state department, the commerce department or even the pentagon for that matter would be getting in touch with the company directly and asking for detailed information about their technology, but the message we had from the chairman was, no, they have no direct conversation at this point. we also talked about whether there was any progress on something that the founder had

talked about and that is getting together with a u.s. business and licensing some of their technology to the u.s. company to show that they could be a technology partner let's have a listen to how he responded to any progress they may have made on that issue. >> translator: no u.s. single company has approached us directly when we said that, we are genuine in offering our 5g technology through licenses to the u.s. companies so that they can develop their technologies we're genuine in that offer. >> this could be a pathway to nullifying some of the complaints from the united states if you find a western partner that you can work very strongly on technology sharing is that an avenue the company is keen to explore, or was the

offer of licensing 5g technology a bit of a token to try and perhaps distract the administration from its complaints against you >> translator: it's not aiming to distract the u.s. government from the complaints. we're genuine in offering our 5g technologies through license to a u.s. company so that they will develop 5g technologies and networks regarding those i understand that the u.s. government has a lot of concerns, but for one u.s. company got hold of 5g technology and developed on top of it, it could address the concerns around 5g technology and it could accelerate the u.s. development of 5g. so, chairman suggesting that there has been very little progress on that issue bringing

a chinese partner and a u.s. partner to the table to make some progress on that particular story. joumanna, back to you. >> thanks, jeff. i was looking at chip makers in europe there seems to be a mixed reaction maybe because the reprieve is only a two-week extension, not much longer so certainly going to be a big driver to markets. but i want to take you to another development out of asia overnight, the people cut a key liquidity rate for the first time in more than four years in a surprise decision they trimmed the seven-day reverse, repo rate. the easing measure raises expectations of further stimulus by the pboc. let's get back out to jeff and nancy joining us live from the east tech west conference. i want to ask you about the macro environment in china the five bases points cut wasn't

really expected, but the skeptic in me is saying, well, it's only five bases points, how much of an impact is that really going to have on the overall chinese economy here >> skeptics never as journalists, joumanna. i think you're right the keyword is trend what we have been seeing from the chinese authorities are really targeted in this case a very subtle change to that rate. yes, they're paying attention to what is happening in the way of an economic slow down but we heard from chinese authorities for a long time they don't want to do any flood-like stimulus. what will there be that depends on what kind of deal we get from the u.s. and china because hopes are running high at this stage we will at least get a phase 1 deal what's been interesting here at east tech west we have been talking to key players across sectors as to whether or not a phase 1 trade deal would lift

uncertainty. pretty what i've been hearing is yes. just improving the mood at least. when i spoke to nasdaq in charge of listings in large part, looking to attract chinese listings to the united states, he said some of that uncertainty w weighing on chinese ipos a phase 1 deal would be enough to lift some of that uncertainty as well. >> what's particularly resonate in that is that businesses are getting on with their own business. >> right. >> in spite of this headline risk around the trade story. and as far as market sentiment is concern, there is obviously sensitivity and we see the ebb and flow of risk taking and capital markets as it relates to the news flow on this trade story. but underlying that, these are not the only companies that are reporting improving sales into this marketplace diedra spoke with microsoft and

the messaging from microsoft was last year we were quite cautious and concerned. this year 12 months on at this event we've actually had quite a strong year selling into the chinese market and all of that against the backdrop of this uncertainty around trade. >> that is fascinating we were hearing similar messages from others. i go back to bob he was extremely bullish on the potential for more ipos out of china into the u.s in fact, given what we have seen recently with the u.s. listing market and some concerns there among companies who can't prove a path to profitability, them not being able to list or reconsidering their listings, if the u.s. is going to see more of a pause on potential ipos, he said that's reason to look more at china for those ipos that still want to come to the u.s. despite competition growing from china. >> that's a fascinating story when you connect it back into where joumanna led substance abuse this conversation, which is this reverse repo move that we haven't seen for four years and the fact that there was an

