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welcome to "street signs." i'm dan murphy. let's get straight to your headlines this hour. tesla drifting lower in early frankfurt trade after the long awaited cybercab as the ev maker looks to a 2026 production date. the shenzhen nursing losses for the week and heading into tomorrow's finance month industry press conference. and france details the 2025 budget announcing 60 billion euro of tax hikes and spending cuts as the government aims to tackle the spiraling deficit. and u.s. equities in a holding pattern as they await key earnings from jpmorgan and wells fargo and fresh inflation numbers. welcome to the program.

great to have your company this friday. we kick it off this hour with the look at tesla. the company unveiling its cybercab as part of its delayed we robot event in california. ceo elon musk said the vehicle will begin production in 2026 with the caveat he tends to be optimistic with timeframes. the vehicle will be fully autonomous and do away with pedals and steering wheel and at one point costing 20 cents to operate. we have been tracking the pre-market trade in tesla. here's the early reaction so far. uh-oh, the stock down 4%. at the event, a member of the audience asked musk about sales. listen to this. >> the cost of the cybercab, we think over time, the operating cost will be 20 cents a mile. and price including taxes and

everything else ends upbeing 40 cents a mile. yes, you will be able to buy one. yes, exactly. and we expect the cost to be below $30,000. >> whoa! >> and i think they'll be an interesting, you know, business model where let's say somebody is, you know, an uber or lyft driver today and manage a fleet of cars and just take care of them like a shepherd tends their flock. your flock of cars and you're the shepherd and you take care of your flock of cars. it will be pretty cool. i think it's going to be a glorious future. >> elon musk there.

he also unveiled a larger robovan which carries up to 20 people and showed off the company's optimus robot. it will be below the cost of cars in the long term and the biggest product ever of any kind. we bring you reaction to the rollout and not everyone is convince thd on the strategy. listen in. >> i wonder what tesla's financial runway is here. we know ev competition is much higher than it was than a couple of years ago for all, including tesla. chinese are coming with lower cost and impressive electric vehicles. we've already seen the price deterioration and price reductions of tesla over the last couple years to try to keep his sales going, but they pretty much plateaued. i feel like there's a race here. can tesla pivot to a functioning scaleable revenue model before the current revenue model dries

up? >> there is a gap from now to where we need to be to realize that valuation. if you look at the valuation of the market cap, $750 billion. we struggle to value the business at 150 billion. you are getting $600 billion of valuation subscribed to the autonomous vehicles and robots is a lot of value for a lot of execution al risks and not a lot of valuation for safety on the margin side. >> our digital team is fully across the story ahead of the u.s. open. head to the cnbc web site for more details. let's give you a look at how europe is trading right now as we track into the trading day. first into your heat map. major markets are in positive territory on the whole here. the stoxx 600 at 519. still on track to close out a volatile week with the bias to the down side.

autos had been leading declines. markets also turning cautious ahead of the critical policy briefing from china set to take place tomorrow. here is a deeper dive across the markets with the specific focus on the uk after monthly gdp data out today. we saw 0.2% increase in august. markets seemed to be taking it in stride. this coming after we saw stagnation in both june and july. the ftse 100 up 0.05%. others eking out modest gains here. here are the top sectors right here and right now. you can see real estate up by almost .50% of 1%. basic resources and media showing gains. in terms of what is pulling markets lower, here are the top sector losers for you. you can see telco down less than .50% of 1%.

