llor this edition of "dateline." i'm andrea canning. thank you for watching. . /* welcome to "street signs." i'm arabile gumede, and these are your headlines. global growth concerns and tepid data out of the united states weighs on equity markets as tuesday's selloff on wall street spills over to asia. we'll be unpacking all of that. at the same time, futures are pointing to further sellinging when the u.s. opens for trade a little later on today. chipmakers, they've lead the markets deep into the red after

nvidia's $280 billion wipe-out of its value. that's the biggest loss on a market cap for a single u.s. company ever. and oliver bloom faces thousands of workers at a town hall meeting underway right now after their first ever closures in germany. and brent prices slipped to the lowest level of the year at a 4% drop amid concerns that output could indeed rise. all right. we've been tracking datas out of it italy, france, and germany this morning. we've been looking at eurozone numbers as well to have just

dropped on the wire. services pmi coming out at 52.9. that's actually lower than the flash number, which was 53.3 for the services figure on that one. just a reminder as well that 50, of course, being the figure that separates expansion from contraction as well. so still an expansion territory, still growing, but a little bit less than was put forward in the flash figure. august final composite pmi number, that coming out at 51. the flash figure at 51.2. still maintaining its trajectory figure but just a little bit less than that flash number that we had all had as well. so a significant look at that. because, of course, this is going to be very important to see how the manufacturing base in the eurozone is actually faring at this time as we head toward the ecb, looking to perhaps further have interest rate cuts. we saw services pmi in italy

still at 51.4. that was slightly low, but still in expansion territory. france had a same lar effect as well. 53.1, actually better, while german data was 51.2, despite the weaknesses that we have begun to see. that's in the services pmi number as well. but the overall come po sit sitting in refraction territory. how do you look at this? is there some positivity still to be had then in that german economy because a lot of growth perhaps is looked at as not necessarily coming to the fore. you don't want to keep it too restrictive that might hurt the german side. on the other side, look at the market picture. there's been so much that's happened in the last 24 hours or so. the u.s. came back from trading after the labor day holiday then. that seemed to have a big impact on the negativity we actually

saw on the market, plus, of course, the data that then came out. you've got data that's in the same trend it's been going in the last five months and it continues to actually hit higher. that's the highest manufacturing number. that went higher stateside. yes, it wasn't in line with what estimates were, but it's still moving up. is there negativity overdrawn in that front? when you want to look at the employment number as well, it beat estimates. perhaps a little too much by way of worry. there's clearly too much downside risk being put into place in this market. thus far, it's also splged over to europe markets. we're 1% lower so far on the european trading day overall. this is what the boards look like. three-quarters of a percent down. the ftse 100 losing around 60 points. the xetra dax having seen that

big move toward record numbers just last week, now having two days of consistent decline. 0.7% weaker. we're still watching vw for that. volkswagen's oliver bloom set to face unions as they plan to close down what looks like two plants in germany, which could be quite a monumental aspect to look at in that market picture. we'll get sentiment and word on that throughout the show too and a draw down on the market. a quick look at the sectors what's driving markets down. it's that technology sector then. that's because some of the semiconductor plays have taken a bit of a hit. stateside the semiconductor etf had its worst day since march 2020. what was happening march 2020? it was the pandemic, right? pretty much at the beginning of how it was being felt, the ripples across the remainder of the world. big declines on that day,

falling 8.31%. it's the chipmakers that have taken a hit. state side, yes, but so, too, across europe, as you're seeing a fall of 5%. this is really at the bottom of the stoxx 600. earlier this morning we also took a look at the asian market picture. this was also fairly negative, taking all that stateside. one would consider when you say a pinch and a punch was the first of the month, it may not have been necessarily the first of the month, but, boy, was there a pinch in the month. more than 4% for the nikkei225. it's a similar picture to what we saw in the beginning of august, but not the same kwamtty, of course. it was double digits for japan at that stage. a big drawdown but still not the same ramifications on that front because we're going down more than 3%.