also injection of liquidity into the banking system at the same time, we're talking about access to capital the reason the nasdaq is doing so well and has picked up those listings this year is that chinese companies are voting with their feet and going to where they feel are deeper pools of liquidity if you know if you are -- this is not so much a potential unicorn or moon shot technology company, but if you are just a small business looking for support from the banking system here, 75% of loan applications from small businesses get rejected by the established banks here so there are very few other routes to capital because this is a marketplace much like europe where companies are very reliant on the banking system to get their capital for growth and the chinese government would like to actually see that change, but it is difficult

turning around a super tanker. >> that indeed is true it does raise questions, too, about what we have seen back to the tech side of things in terms of the venture capitalist firms in china there are concerns that an environment that was ripe with cash before, pouring money into these firms that that is slowing down in this environment. >> all right well, let's send it back to the studio in london from here east tech west. >> thanks both to you, jeff and nancy. appreciate your time there we're joined by executive director of applied research are investors overly positive about the potential resolution of a phase 1 we like to call this term trade talks? >> they are. they are certainly very optimistic we're going from record high to record high u.s. stock markets, so they really seem to be buying into a trade deal that is imminent. >> what happens to people's portfolios if that optimism proves to be unfounded

>> so, what we're going to see is the typical flight of quality. we'll see none going out of the stock market into the bond market, so we will see treasury yields going down. and also we're going to see flows from the u.s. dollar into currencies like the japanese yen or the swiss frank so both of them have been consistently negatively correlated with the u.s. stock market in particular. >> how much impact do you think the trade war has had overall on trading and trading sentiment this year? given as you just said markets are going from strength to strength, is that on back of optimism of the trade war on back of something else, more solid fundamentals >> well, when we looked at all of the geopolitical risks over the last two years sar s say, we looking at federal reserve policies, brexit the recession fears in germany, the trade war

was the most dominant one. even, yeah, outweighing what the fed would do, like even markets pricing in and out rate cuts just because of what was happening on the trade front >> right but there's also an argument that the reason markets are so high is because the fed cut interest rates and the fed probably had to cut interest rates because of the trade war so there's a bit of circumstance lairty going on. we probably wouldn't be where we are if the fed hadn't cut interest rate. >> it's funny you say that when you look back at the end of july, when the fed first cut by 25 bases points, the initial market reaction was actually negative, which i found very surprising given what markets had done in reaction to previous rate cuts. 25 or 50 usually the market reaction would have been positive 25 kind of signaling an insurance cut, 50 kind of

signaling a bit of a more severe problem. so, it was meant to be an insurance cut, but markets actually went down initially so i think the fed had lost a bit of credibility at that point, but i think they regained it since. >> you like many other investors i'm sure have gone back and looked the last couple years, run historical models looking at the reaction around the various reactions to trade, do you think a lot of noise has naent the confidence you see in financial markets is essentially decoupled from underlying economic data? >> yes in particular when you look at european markets, look at the first half of this year, i mean, we had bad news out of germany pretty much since october last year and still we had one of the best half years ever in european financial markets. and this was all entirely driven

by what happened in the u.s. in particular, the optimism around the trade war that we saw in the first four month of the year and also the fed being seen as head of the curve as proactive as a central bank that is in control of the market. >> broadly stock markets up let's say 20% this year. are you saying that it's unlikely we get a repeat of that price performance going into 2020 >> well, i mean, we're kind of ten markets -- ten years into that bull market, so i think you've probably had loads of people saying we can't go on for another year and still we did. so i think if we would get to -- if we would get positive news on the trade front going forward, then i think markets will keep going up. >> all right so certainly we have to go back to where we started from, which is phase 1, what happens with the phase 1 deal if it actually does get over the line

thank you very much for joining us executive director applied research from qontigo. get involved in the conversation, also anything you want to speak about in regards to east tech west, we have a whole crew out there, get involved on twitter. you can tweet us directly. coming up on the show, spanish bme becomes the center of a bidding war more details on that after this break.