autos down .35% and household goods leading losses. in the united states, inflation coming in above e expectations in september at 0.2%. cpi growing by 0.2% on the month with food prices driving those gains. meanwhile, u.s. weekly jobless claims hitting a 14-month high jumping 33,000 over the week. however, that figure is clouded due to the fallout from hurricane helene and the ongoing strike at the boeing factories. the fed president raphael bostic suggested he would be happy to forego a rate cut in november if the numbers supported it. bostic describing choppiness in recent data as a reason to pause at next month's meeting, but said he could see a case to cut rates in the two remaining fmoc meetings this year. the voting member adding he had

pencilled in one more 25-basis point cut for the year. speaking to cnbc, chicago fed president, austan goolsbee, a non voting member this year, says the fmoc needs to remember its dual mandate. >> we have gone through a long period where we had almost exclusive attention to the mandate. we had to. inflation was way higher than the target and the job market was white hot and extremely strong. we've shifted now to a more normal environment with a balanced risk environment where we have to think about both sides of the mandate. >> for insight and analysis, we turn to cio for equities at m & g investment. welcome to the program. you heard from top fed officials talking about the overall impact of the cpi print. what's your view?

does it justify a fed pause now? >> good morning, dan. it is also difficult to guess what the fed will do. that 50-basis point cut seemed quite out of tune with their previous behavior and, yet, they delivered it. for now, it would appear 25 basis points per meeting is possible, but don't forget we still have someinflationary data that is going to come out before the next meeting. we still have pce inflation coming out at the end of october, so anything can happen. of course, we have more labor data and apparently the fed is very much tune on to that. >> indeed. it's a really good point. i wanted to ask you as well as an extension to this, what do you think this means for the u.s. election? we spoken about what it means for the economy and the fed. what about the political side of this? >> i actually think the big point to make is the u.s. election will have an impact on

what happens with the u.s. economy, potentially inflation. we can sit here and say many things, but the results of the election will be -- will be relevant. think about a potential increase in inflation. obviously, think about the fiscal health of the country. increasing import duties, depending on the increase extent, it will have a big impact on the economy and potentially inflation. that's not even the geopolitical risk because we are seeing an increase in tensions in the middle east. there's so many moving parts right now. >> fair point. fabiana, we are coming into a fairly important risk point on saturday exposed to asian markets and chinese equities. what should we expect to hear from policymakers when it comes to the critical stimulus announcement? what's your view on the outlook

on chinese equities from here? it's been a roller coaster week so far? what do we need to see from policymakers to ensure the momentum continues? >> dan, as you know, we actually have continued to invest in chinese equities. we actually continue to tell our clients that we could find some really interesting opportunities in the market. you know, there was a point before the stimulus was announced that where expectations were so low and yet, you could find some really healthy companies with some very good shareholder returns at really extremely low valuations. the market obviously has performed extremely well. it is the best performing market year to date and it has run ahead quite hard. so, we actually trimmed a little bit back on china, but we still like it and we still find the idiosyncratic opportunities. the potential news from tomorrow, from the ministry of

finance, possibly adding that extra fiscal stimulus we all been looking for could help more. the market has run ahead of itself to some extent. now it is a matter of seeing whatever the stimulus is and what really the impact is going to be particularly on consumption because that is the key pivot for the economy to start growing. >> indeed. so, what the actual number is and the overall impact it could have is going to be very, very closely watched when we see trading get back under way on monday. certainly a lot at stake for the chinese equity investors. fabiana, i wanted to shift focus to the broader perspective. i know it was back in july you shifted focus in equities and into fixed income. i'm wondering how you are

reading the fixed income with the economic back drop with the ten-year over 4%. why the fixed equities now? >> actually, that is not the case now. when we made the call in mid-july, we did see a weakening u.s. economy and we saw, obviously, the fed starting to look at the increasing rates and that was, for us, a good place to see fixed income out performing equities. that is not the case now. we are still running ahead over a couple of months since that call. now we are much more neutral between fixed income and equities market because we also see stronger data points from the economy. don't forget, as long as the economy stays resilient and rates are expected to come down, even slowly, equities remain very much supported. >> okay. i wanted to ask you about the