let's head on over to linden who's gotten a deeper drive. it's coming back, lin, off what we saw stateside and now it seems to be filtering through to the west. it's a wonder the fundamentals changed at all here. >> good morning to you, arabile. as you were saying, this is a start to september yet again to forget there and it really is the cheap story that's led to some of the falls of the japanese as well as taiwan markets. in terms of the fundamentals, nothing has much changed in the last 24 hours, but certainly we are seeing this sort of sympathy selldown. you've got chip-related stocks up and down that supply chain off the back of that bellwether. nvidia falling by 10% state side. let's just zone in on japanese

stocks to start off with. some of these names falling by close to 10%. one of the key stocks we do watch is tokyo electron. it is compared in the same ways as applied materials stateside. there's a bit of a bellwether when it comes to chip equipment-related stocks. currently in the par bolling rise of nvidia, a lot of names benefitted. tokyo electron down 9%. the tech investment company, softbank, that owns a majority share in arm falling by around 7.7%. as i said, there is a lot of the sentiment that we saw from stateside carrying through here. also, of course, when we look at taiwan markets, the big giant there, tsmc, it is a market

leader by market cap, 30% waiting for the tyx. in the south korean market it's a very much similar story. we said the kospi had turned negative after the falls there. really, today, the two that we do watch, samsung electric and sk hynix, these are numbers one and two with the market cap when we talk about the kospi. we're seeing power grid, software, iowai-related plays, they're the worst. particularly sk hynix falling the most. it is a key supplier to the u.s.

giant. so getting hit hard. the overall story when we talk about asian markets is it is a day to forget. certainly a lot of issues in terms of the data on the one side, the seasonality, and, of course, perhaps overinflated evaluations as well. arabile, back to you. >> lin, very comprehensive. there are so many parts to it. thank you so much for clarifying a lot of it. it was based off the u.s. market picture, based off the economic data. we'll give you the details on the ism in just a moment. but really look at that market then. going down 3.26%. so a significant drawdown across a lot of the market really. europe, still up 124%. that's still moving higher. yes, you're seeing what looks

like a correction on the basis, but is that the long-standing case that we're going to see for the remainder of the year? is it recessionary fears that are really at play in all of this? this isthe ism data chltz t. the reading came in at 47.2% on the month. that's july interestingly. up in july. but it was short of what analysts had expected. meanwhile s&p's own pmi reading eased to 47.9%. traders did up their bets on the chance of a 50-basis-point move at the next fed meeting, but the chances of a cut up yesterday according to me's fed watch tool. very quickly, this is what nvidia did yesterday. down 9.5%. like i said, year to date, still

20e% up. that tells you the picture. this is still a stock that's more than doubled itself throughout this year on the basis of higher demand, on the basis of still being the behemoth that it is. but there is now a broader story being told here. could this be a little bit of an undoing for nvidia? maybe even in just the short term. what has that impact had on the chipmaker, the story we're going to to be following on. look at that. a big selloff across some of these chip players across the board here as we unpack this. arjun joining us for a little bit more here. arjun, there's so much to speak about. yes, you've got the broad selloff, the semiconductors being key to that, but nvidia being a doj case. that's quite significant too. does that shift how we see nvidia as what some are thinking is a monopoly in this case?

>> i think it's going to be interesting because this case is going to be about nuance. we've heard rumblings and reports about the department of justice looking to nvidia. the latest is that they still haven't gotten a formal investigation necessarily, but they've sent subpoenas to nvidia and other companies, legally binding requests for information regarding nvidia. it's interesting because we've got that report, and there was a report about four weeks ago at the beginning of august for information. they said this is what the doj was looking into. one, that nvidia was pressuring customers to buy extra products and the 1k07b8d was weather nvidia was charging higher prices to customers if they wanted to use rival products. and so the nuance is going to be key here. one of the things about nvidia is it's clear. it was a first mover. it's grown very quickly and it's got competitive products not just on the hardware side but