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♪ welcome back to "street signs. well, let's take a look at how european markets are fairing this morning yet again, wall street reached another record high for the three majors up around .8% we have u.s. retail sales numbers come out on friday, slightly better than expectat n expectations and a big jump from the prior month when there was a .2% fall for the month of september. retail sales set the tone for friday, but overnight again the mood is quite positive asia, the chinese commerce ministry saying the two sides

are having constructive talks with respect to the trade 1 phase deal and investors are sitting on the sidelines to see if that trade deal can get over the line also, pboc surprise markets by cutting the triple r rate by five bases points. a positive signal for asian markets overnight. the handover was positive, but stock 600 is lacking direction this morning we're treading on water around the flat line, slightly in positive the heat map is roughly 50/50 between the green and the red stocks but let's talk about individual embassies and break it down further. starting with the ftse 100, the only spot of green we have really this morning just about 7,300. yet again, here the focus has much been on the political developments latest polls over the weekend suggesting very big lead for the tory party over labor party. 14 points or so as we get into december 12th election so that has somewhat been perceived to be positive by the

market and also for the pound as well germany down .2% some of the industrial names are lagging down .2% as well is the cac. luxury stocks getting hit. also autos coming under pressure as well. volkswagon is one of the names dragging down the german index a little bit they just release thard new guidance ftse mib in italy down .2 percentage points as well. talking about specific sectors, though, let's look at the breakdown in terms of positive and negative we have banks having a good start to the day today, up .4 percentage point financial services very much in focus up almost .8 there is a bidding war going on for bme. definitely part and parcel of the consolidation that we continue to see in the stock exchange industry. so financial services having

good session today real estate also up about .9 percentage point on the downside, construction material down about half auto i mentioned also having a negative start to the week and then industrials some of those german names driving some of the underperformance this morning down .3 percentage point. one of the top stories in europe, the spanish bme is at the center of a bidding war this morning. first, the french listed confirmed it was in talks over a potential takeover bid and said discussions may or may not lead to an offer being made moments later the swiss group 6 made an offer of 34 euros a share. that represents a 33% premium over bme closing price on friday and values the company at 2.8 billion euros. in the last half an hour, the ceo said he received a friendly response from bme to what he called, quote, an extremely strong offer he added about boosting the company's top line so that's six. our colleague charlotte reed

joins us with detail charlotte, what makes sense about a potential acquisition for the french listed? >> this year has been ceo since 2015 and he's been acquiring quite a few exchange and he already said in the strategy day that they had justed my october that they were looking for acquisition this is not a surprise and there's logic behind acquiring madrid amsterdam, brussels some of the small stock exchange so madrid makes sense for euronext in the last bidding war, euronext won it was against nasdaq to snag up the oslo stock exchange and won that in may just a year before it was dublin that was euronext acquired yes, that's a logical step investors seem to like it, up 40% this year alone. >> it's interesting you said in

previous episodes they have been quite aggressive when it comes to bidding and they won both of the previous episodes you mentioned. in this case we know this morning that euronext confirmed they're in talks with bme but we don't know the number yet. we just know the number from the swiss stock exchange who themselves already bidding 33% premium to the bme closing price on friday. so that really sets the tone for how aggressive this bidding war could get between the two sides. euronext has shown appetite in the past to go and be quite forceful. >> yes we have to wait to see if euronext come up with a better figure than 6 for bme. again, another potential target for euronext because they said, been on the lookout, would be milan. while lse is in their deal to extending the data sector, they might be willing to get rid of the milan stock exchange and that's rumored for next potential target