outlook for europe as well here, too. of course, we've just seen the french budget being released. you cut french exposure on fiscal and political concerns. a little more constructive on the rest of europe. specifically banks, energy, utilities. can you expand on that? >> yeah, absolutely, dan. europe is in a difficult situation whereby you just don't have growth and also it is very diverse. you have spain, italy, actually seeing a decent economic background, but you have the biggest engines of growth in europe such as france and such as germany, actually having real difficulties. so, we do find many idiosyncratic stories in europe. so, it's not goodabout the poli of each country. overall, we are concerned about france and the fact that the new

budget has nothing about growth, but all about trying to bring down expenditure and recover the coffers of the government. i think there's one chance for europe and that is because the large of the countries in europe are so weak, that mario draghi report and that potential push to finally having a consistent and common industrial policy could actually be a way for europe to start growing again. it's not a short-term story, but it's potentially the next positive fphase for europe. >> okay. really interesting to watch. we're out of time. appreciate the conversation today. thanks for coming on this friday. you enjoy your weekend ahead. the cio for equities multiasset and sustainability at m& g. i wanted to give you an update on the asian markets. hong kong not trading today due

to a holiday. when it comes to the broader equity momentum. the shanghai comp down 2.5% here. of course, what we have seen is asian markets actually recording their first weekly loss in five. chinese equities, of course, tracking a sharp weekly drop as the stimulus measures have underwhelmed. the equity decline also raising the stakes ahead of this really critical announcement tomorrow that we've been talking about. we could see between 2 and 3 trillion yuan of spending rolled out to prop up the economy. of course, the size and scope matters here. the devil is in the detail. we don't know what that number will look like yet and the market reaction on monday is going to be very closely watched. you can see here the shanghai comp down 2.5%. the taiex with gains. greater chinese markets looking like this as well.

worth flagging with the roller coaster week. the hang seng down 4.5%. the shanghai comp down 3.5%. shenzhen is down 15% for the week. sizable decline there. stay with us on cnbc. plenty more for you. on the other side of the break, barnier reveals his budget. charlotte will be with us. stay with us. oooooooo! the oh, oh, ohhhhs! now whatcha wanna do with this? but the feeling that, no matter what, you're taken care of. ohhh, i just earned a hotel suite! hee! you only get that here. at the sportsbook born in vegas, where they know how to treat you right. who you talking to jamie foxx? bonus bets. exclusive offers. real world rewards. betmgm. download and bet today. hey, can you speak french? who, me? i know a few words. if you're struggling to speak a new language,

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welcome back. france's new government has unveiled a slew of budget cuts and tax hikes totals around 60 billion euro as it looks to rein in its fiscal budget. charlotte is joining us now. it is belt tightening and controversial. >> the new economy minister michel barnier presenting the budget yesterday saying the france economy is hoppelding up

the neighbors, but the debt is colossal. >> translator: after 50 years of spending, sometimes for good reasons, our debt will reach 3.3 trillion euro in 2024. so, 113% of gdp. this debt not only a financial issue, but also a political issue that concerns us all. >> so now very much focusing on the deficit above 6% this year. they want to bring it back to 5% next year and 3% by 2029. against '27 previously. they have to find money in lots of places. particularly a new extra corporate tax on the largest companies in the country. 440 companies will be imposed

with the tax. a new temporary tax on the wealthy individuals. airplane tickets and use of private jets. services will be cutting. many small measures, but without giving the full details. two elements are interesting and risky for the government. one, measures on healthcare. less reimbursement on medical care and lower sick pay. that's politically quite tricky to put through as well as one on pensions. adjustment on inflation that was supposed to come in january and delaying to the middle of next year. that's a very tricky one to deal with and the pension question in francis well. the far right holds this government in his hands as we saw the vote of no confidence earlier this year. the vote will start the week of october 21st. there will be measures adjusted

there. what is interesting from the analysis that has come this morning, including goldman sachs, there's more tax hikes than expected. it was supposed to be 2/3 of sending cuts. it looks more 50/50. some analysts are not dubious with the tax-based consolidations have a lower tax of succeeding and improving the fiscal position sustainably. we have to wait and see what the elements are and the debate in the fragmented national as assembly. it will be a tough debate and if the government can reach majority to push through its budget. >> indeed. so many questions, charlotte, on the contractary budget which includes tax hikes which will not land well with the overall french public here. what do you think it means for