with the software development platform as well, which has helped to create this ecosystem. what can you do if there is no competition? you're the only player in town. >> that's really the case. i suppose this case is not just about them being a market leader. it's about whether they're exploiting their market leadership position, right? >> that's the crux of this. is nvidia giving choice to other customers? yes, you can be a dominant player, but if it's purposely using methods to exclude other competitors, that's where antitrust regulators will have an issue. now, of course, no allegations of wrongdoing at this point, and that's exactly what the doj is looking at. has it abused the market at this point. it's interesting to look at other cases. you look at apple, for example, in the european union. the european union will say apple has grown quickly, yes, but it's accused apple of blocking other app stores, for example saying, yes, it's phoebe

you have your own app store, but how come a user can't use a different app store? there's the whole issue of security. if you're using it to exclude other others, that's where regulators have an issue. that's where the nuances of this case are going to go to. any kind of bad news will have investors on edge, and that's what i think we've seen in the markets. >> exactly. we saw it in the earnings picture where if you missed it by a little bit, it would have ramifications. we'll certainly see how it happens and hopefully we'll have you around for that. let's head on over to dash pierce, director of gps capital markets. dave, what happened? nothing's really changed. what's happened in this market? >> i think there are a lot of things that have happened.

we were coming out of the labor day holiday in the united states and people were just getting back to work. and i think part of the issue is when we saw the manufacturing parts, when we saw that those were not as expected. there was a lot of people that i think just kind of panicked a little bit, and that panic is not because they think the market is crashing. let's look at where we are in the markets. the markets are near the highs ever. and so we're actually in a really good place in the market. but there really feels like there's a lack of leadership. there's a look of direction in what's going on in the market, and not just in the united states. i think that is kind of a global feeling right now is there's a lot of unease with people not really knowing the direction that the economies are going. there's a lot of uncertainty. we went through covid, and there was a lot of, you know, government incentives and

governments trying to help people out. that really stimulated a lot of inflation. to fight that, we've had lots of interest rates going up, which has kind of exacerbated that whole problem with the inflation, and now we're trying to look for ways to kind of get back to where we were. and we don't really see a clear plan. we're not seeing a lot of clear plans from government officials or the federal reserve. it's really still kind of murky, and i think it's really lack of clarity that is causing the market to rethink a little bit some of the exuberance it's had over the last month or so. >> dave, with that, we might say there's a lack of leadership or a lack of clarity, but it's a notion that the fed had put forward that we're going to be data-dependent. if we look at the data, while there may be little parts of it, for example, becomes the

critical one this time around when it was the nonfarm payrolls this time around, yes, it's still in retraction territory, that's five months in a row now. it actually is moving higher. not as expected, but still moving in a positive direction. so there is still growth and it's still actually showing expansion according to the ism's own measure of growth when it comes to that figure. so is it just a case of too much panic and there's now risk to the downside or is it a case of we're trying to finding the best place to get into this market? >> yeah. i appreciate what you're saying, and i think that there's a lot of truth to that. what you've got though is the last three, four months, there's been a lot of people calling for at least a 25-point basis cut, interest rate cut. and we just haven't seen the aggression, i think, out of the fed that a lot of people want,

and because we had been kind of stagnant on that and they haven't made any big moves, there are a lot of people that are uncomfortable. the other thing you're seeing, you've got to look at this in conjunction with what's going on with china as well because the chinese economy is slowing down. you've seen crude oil prices come down because of that, because there's less demand for crude oil. and so, you know, we're hitting lows on the crude for the year. so part of that is not just the u.s. you've got to look at the china factor as well. and then one of the interesting things that i've seen over the last 24 hours is even though the u.s. stockmarket was crashing, in general, the u.s. dollar was staying steady or even strengthening against most currencies, with the exception of the japanese yen. just in the last couple of hours, we've seen that turn around and we've seen weak bs in the u.s. dollar.

the reason i think there was weakness in the u.s. dollar even though the market was crashing is they're still looking at the u.s. as a safe haven. was th once the japanese markets opened, it felt like things were moving and it was beneficial for the japanese yen and they're using japan as a safe haven as well. we've seen a lot of steadiness between the dollar and euroand the pound. the pound's been off a little bit. i think there's a lot of things going on in the marketplace, and a lot of people are maybe readjusting positions just for safety purposes like going back to what i said earlier. i think that there's a lot of uncertainty right now, and until people feel like they know the direction, they don't want to put all their eggs in one basket. >> dave, you're all the way out in salt lake city and we appreciate you being up at 2:00 a.m. for this conversation.