>> they seem to be consolidating amongst all these pan european boriss how much do you think is eyeing what's happening this side of the pond, the lse, that puts them slightly on the back foot but it's interesting that their strategy is to acquire other boriss rather to go after some of the data providers which has been the lse approach. >> they want to do both. they want to carry on their strategy, to acquire new stock exchange, like they have done but also want to extend in this data branch of the business. so they want to do both. and that this one acquiring madrid is also again very much part of the normal strategy to expect from euro next and carrying on past few years successfully we'll have to keep an eye. but if you compare deutsche, about 26 billion euros market cap, lse is something similar, euro next is only 5 billion euros and madrid is about half of that. so they're really, really small

compared to the big two giants in the european sector so again, euronext wants to stay relevant and acquire the small stock exchange to try to compete with these two giants in europe. >> it's interesting to think about with the breakdown of revenues from the stock exchanges at the end of the day, because one of the big themes we have been discussing on the show, there haven't been as many ipos, a lot of the action has been happening in united states, not in europe, they have to seek alternative sources of revenue here ipo activity a lot lower where does the branching out into other within pan europe actually play into that? as you mentioned, in this case, bme is quite small, got a market cap of say 2.8 billion euros how complimentary could that be in a situation like this >> again, strategy market compared to lse and deutsche massive. you want to keep a market share

in that industry you have to get bigger otherwise you become irrelevant if you stand alone, you become irrelevant you need to join forces and in a bigger group you stay more relevant for euronext, it was part of the strategy for the future. data again, like the lse and post rate service they want to grow bigger in that branch as well for an industry to attract investors, attract money. >> so it's all about diversify indication you can't stick to the old trade model. charlotte, thank you very much exciting deal no doubt we'll be watching it over the next couple weeks. coming up on the show, we'll head back to the more from the conference east tech west. plus, protesters and police clash in one of the worst days of violence in hong kong all the details coming up in just a few moments

welcome back to "street signs" i'm willem marx. >> i'm joumanna bercetche. these your headlines >> china touts progress in u.s. trade talks amidst washington will grant huawei a license. any decision will have a limited impact. >> translator: our products are able to be shipped without reliance on u.s. components and chips. we're able to timely supply our customers with our products. violent clashes grip hong kong as police and protesters engage in a fierce battle at a university campus. while the high court rules a ban on the use of face mask is unconstitutional saudi aramco aims for 1.7 trillion dollar well short of the $2 trillion goal set by the kingdom's crown prince.

the spanish center of a bidding war. 2.8 billion euro offer for the exchange moments after euronext confirms takeover talks. ♪ well, we've got a bit of a mixed session for european boriss this morning, lacking direction despite the strong handover on friday and very strong session for asian equities as well after the surprise triple r cut by the pboc only five bases points but signals perhaps further easing say head as ever, all eyes on the potential for a phase 1 trade deal chinese commerce ministry pointed to a constructive talk between -- constructive phone call between the two sides over the weekend. so that was the mood out of asia, not so much in europe. ftse 100, slightly in the green, up about 2 points there. all eyes on the political

developments at the bottom, we have chemicals, lot of the cyclical names under pressure volkswagen another name that we've been watching today. they've updated their guidance for the year confirmed their guidance for 2020 and 2025 but the stock is trading on the back foot autos also underperforming so renewal continues its recent spat of underperformance and you continue to see that today so than dex is down quarter of a percentage point but close to the top we have euronext, as we have just been talking about, they have confirmed they are in talks with the spanish bme over potential takeover, definitely a story to watch in terms of deal making in that space let's switch and look at foreign exchange there's not a lot of drivers in terms of macro data to watch out

for. we had the big numbers all come out last week, the pmi numbers euro trading sideways. up .1 percentage point some of the safe haven currencies coming off today. the yen is .2 percentage point weaker versus the dollar but then sterling pound doing very well today up at 129.60 almost through 130 up about half a percentage point and yet again this is on back of the poles released over the weekend showing that the conservative party have a big majority versus labor to the tune of about 14 points so that bodes well in terms of the possibility of boris johnson's brexit deal getting passed and is perceived to be positive reaction, positive news for uk assets. so that has been the reaction in sterling this morning. let's take a look at u.s. futures as i mentioned, another stellar session across the three indexes on friday all making record gains, record highs yet again and the picture is still

