associated with that crime. it's been a long ordeal for you? mmm hmm. i want to remember karen as a brilliant beautiful young woman she was. interviewer: maybe the smiling person, someone who loved her friends, loved the beach, and died too young. that's all for this edition of "dateline." i'm craig melvin. thank you for watching. [theme music playing]

how about we do this for an hour. welcome to "street signs." my name is arabile gumede. these are your headlines then. the luxury giant posts its first quarterly sales post since the pandemic dragging down its european peers. the adidas outlook for the third time this year, sales are expected to grow 10%. that's amid a demand for its retro trainers. >> and in the chip shocks, asml compounding holdings after the company slashed its sales outlook in what was a premature earnings release, raising fears of a weekly demand for nonami chips. the bank of england all but

certain to cut rates next month, urging the ftse to perform away from sterling. what better way to start the show off than some big single stock movers. to kick off the show, clie na weakness, clearly the big sentiment at play here with big declines in the luxury as well as semiconductor sectors, with the u.s. being a source of concern for auto heavyweights like stellantis. i mean, just look at the big moves there. 4% down for lvmh right now with asml holdings 4% weaker. plus adidas on the other side saying actually things are looking better for it, but still down 3.5%. it could be the fact that some of its operating costs have managed to climb around 5%. that's a key concern. we'll touch a little bit on that later.

sales at french luxury giant lvmh climbed 3% in the third quarter, missing estimates of the group of what is a wider pullback in spending in china. you can see the stocks now, that stock price going down more than 4%. again, that china story. so much so, in fact, that the chief financial officer is speaking about consumer confidence in mainland china reaching covid-era levels of being low. charlotte joining us for this story. it's a bad news story all around, it seems. >> well it is certainly the missed expectations of lvmh, sometimes the bellwether of it. sometimes they've been more resill yanltd than other luxury groups, not suffering the swings brands suffer. so the 5.5 results wasn't what was expected. all these luxury stocks trading in the red this morning. of course, we've seen some

weakness in the u.s. and europe compared to the second quarter. of course, all eyes are on china, asia and japan, again, sales down 16% in the third quarter. so worse than the second quarter when it was down 14%. here again the company seeing the downturn in china is cyclical, that the stimulus measures show the authorities taking the issues seriously. they're not sure things are going to get better any time soon. they don't give any outlook, but during the golden week, they didn't see any change in consumption from the chinese consumers there. looking at different conditions, fashion and leather are giving a gain. the stock was the worst performance since q22020. that's when the lockdowns were happening across the world there. wipe and spirits down 7%. watches and jewelry down 4%. they said they continue to renovate some of the tiffany retail locations and they're working quite aggressively on

that front. one bright spot was sephora. they seem to have a lot of success. you think that some of the inspirational buyers are going up, switching to beauty, potentially benefiting sephora. again, i asked them yesterday about introducing more affordable products, to build a bridge. a lot of luxury brands have put their prices up very aggressively post pandemic and they say it would be a mistake. they're not changing the strategy. they think demand will come back in china. the stimulus could be a tailwind essentially. they're sticking to this strategy, and they're hoping and waiting when demand might come back. certainly lvmh posting worse than expected posts. the slowdown in luxury wasn't expected. >> we see lvmh as the weakest among the quality names, they

say. i thought this was the bellwether. is this really symptomatic to try to show ultimately the weakness itself is deeper than some had thought because there were maybe some areas that were managing to stick higher. fashion and leather goods, of course, have fallen 5%. is there something at play within lvmh, or is this a key? >> we've seen the luxury players, catering to the higher end of luxury, are doing better. you see that. bernstein is saying demand will return at some point, and the shares may have gone down 20% this year for lvmh. this could be the time to buy the stock because maybe there will be more values. but you have low interest rates in the u.s. and europe. the nonexpensive stock trending lower, it could be the time. we see also within the stretch of lvmh new creative directors

coming on board. the new leader bringing his children begrudgingly. there's renewal within the group happening as well. you think once all the stars align, maybe there could be a peak when things pick up. >> charlotte, thank you so much. welcome back from the paris motor show as well then. of course, charlotte is joining us on that lvmh story. let's stay with retail, specifically this time opt sports wear. adidas has raised its guidance for the third time this year. it's come off better than expected in the third quarter boosted by its retro sales. they're seeing their growth growing by 10%. their profit hitting 1.2 billion euros. annette joins us. nike on one hand is trying to find innovation and growth here, annette, while on this side you have adidas making up a little