how do you play the market? do you then buy this dip? >> i think you -- i think you kind of sit and watch. i really don't think that it's going to go a lot farther, i really don't. if you haven't already sold off, i think that the people that have sold over the last 24 hours, they're looking for a place to get back in because they're just looking at this as an opportunity. i don't think this is going to be a deep dip. i think that this is a correction, and it's a time for people to take a little bit of a breath because we've seen so many gains in the market. you were mentioning nvidia earlier. look at how much nvidia has come up this year. we're talking about them coming off 10% in the last 24 hours, but what did you say? 125% gain still this year, which is -- which is fantastic. which is an incredible increase in valuation, and we've seen

that with a lot of the tech stocks. it's the stocks we've seen the biggest growth in and biggest movements in up that we're seeing most of that downward movement in. that's also affecting other sectors as well. it's not just the tech sector, but that is the majority that has been -- you know, that's where it's been hit the hardest. we have to look at it in context of everything that's going on in the world economy. you know, we're still seeing, you know, with high interest rates, you know, people are still struggling to get into homes and things like that. so there's been a lot of slowdown, for instance. volkswagen is having talks with their people and talking about closing factories in germany for the very first time because they're just not selling as many cars as they used to because people -- it's just not in their budget. it's really broad reaching. it's just tougher. >> look, it definitely feels

that wake, and it definitely looks that way. you're focusing on vw, and we're going to focus on that. hopefully, dave, we're going to have you on to unpack that a little more as it continues to drum itself out throughout the rest of this trading year as well. dave pierce, appreciate your time, this early as well. director at gps capital markets. what's coming up on the show? the very same vw story. oliver bloom says it's considering plant closures in germany. we'll bring you the latest next. also chip space comes under pressure. arjun has been speaking to us, but he will be speaking to the ceo of qualcomm, cristiano amon p we'll be bringing you that exclusive tomorrow, so you won't want to miss that. the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul

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commerzbank stake after bank deemed stable again. they hold a 16.5% stake in the

bank but did not disclose how much it would cut its holding baijiu oliver bloom is set to lay off around 18,000 workers. that's at a town hall this morning after announcing a first ever potential close of plants. take a look. even if you were to put up a five-year chart there, you would see a slight uptick toward 2021, but that's really flown down the hill then from that element as well then. annette joining us with a little more on this story. annette, nothing can be confirmed until after we get this meeting then with this -- this town hall with the union, but certainly the fight is on. >> exactly. it's historic for volkswagen because never before have they considered closing down plants

in germany and also the job security that was given to workers since 1994 is now under discussion for at least part of the work force. it's a historic shift for volkswagen. of course, the management goes into those negotiations, but the very, very important work at volkswagen, the maximum demand, there's no way around it if we want to survive because voeks wag season barely making profit with their car and there's a huge amount of overcapacity in the plants. that is because not enough e cars, electric cars are getting sold and also even combustion levels are not at the level premarket. some 2 million cars are missing and volkswagen has a 25% share. it's easy to do the math here. they have an overcapacity of

500,000 cars per year, and that does equal to factories. so that's what the management wants in order to reach the profit tblt targets by 2026 but also in order to be able to cut prices for their cares. what happens is the price competition is fierce coming from asia but also from european competitors, and volkswagen is tradition ale will i paying quite high wages because the unionization has a very high degree in the company. so what happens today right now is the town hall taking place, and we will only know afterwhard what has been set in detail with the speeches getting released at 11:00. at 2:30 there is another press conference from the labor

reprand from the trade union, and they'll inform the public what they think and what they can potentially off. one thing is clear, there's a big no to saying yes to closing down factories. >> so definitely the ceo, cfos, awele of them have tough questions to answer to these unions. annette, appreciate that reporting. also following up on some pmi data. we focused on the german economy and have seen what the numbers look like. the numbers have just hit the wire. the uk global final composite numbers sitting at 53.8. it's higher than the 53.4 initially put forward in the flash figure. this might still be a good news -- slightly good news story for the bank of england who don't want to choke off growth in any way, but have seen inflation