michel barnier's political future? >> that really is the key question here. a lot of headlines is more taxes for everybody in the country. they will have to sell this message and started the last couple weeks that says everybody needs to make an effort here. more companies will be taxed and more individuals. what a lot of mps are saying and including barnier's camp is the taxing companies. they may be hiring less. the question of what this may mean for the french economy. to say having heavier taxes while they have been suffering from short falling tax revenue. on the numbers, it might make sense, but politically going forward, it may not be the answer for those debates in the national assembly would be complicated on top of the political messaging they are trying to push out. >> indeed. charlotte reid reporting in london. thank you. shifting gears now and at

least 14 deaths have been confirmed after hurricane milton barrelled through florida causing flooding and leaving millions without power across the state. the clean up from the storm is already under way with president biden pledging full support from the federal government. let's get more on this with nbc's jay gray joining us from florida. jay, you heard residents counting the cost and the clean up continues. >> reporter: yes, it will take time, dan. we're in the downtown area here in fort myers. the first thing you notice is lights back on. they restored power to this area last night. you will see scattered limbs here and sand bags from the doors. the clean up is going to really begin in earnest a bit later today. some of the businesses hope to be open by this evening. a lot of restaurants and bars in the downtown district.

they hope to provide some relief and get some money coming back in after the storm has shut them down for the few days. let's talk about the overall impact of the storm. we know 2.5 million people across the state without power. this storm affected, really, the entire peninsula from the west coast moving through as a category 3 and category 1 hurricane as it left the east coast. a lot of people suffering a lot of damage here over an extended period of time. this was the second major hurricane in 13 days here in florida. it was the sixth major hurricane in seven years. so, this has become a very much dreaded, but annual event for many of the people in the strike zone here. they are beginning to clean up once again here. over 80,000 people moved to shelters. that's the good news. a lot of people got out of the way of this storm.

dan, what officials are urging is that in some of the hardest hit area where is they pulled away the debris before restoring pou power. they are asking people if they did evacuate, stay away a day or two so they can restore power. wait this thing out where they are safe. we don't want anyone getting into trouble. that's the message from officials here. let's talk quickly about money. $50 billion in insured losses is the estimate right now for milton alone. over $100 billion in insured losses just for 2024 across the region. it's been a very tough go. >> indeed. nbc's jay gray reporting live for us. jay, we appreciate it. thanks so much for the update. stay with us on the program. on the other side of the break, we will hear from the ceo of

zealand pharma as it develops its weight loss drug. that's next. stay with us. what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

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you are live on cnbc. this is "street signs." i'm dan murphy. let's recap your top stories. first, tesla slumping after revealing the long awaited rob robotaxi. plus, chinese stocks take another turn for the worse with the shenzhen comp nursing losses of almost 15% for the week heading into tomorrow's finance ministry press conference. france detailing its 2025 budget announcing 60 billion euro worth of tax hikes and spending cuts as the new government aims to tackle the spiraling deficit. u.s. equities futures in a holding pattern as we await earnings from jpmorgan and wells fargo amid fresh factory

numbers. good to have your company this friday. if you are just waking up or catching up across europe or the united states, here is a live look at how tesla is trading off the back of the big announcement yesterday. you can see the stock has been pulling lower and, indeed, that is why it is leading our headlines today. you can see down 5.6% ahead of the u.s. open. here's one theory as to where that money is moving. take a look at uber and lyft pre-market. we see money moving into the ride-sharing giants. uber up 3%. lyft better by 3.4%. a lot to unpack and look at as we track into the resumption of wall street trade. meanwhile, here is the liean-in from europe. the markets are on trackhigher . you see the stoxx 600 up 0.1%.