positive s&p, dow, nasdaq all opening in slightly more territory. the fed minutes is something to watch out for as well as the on going potential trade talks and china. there's the news this morning that the white house are considering an extension for the reprieve for the huawei license for some of those u.s. companies. so that will have ramifications for some of the tech names in the u.s. later today as well let's turn back to asia, hong kong's high court ruled that emergency law to ban use of face mask was unconstitutional and a sharp escalation of violence in the chinese territory. student protesters and security forces clashing at a university campus police fired rubber bullets and one officer was shot with an arrow. dan scheneman has the latest for

us >> reporter: police move in, advancing on the hong kong polytechnic university after issuing an ultimatum of protesters inside the school, police stormed the campus using tear gas, water cannon and threatening to use live ammunition explosions and fires erupted during the siege protesters, who have been barricaded inside the university for days launched homemade gasoline bombs at the authorities. some of the protesters were hurt, some arrested. >> reporter: the protests started after legislation was proposed that would allow criminal suspects to be extradited to the chinese mainland activists saw it as erosion of hong kong's autonomy china's president said he is confident the government can resolve the crisis but after six

months of hostilities there's no indication the protest will wind down dan scheneman, nbc news. meanwhile, saudi arabia's aramco ipo has been valued at between 1.6 and $1.7 trillion that is less than the 2 trillion dollar valuation they had initially sought they set a price range of 30 to 32 reels per share meaning the company listing remains on course to be the world's largest. our colleague dan murphy has more. >> saudi aramco values the firm at up to 1.7 trillion u.s. dollars and yes that is less than the initial 2 trillion dollars flagged by the mohammed bin salman aramco confirmed across the weekend it plans to off load 1.5% of the business and it's going to do so by offering shares priced between 30 and 32 saudi reels each about 8 u.s.

dollars a piece. in terms of the timing moving forward, aramco also says that retail investors will have until november 28th to take part in this deal while constitutional investors taking part in the book build will have until at least december 4th that means we're likely to get details around the final pricing here some time around december 5th. now, when you look at the situation regarding valuation, it's very clear that perhaps within the kingdom they have had to have somewhat of a reality check when it comes to aligning their own expectations with the rea alties of the public market. despite that, aramco is still on track to deliver a record-breaking payday when this business goes live on the domestic exchange sometime next month. at the top end of the range, aramco is on track to raise 25.6 billion u.s. dollars, which would break the record for the world's largest ipo set by alibaba back in 2014

however, at the lower end of the range, it would likely fall short. importantly for investors as well, the devil is in the details. it plans to pay out $75 billion in 2020. however, when you look at the yield, this implied valuation would suggest that aramco would yield between 4.4 and 4.7% and importantly that is less than aramco smaller rivals like exxon and shell which both yield around 5 and 6%. nevertheless, this road show continues at pace despite the fact that investors have flagged some concerns about aramco's governance, aramco'ssecurity and aramco's strategy moving forward. we have seen the company attempting to tap wealthy saudi families to take part in the ipo and tapping international investors across china, russia and the middle east to ensure that this ipo is the success that the government needs it to be back to you. speaking of high profile

ipos, that was dan murphy speaking act aramco alibaba decided not to hold an upcoming investor event focussed on its second ipo in hong kong. they earlier reported that increasing violence protests meant the ecommerce giant called off the meeting with institutional shareholders which it planned to pitch its second listing. we have no confirmation that this event was cancelled because of those protests in hong kong, but are the confrontations there conversation for chinese business as you talking to >> when it comes to talking about the markets, maybe the direction for the economy, then, yes, those conversations are had. but remember this is primarily a technology conference, so we're talking about the roll out of things like 5g, a.i., the cloud

and so on and so forth so it's less of an issue really in the conversations we're having around that you probably hear a lot more about it if you are at an event that was more focussed on markets and risk appetite. >> yes, i think that's fair. talk about this issue around alibaba, they don't need this lunch in a way because the company is so well known take that for what it is, but i do think there is a case to be made that alibaba is so unique with this secondary listing. why i bring that up when i was speaking to the nasdaq apec chairman we had a discussion about alibaba and to what extent the nasdaq was watching the success of this ipo as a bell weather and whether or not that would then present more competition going forward because companies may look at a successful alibaba launching in hong kong and say, okay, now is the time to go ipo in hong kong, but then he said, sure, that's a possibility but keep in mind,