creep up as it leads to that 2.2% figure. now you're seeing this data come out a little bit better off. does it show that growth perhaps is in place for the uk at this stage? final services pmi, 53.7. the flash figure was 53.3. again, another very marginal uptick for that. so both the final composite as well as the services data remaining in expansion territory. certainly a story for bank of england to look at. 131 looking good. 132 recently. strength being seen in that sterling price. coming up on the show, we'll be going to jpmorgan louisville and we'll be speaking with robert seminara omfr apollo

global management.

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i'm arabile gumede, and these are your headlines then. global concerns and tepid data out of the united states weighs on equity markets as tuesday's wale street falls over into europe. futures look at selling when they open for trade. nvidia sees $280 billion wiped off its value. that's the biggest one-day drop in market cap for a single u.s. company ever. and volkswagen boss oliver bloom faces thousands of workers at a town hall meeting underway right now after the first potential plant closures in germany. and brent crude prices slipped to the lowest level of the year amid global demand concerns and expectations that output could rise.

it really is the lead-on from wall street we've been focusing on for this market ride. it's because of yesterday let's movement of 3% down for nasdaq, more than 2% down for the s&p 500, more than 1% for the dow jones that you're seeing a significant drawdown across europe. we even saw it across the asian market, the nikkei actually going down as well, a significant 4% downturn on that front. is that negativity, is that nervousness that we saw in the beginning of august coming back into cement, it's all about the data, right? they said let's be deta dependent. immediately they react. so they perhaps have been the ones that precursed a lot of this market movement. negativity, we're around an hour and a half in today's trading. on the fx side, there's trading

and how much market strength you might see in this picture. it's a mix. japanese yen, 125.50. they've been to see weakness for the dollar against the yen with some strength, but now at the 145 mark. yo you're seeing the weakness in play. european yields very quickly, you've seen the rise in german bond yields underscoring what markets are feeling as sensitivity that we've now seen out of germany, of course. so that has impacted the 10-year bund sitting at 2.4. the uats are still below 2.97 as we currently have it. the two-year note was at a 3.1, reflecting the rate change worry that could be in play across

europe. u.s. futures are all pointing out to more economic data, right? if the isms were significant, imagine what the job survey would do. imagine what nonfarm payrolls on friday would also do to this market. well, charlotte joining us now from jpmorgan's european high leverage conference as we get into this. charlotte, let's unpack this just a little bit more, won't you, with your special guest. >> thank you, arabile. a very special guest joining me now, robert seminara, thank you very much for joining us this morning. very first thing, i would like to have your take on the market selloff from yesterday. we saw a similar route in early august. this spikes a fever as there's volatility and nervousness in the markets. could i have a sense of your

feelings? >> thank you. we saw the volatility the last two spikes you talked about. we're not fundamentally concerned. first of all, apollo is a long-term investor. we think the market got a little ahead of itself anticipating, but we're now pulling back. our companies continue to perform well. in terms of our private equity business where we're looking to financing, the bank's willing to engage with us so we can do transactions, so we think this is temporary volatility and not a more fundamental issue. >> last year, high interest rate impact that went down a little bit. we've seen a spike and pickup in 2024. >> yeah. the transactions are definitely happening more frequently now, and you're absolutely right. interest rates being higher made it more expensive to do transactions, made it harder to do deals. but also what's happening now is seller expectations are becoming more in line with what buyers can now pay. there was a period of time that

sellers were hoping that rates would go back down to where they were previously. that would make buyers able to pay more. there's a general consensus that while rates may go down, that i may come up, they're not going back to zero which is where they were for many years. so i think we're more of a transaction environmental where people, buyers and sellers can agree on what the ultimate transaction price will be. >> what we expect was a bit of uncertainty around the environmental in general where there was a soft landing hochlt tow you play out the market given that? >> there definitely is uncertainty out there. we're looking at the consumer. but if you think about what the economy has faced for the last few years between covid, the war in europe, war in the middle east, interest rates, inflation going up, we've been somewhat resilient. we've weathered the storm. that's not always the case. at apollo, we look at it