not too much to get excited here with the stoxx 600 on the flat line. here's part of the reason why. some of the european major markets have been pulling lower here. actually on track to close out what has been a very volatile week with i guess a bias to the down side. we saw autos leading early sector declines and markets have turned a little cautious ahead of what is a critical policy briefing from china set to take place tomorrow focusing on the stimulus number. we are seeing the ftse 100 pulling lower. the dax and paris cac 40 and ftse mib in italy are eking modest gains. it has been, let's call it a lackluster session, as we head into the u.s. session. here are the gainers helping to support the market momentum at the moment has been these key

sectors. real estate up 0.4%. basic resources up 3.3%. in terms of what's pulling the market down is these ectors. at the moment, we are seeing autos, as i mentioned, down more than .50%. household did goods and technol leading declines. here is a look at the u.s. market futures as we come into the start of wall street trade. the focus shifting to the major banks which is set to report. we have u.s. producer prices and tesla as well. after that glossy, but detailed light rollout of the cyber van and the robotaxi. right now, the 500, dow and nasdaq called to open modestly higher. right now, the dow up 12 points. back in europe and the stellantis ceo will announce he will step down in 2026 as the

auto giant announced a leadership shuffle which announced the surprise departure of natalie knight. the stock has slummed 40% this year as malaise gripped the auto sector. charlotte is back with us for more on this. charlotte, as we see the stock pulling down 2.3%, it is among the auto loss leaders. give us the story more context. >> the stocks is down 40%. the issues with stellantis and the contract ending at the end of 2024. he announced he would leave with the other changes. he was the ceo of peugot. they had issues in the north america unit because we know they are facing tough competition from those chinese ev makers.

north america with the star brands like jeep, dodge and chrysler and ram is where they make most of the profit. after the pandemic, there was a lot of demand and not enough supply. they tried to respond aggressively to this. they hiked their prices aggressively. it looks like they went too far and too fast and lost a lot of market share in that market in particular. the ceo is blaming marketing issues in the market. certainly, that led to the profit warning and a strong one just last week. they expect negative cash flow between 5 billion euro and 10 billion euro against the positive cash flow previously. potentially responsible for the misled strategy in north america. now the ceo of jeep will be coo of north america. at the moment, there will be other changes, including the cfo. we know the auto industry is facing key challenges at the

moment and the strategy for stellantis leading to the change of the guard. they are talking over the darwinian period. it is interesting at the paris motor show to discuss all of helps is these issues. i'll talk to vincent cobee there on monday. it will be an interesting conversation there. >> thank you. that was charlotte with the double hit on "street signs" today. we appreciate it. zealand pharma is ramping up investment in the obesity drugs. the company says it wants to offer an alternative that can limit some of the side effects. speaking to cnbc.com, the cfo, adam steensberg, gave his outlook on developing the next

generation of weight loss drugs. >> it is really about understanding the next generation molecules not based ons. i believe there is an opportunity to develop as a first line category. it's not the first time in history where the first innovation into the first major area was perhaps not the best. i truly believe we are now going to soon see the movement to other categories and not just being excited about the first generation molecules. >> quite. we will watch the space on that. there has been talk about zealand pharma being an acquisition target. how do you respond to that? >> we have been in discovery for 25 years. we have a clear ambition to continue into the next phase of our life. as a patent, we have a lot to offer and team up for a large

pharma company. it is not out of our plans. our plans is to partner and be successful with a partner. >> karen joins us live now from london with more. karen, he didn't rule it out. >> no, he did not. this is something where there is speculation growing about could have been a partnership in line with zealand pharma. i wanted to touch on the new generation of drugs. zealand pharma has reported positive top line results for the candidate over recent months. one a contender to wegovy and zepbound. there is another one as an analog. the company is pushing ahead saying this is the next phase because it offers a higher quality weight loss with less muscle loss and fewer side effects. without getting technical, it mimics a hormone with the

insulin in the pancreas. it makes a feeling of people feeling full. whereas the original glp-1s, they suppress the appetite originally. this is where adam was telling me is where they differentiate. this being the next big things everyone is talking about. we see the first generation of innovation in the space, but certainly there are ways in which the market is likely to fragment going forward and there will be those players going after different types for those who cannot tolerate the glp-1s. 20% or 30% of users have to come off and not able to use them over the long term which means the weight loss benefits can't persist. >> and this is such a fascinating story, karen. excelle excellent interview, by the way.