this is a very unique story with alibaba not just given the sheer size of the listing but it's a known entity in many ways. >> there was a lot of speculation as you know about whether this was encouraged by the chinese government as a way of trying to send a signal to the business community that hong kong is still open for business, at least the hong kong stock market because as we know, the protests in hong kong have had an impact on the economy and of course now you're seeing some asian carriers talking about reducing their flights into hong kong and because there seems to be no end in sight near term for these protests, it is a major concern for businesses that have an operation in the territory. but, whether it's really the cause of alibaba's decision at this point, very hard to say. >> it's not just alibaba we saw list in hong kong after

previously having that delay, we have seen other smaller companies list to market that some cases have gone off very well in hong kong. i think people are keeping a closer eye on this without a doubt, globally the alibaba ipo is going to generate some attention i will say when it comes to what we're hearing here that people are worried about, it's still far and away the china u.s. trade tensions, don't you think? >> it's been a very mixed bag. i have to say. i think compared to last year when there was a lot more uncertainty, 12 months on people have come to terms with the idea that uncertainty is something you have to live with and move on with in terms of your business model and perhaps most surprisingly, some western companies that sell into the chinese market actually say they've managed to do okay in spite of headline issue of the trade dispute. i just want to play you a little clip here.

this is from a conversation with that diedra was involved in. let's hear what he had to say because he talks about the importance of this trade story and its impact on their business. >> when we started to come to china 27 years ago, bill gates decided that we will have a contribution to the market, to the country. and so we started with our first rnd center we have four now and the last one, the first one just opened some months ago the middle of this u.s. and china tension war, as you say. and so, you have to be really committed for the long term, but you need to be committed to a strong contribution to the market we also decided to really work extensively with partners. thosepartners have a very different flavor today some of our competitors, local

competitors are now some of our largest partners why? because we have decided that together we are going to bring something different to our customers. and by the way, to a lot of new customers. and so you change the way you work your change your business model, but you stay core to your mission, which is to really empower companies and help them achieve more and i think you can have a much better life in general. >> now, one of those core missions for microsoft has been advancements in artificial intelligence and machine learning and where it may be different to work on those things in the west when it comes to say facial recognition, the chinese ecosystem for that is very robust and you had a partnership with the chinese military university to develop some a.i. products how do you make sure that the ethics you have in redwood, seattle, are carried over here in china >> yeah. so i think you need to look at

a.i. through a set of a principle and microsoft are present have decided that micro soft, we will have and we will make sure that we operate under those principles we have six of them and very strict around transparency and security and privacy and so, we have to stay core to that so we decide that potentially we won't do business or we won't really address and touch a.i. in some cases and so we can do business with some companies and some partners, but we will decide that maybe we won't do the entire set of business and deploy the entire set of technology with those partners and customers. >> so there you have it, microsoft's china had allen talking about the business outlook. i think you put it right, jeff,

it has been somewhat of a mixed bag. they have to get on with business as normal in light of this uncertainty i will say hope is running high that a phase 1 deal is within reach at this point. >> indeed we see that in the markets as well. certainly a lot of optimism ahead of the potential talks that could take place between the two sides this week. jeff and nancy, thank you for your coverage at east tech west. now, also coming up on the show, new polls suggest that the uk conservatives hold a commanding lead over the labour partner. why our next guest says jeremy corbin's chance of entering number 10 are underpriced. we'll be right back. ♪ the amount of student loan debt i have i'm embarrassed to even say i felt like i was going to spend my whole adult life paying this off thanks to sofi, i can see the light at the end of the tunnel as of 12pm today, i am debt free

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welcome back to the show traditionally the moment you hear about massive purchases from the likes of emirates and that's no different this year. we have just seen some flashes on the last hour, saying they will order 50 air bus a 350 aircraft those will be delivered in 2023.