financially. ultimately we can survive any cycle. we think generally we'll go through this. we think our companies are appropriately financed, that we can make money in any environmental. >> where do you find it? you're expanding in london just last year. what are you looking for exactly? >> so we definitely expanded our offices here in europe. i moved here about ten years ago. we were about 50 people. we're now 400. we're going to continue to grow in europe. we deploy 25% of our capital in europe. today the firm has 27% in assets. we'll continue do a handful of business every year, but the credit is where we've grown most and we do find there's opportunities to lend companies behind major in vestments.

what we're seeing with the evolution of ai and technology is the real need of investment. whether that's the actual ai itself in terms of technology but also the infrastructure to support that, be it, you know, even green power, which is going to be needed to support this next revolution within the industry. >> because you mention ai, it's inter interesting. there's $11 billion of euros. that's the kind of area, the size that you're looking to go forward? >> we're looking to part any. intel is a great company. these companies have massive capital needs as they think about investing behind the next wave of technology. to the extent we can provide capital, with want to do that. again, our capital is long-term in nature and many investments will be long-term in nature. to say, look, we want to be partners for many years and invest and facilitate your

capex, growth in these areas, it's good for our companies, investors, and adjusted returns. it's good we have these and we'll do many in the similar fund with the $11 billion. we invested over $25 billion in the last couple of years and we see that as another area where we can grow our business in europe. >> it seems like regulators, particularly in the uk, there are growing concerns over lenders and how they're measuring the exposure to final equity. are they right to be concerned, the regulators? >> obviously the regulators should always watch the industry to make sure we're not taking on too much risk. but where the banks are today, they're definitely committed to deals, but they've been able to syndicate them. the bank balance sheets are very clean, and so i don't have any concerns about the underlying bank. i think, in fact, they're looking to deploy more capital

and they should be perfectly fine syndicating those loans. we have a credit assistance and we're offering partnering with the banks, taking some risks off their balance sheets. i think the risk levels are very manageable, and i don't have any concerns about that. >> the next question is the u.s. election, how you're positioning yourself given the two scenarios we see coming. >> to be honor evident, we're not overly concerned either way. clearly the biden administration's in right now and harris, you would assume would see a continuation of that. we know what a trump 5d ministration would be given he was president previously. there are political concerns i won't get into. but in terms of the business, we can operate either way. we've been operating in europe for over 30 years. we're not concerned otherwise. >> robert seminara, partner and head of apollo global management. thank you so much for your type.

that, air bee law, i send it back over to you in the studio. >> interesting conversation, charlotte. interesting report. coming up on the show, oil prices extending losses after plunging to irthat weakest levels this year. a look at what's behind the mos xt vene.

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ukrainian foreign minister has tendered his resignation according to the parliament speaker. ice the biggest governmental shakeup since the invasion, volodymyr zelenskyy saying changes are needed to give new strength and achieve results. ukraine says a russian missile strike on a town killed at least 50 people and injured hundreds more. it's the deadliest single attack of the year. nbc's richard engel spoke to ukraine's president zoe.

>> reporter: ukraine says two russian missiles hit an academy and a hospital, killing dozens. tell us what happened? >> translator: that's another tragedy in ukraine, a missile strike. it flew some three minutes and people didn't have time to go to shelter. >> reporter: but was it a revenge attack. it was jut over the border in the kursk region in russia which ukraine occupied last month. for his first interview since is the surprise attack, zelenskyy said it was a preemptive strike to stop russia from taking more of ukraine. >>. >> translator: we did have understanding from intelligence that russia was planning to set up a buffer zone. we had to make the military operation so that the buffer zone was made not by them but by us.