this is an area that is in its infancy and perhaps ripe for disruption here. did he give insight on the areas he would like to target? >> he did say it was those who cannot necessarily tolerate the glp-1s corurrently and those concerned about the muscle loss factors. the partnership to enable a wider reach. targeting all of these global markets is a danish firm at the moment is what he is talking about to access what is a huge market. i was speaking to an analyst and the market is likely to be worth $55 billion this year and worth $200 billion by the end of the decade. he was telling me names of the few companies around at the minute that could be in line for a partnership with zealand. we have the likes of amgen and roche and pfizer. these are other players who have been looking into the huge o

obesity market and looking for a company doing substantial innovation in this area. >> really, really interesting. karen, thank you for the update. for more on this, check out karen's article at cnbc.com. up next on the show, we are going to look ahead to key earnings reports from jpmorgan d wells fargo as earnings season kicks off. more on what to expect after the break.

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welcome back. the wall street banks set to kickoff the earnings season. jpmorgan and wells fargo reporting later today with goldman sachs and morgan stanley and bank of america all following early next week. earnings are seen falling at both jpmorgan and wells fargo with jpmorgan expected to see a double digit decline on the year. that expected decline is, of course, being driven by concerns of net interest income which has fallen in recent quarters in

competition for saving deposdep. more growth is expected this quarter with investors closely watching any guidance for what lower fed rates could mean for the sector as well. filipo is here with us. welcome to the program. as we come into the u.s. open, all eyes are the bank earnings. what should we look out for in the net interest income margin impression and what do you expect the tone to be on the earnings calls, particularly after the most recent fed move. >> hi, dan. that's what we see a lot of caution from the management team and to be fair, some of the management team with the investment bank of jpmorgan and chief executive at goldman sachs are putting a bit of water on the expectations from the fed that the street got ahead of itself especially in terms of 2025. i think is the undertone on the

earnings. they will, of course, call for caution because we have a big u.s. election coming up and, of course, we know there are f fighting in the middle east and the ukraine and russia situation. i think we expect a note of caution, but at the same time, we need to remember those banks are set to close on pretty strong numbers this quarter and next quarter. >> okay. so, just on that and i know it is a simple question, but perhaps the most important. what will the fed cut mean for net interest margins for this group moving forward? >> yes, typically, you would expect when the fed cuts rates, it's less good for the banks than the fed high credit. the assets of the banks, think of jpmorgan and wells fargo with

the higher sensitivity. let's remember jp was the larger nationwide franchise so they pay less to deposits than the regional banks. the benefit they get from lower rates in terms of cost, it is morethan value than the gain of the assets yield. you would expect the natural decline. at the same time, banks like jpmorgan are very diversified. they don't have the commercial banks, but investment banks and they have the asset management. let's remember jp is almost $4 trillion asset management. they have a solution they can offer to clients in order to make up for the loss on the -- not the loss that they are earnings less on the net interest income. >> and filippo, looking at other

trends we see in the space, it has been a broad market. do you think the recovery in investment banking, for example, is enough to offset other troubled areas like commercial lending, for example? >> yes, that's a very good point. we saw and observed that the fed stopped last year would put a break on animal spirits. now the expectation is there is a pipeline building up in corporate finance mandates which will be power again if the fed does continue cutting rates. especially this is the key question if the fed managed to achieve a soft landing so the economy keeps growing, 2% to 2.5%, then there is a possibility this will be unleashed and banks like jp and