they will have ordered a total of 123 a380 aircraft of course is a big, big long-term move for emirates. >> they're still in discussions with boeing about the 787 order. boeing under a lot of scrutiny. >> definitely. back here in europe, yellow vest protester staged rallies across france over the weekend some turned violent as participants mark the first anniversary of the anti-government movement demonstrators continue to object to emmanuel macron's social policies police in paris arrested more than 100 people. french authorities said 28,000 protesters took part they put the figure at 44,000. meanwhile, boris johnson conservatives polling at 42% amongst ip voters. the same poll trail with 28% and there were four other surveys published on saturday all of

those gave double digit lead support for the lib dems is 13% the brexit party stands at 5%. now despite his weaker poll numbers jeremy corbyn ruled out a coalition win. he told the bbc he would not promise scotland another independence referendum soon as part of any agreement with the scottish national party. and jeremy corbin will join boris johnson at the conference today all expected to address business leaders with speeches at the event johnson is expected to acknowledge that large british companies did not initially support brexit but he is insisting only his party can deliver any certainty any time soon can he deliver certainty >> jeremy corbyn >> is there any certainty in this life? >> i think we're looking at a tory majority government

that's what the polling now suggests the torys have an average of ten-point lead. labour around 29 this is a classic two-party election the lib dem advance has not materialized and the brexit party is being squeezed by virtue for not standing candidates in the 317 tory constituencies but also that being a symbolic i think boost for the government and for boris johnson. >> question about the polls. this is a different election from previous elections. this time there's this concept of tactical voting do you not think the polls are overestimating in this case the tory lead other the labor party and underestimating the impact that tactical voting could have? >> it's possible i think team boris is very concerned about being seen to be comply sent, so the message in public is that they need to win a number of seats to deliver a majority they don't want to talk about the surge that they're currently

seeing it's noobl the polls are wrong in that their play boar will perform better than expected that's part of the reason why i think team boris is so cautious. this is not really a brexit election i would say it's 50/50 brexit but also domestic issues and if there's a focus on public service is flooding all of these things could potentially benefit the labor party throughout the course of the campaign >> it's not just technical voting we have seen massive fluctuations the british people voted the last decade. those watching outside of the uk, perhaps not following this as much as you, can you give them that note of caution how accurate these polls are not being. >> the data is interesting there is evidence to suggest that the torys are leading among leave facing voters. in some of these constituencies, the margin they do need to make

gains. that is something of a gamble. there is data to suggest the torys are leading among working-class voters they could prove to be loyally in the election and vote labour because they trust corbyn more on domestic policy, on the cost of living that boris is more likely to deliver a clearer outcome on brexit. >> what does this mean for the brexit deal. there's absolute deal for the torys. what about a tory minority government and indeed what would happen in a labour minority government. >> it's a big headache i don't think that will last very long. it will result in another article 50 extensionand at som point another general election very unclear if the wrul government would go through. labour minority government equally confusing and i think more con feuds by virtue of corbyn's appearance yesterday

after renegotiating the deal he said now it will be for conference to decide whether or not they support that deal or remain in the second referendum. jeremy corbyn wants to remain god father of the country. the policy of the government is being shaped by the campaign so we do know the government is at the moment committed not to extend the transition period that's simply being dictated by virtue of the campaign. >> we'll leave it there. thank you very much for joining us that is it for our show today, though. i'm joumanna bercetche. i>>'m willem marx "worldwide exchange" up next -red memory support brand. you can find it in the vitamin aisle in stores everywhere. prevagen. healthier brain. better life.

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♪ it is 5:00 a.m. at cnbc global headquarters. mere is your five at 5 28,000 and beyond the dow in record territory as trade headlines help fuel the rally. crisis in hong kong. weekend protests turning violent once again a live report from that region that's coming up the gray lady investigates and fed exresponds new details this morning company that went from owing $1.5 billion in taxes to 0 taxes. a big move there. the mustang goes all e ford

lifting the curtain on