>> you you've captured the big territory in russia. the question is what do you plan to do with it? >> we don't need it. our aim is to restore our territory, we don't need their land. >> conceptually you have this territory. you don't have -- >> conceptually we will hold it. conceptually we will hold it. >> reporter: he told us he kept the operation secret. >> did you really not inform washington, the biden administration that you planned to do this? >> no. we didn't inform anybody. this is not a question of distrust. we informed many institutions in our state, inside ukraine. >> do you think your international partners will go along with you? i'm not sure the u u.s. signed up for ukraine occupying russia.

>> our partners do know we have the full right for that because we are protecting ourselves. >> is the plan to take more territory? >> with all respect, i can't speak about it. i think that the success is very close to surprise. >> well, oil prices are extending low prices for the year. this could lead to a resumption of crude. dan murphy joining us now. how much supply is it if libya is to come back on board with its supply? hi, there, arabile. it was the headline that initially spooked investors. they're failing to catch a break through the overnight selloff

through asia, middle east, and european trading day. you saw it down below $17 a barrel. that's the lowest level since december and hitting its lowest levels year to date and weeping out all of its gains for the years, getting caught up in global market selldown. the fact that we could see output being restored also pressuring prices. now, some analysts have ard said opec plus plans to raid output and weak chinese economic data have helped to drag markets down. the libya angle is particularly interesting. output coming out perhaps sooner than expected after reports said they might be close to a deal after that recent dispute. basically what's happened here is libya's eastern government put its output into a full-scale shutdown in response to a flash over the country's centrality bank. with regard to how many barrels

could possibly be coming back, well, that's a pretty hot estimate at this point given the quality of the numbers this come out of libya, but they said with regard to what we could see here, 1.15 million barrels a day in july is where output stood, but exactly what's out and what's coming back is unclear at this point. so we'll have to watch that story and these headlines continue to develop. the o'factor that may have also contributed to the overnight declines in the price of oil, around 5% is the usd which hit a high rate. of course, a strong usd makes oil more expensive for foreign bu buyers. that could be the reason why we've seen buyers coming back and failing to recover from the losses that we saw overnight, arabile. >> dan, one wonders, does this create the kind of situation

where this demand picture comes on board. you begin to worry and they say we've already instituted cuts in play and maybe further conversations have to be had, and does the market recalibrate because libya gets back on board and it's pretty much anticipated for the most part? >> indeed. i think the opec response is going to be really important to watch here. opec says it maintains market flexibility. it certainly has ample supply to respond to future demand. how policy makes treat this, what it means for the return of scaled back opec production remains to be seen, but they are no doubt monitoring this situation very closely and likely stand ready to react if necessary. >> dan, thank you so much for the report. appreciate it this morning. certainly a story we'll catch up on as the price continues to move. here's another look for the

european markets. really to detail this selloff, 18% weaker. et a 1.3% decline. that decline follows with what we saw in asia, but it follows with what we saw stateside. is there too much panic in this market because of the data? so much like nvidia, if it doesn't meet market standards and even higher, then the market immediately sells off. is this what it looks like to have a priced to perfection ultimately, not just for nvidia and the chipmakers also down quite significantly stateside. but look at that, even across europe seeing the likes of asmi, 3.8% so far. 7.5% down so far as well. does it become the growth scare story we've been talking about at the beginning of august that

continues to flow through? even the likes of nvidia taking a hit. then nvidia's premarket trade. it looks like it may continue that negativity that we actually saw then from yesterday's market picture. just remember that was also on the back of having seen the doj investigated for exploiting what it feels is market manipulation and market sense of majority as well. how much of that gets to play in all of that? we saw the u.s. futures down is where that market looks to be headed? we'll have all the details for you. let's see what ping, right? we're back tomorrow. will that's it for today. my name is arabile gumede. "worldwide exchange" is coming up next.

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markets in turmoil. stocks coming off their worst start to a month in more than four years as growth concerns take hold the dow, the s&p 500, and nasdaq all falling between 1% and 3%. futures this morning are pointing to more losses at the "opening bell." and it's not just the u.s. stocks around the world getting hit with south korea turning negative for the balance of the year. europe also opening a short time ago, sharply lower this morning. a live report from london and

singapore coming