morgan stanley, we will capitalize on the animal spirits and maybe resurrect the ipo market which has been doppler radar medorment in the last few years. >> a look ahead for what investors would price ahead in the space. speaking of general sentiment with the banking sector, what's your view and any regulatory changes on the horizon that could impact bank earnings or other sentiment moving forward? we know we are moving into the critical election in the united states in november. do you see changes as a result? >> this is quite a critical election coming up. both candidates seem neck-to-neck. the fed has been focused on the basel rule. that means the banks would have to accrue more capital and also

there is some impact for example on the financial portfolio. it would be interesting with jamie dimon would be able to push back on those capital rules and whether the possibility of lobbying in washington, d.c. and they manage to water it down. that is depend on the c competition. historically, democrats are lenient on the banking sector. also, you alluded to it, dan, earlier on, there has been some interest in m&a. a 15% in one of the largest super regions in america. it would be interesting with a new congress with more m&a. that depends on the composition

on the congress. with the republicans, perhaps more favorable to m&a. democrats be more critical on m&a and concerned about antitrust issues. >> very, very interesting. i guess we'll find out in less than 30 days' time. filippo, i appreciate the conversation. that's the head of financial for credit in federated hermes. before the opening bell, we will hear from larry fink at 13:30 london time. vice president kamala harris and donald trump are back on the campaign trail as they aim to win over key voters with three weeks to go until election day. we have nbc's alice barr with

the latest. alice, walk us through how the candidates respond to the hurricanes and as the election day draws closer. >> reporter: dan, it's tricky. they need to be out on the campaign trail because it is closer to election day and it is a crisis for so many people in the country. they have to be sensitive to that as they are getting back out there. you can understand why this is such a critical issue for the election. there are so many storm victims from both hurricanes milton and helene now in desperate need of help. the response they get from the federal government could have a big impact in how they plan to voteless less than a month from election day. a lot of folks are in georgia and north carolina, which are very important battleground states, states, setting aside the human toll. vice president kamala harris is

trying to demonstrate that the administration has a handle on this crisis response noting there are thousands of federal workers joining state and local officials. we heard from the head of the department of homeland security saying every available resource is deployed as quickly as possible and be there until the work is done. but the political fallout is growing with former president trump in michigan yesterday continuing to slam the biden administration's response to the last wave of destruction from hurricane helene. he's been very critical says the federal government is not doing what it needs to do. particularly to get to people in the more remote areas and rural areas and he has been making accusations that the administration is falling down in their duties there. vice president kamala harris is pushing back saying she has been speaking with state and local officials, both democrat and republican, to let them know the federal government is with them at every step of the way. she spoke in arizona where early

voting is starting and former president barack obama was on the campaign trail for kamala harris. the candidates are each fighting to show they are the right leader in a moment of crisis. dan. >> indeed. what also has been interesting, alice, we have seen both candidates really trying to target their own bases here in the recent appearances. in particular kamala harris, on "60 minutes." a and "the view." what's likely to happen next in the poll in the recent comments from both candidates? >> reporter: right. so vice president harris has been speaking about reproductive rights and hammering the message. if you look at the advertising out there in the senate races, democrats are leaning heavily

into that issue. i think as time before the election shrinks, the messaging narrows and the candidates are trying to reach the people they think are persuadable and handle the issues that will drive that home. interestingly, former president trump is headed to colorado and to california over the next couple days. certainly traditionally blue states. overall, you will see them in pennsylvania, michigan, wisconsin, georgia, north carolina. the battleground states. making forays as they scrape for every voter. >> indeed. alice, we will leave it there. thanks for joining us. that's alice barr. before we go, let's get you the update on the trading day here. markets now firmly flipping negative. the ftse down .22. the ftse mib in negative t

territory. here is how u.s. futures are looking right now. stay with us. "worldwide exchange" is up next.

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