bit. shares still down 3.5%. what's going on? >> it's interesting, right, but i think it's a lot of profit-taking taking place right now because, listen, the shares only this year have increased by more than 30%, and ever since golden took over as ceo, they almost doubled in value more. so i guess there's a lot of expectation in the stocks. so what differentiates them is the addition product range, of course, because they more or less do bank on the retrtro mod. it's working very well. for example, last year they increased the production of

those two sneakers and they could actually sell them all. nike at the same time is not using the retail sneakers and they have the retail strategy. here comes the second advantage from adidas. they have rediscovered independent retailers, which they also neglected and didn't work very well. so, yes, to sum it up, it's the products, which are more popular, but it's also their save strategy through independent retailer, ws, which working a lot better, which brings them in a very comfortable position and also be very confident about the future. on top of that is their focus on the united states. here, the basketball space, which, again, is very popular in the states. they just opened an office in l.a., which gives them more of the market presence, i would

say, in the space. so all in all the shares seem to pay off and they don't show positively because they've had a huge run already. >> 5% we've seen already across one year. ann annette, thank you so much for that coverage on adidas. on to the auto sectors, stellantis fell 20%. it also comes just a day after the ceo warned that ev delays could pose a trap in the industry, bringing higher costs. here's another interesting one then. how much of this has ramifications across this industry? asml notching its worst day since 1998. that's after its earned release saw the stock plunge more than

15%. the chipmaker published their result as day early by mistake, reporting net books of 2.6 euros in the third quarter. it was less than half of what analysts had expected, but also slashed the top end of its guidance range for next year by $5 billion to $35 billion. another quick check-in on this market then, particularly across europe then because we're actually seeing a you up turner of the. yesterday we had also seen markets continue on what was their biggest one-day drop over two weeks, so it was a significant downturn. a lot of it on the back of asml's biggest date. it's trimging its 2025 sales forecast as we've just been noting there. so it did weigh things down quite considerably on that front, on the european markets front. there's one market that is out of step with a lot of the others, and that's the ftse 100 going up to, what is it, two-thirds of a percent there as

it were right now then, seeing some gains, of course, out of the uk. we saw the cpi come out. we'll unpack that for you in just a bit. there are questions around the basic resources. the dax yesterday actually hit a record-high in the session before closing down in the session. today the dax is down nearly 0.2% of it. the stocks are down 8.8% year to date. when you compare that stateside, double digit uptick on that front. let's get into your sectors here as well. you'll see on the upside, oil and gas stocks are managing to climb two-thirds. they're inching a little bit higher today. some uncertainty stilled a play with regard to what happens next in the middle east, israel s saying that they will not strike them. that puts demand questions as well back on the table overall when it comes to oil.

retail stocks are up two-thirds of a percent of basic resources. there's your uptick on half a percent, aiding the ftse 100. sector losses, though, also on the downside. let's take a look. household goods is off the backs of lvmh, of course, giving clee signs of weakness. it's the first time that core fashion and leather goods dropping then since 2020. that was a downturn of 5% for that stock. it tells you how down that is. technology stocks on the back of asml's decline yesterday, which continues today. so that is anticipated to be another one. food and beverages is high. food and health care also joining in the losses. here's that uk story i told you about. dipping below for the first time in more than three years. the drop, which was larger than expected, and well down in

august, 2.2%, actually attributed in part to lower airfares as well as other prices. the bankrate's next meeting is set in november, and the anticipation is for a cut there. nate joins us in studio to unpack a little bit more of the global central markets as well. thanks for the time. really appreciate ichlt all the way from boston. >> great to be here. >> lucky to have you. let's get to where we underestimated this market. i'll start stateside. that kept on going. two years of a bull market. 46-year highs for the s&p 500, and it seems like they are expected to keep going. >> we do expect the leadership of the u.s. to be strong. even for this quarter, we're expecting earnings expectations, which have come down quite a bit, around 3%, 4-ish percent.

so we're looking at a pretty healthy earnings environment for the broader indices for the united states relative to what you see in other parts of the world. at the same time, that's not doomsday that you can't find opportunities outside of the united states, but we still think there's a pretty healthy index profile when it comes to u.s. stocks that will likely continue to some leadership. >> is leadership still going to stay within deck, or does that spread out to a lot more? >> this is one area where we think it's time to start recycling some of your techs in the tech center. i'm not saying to go under weight. but most of our clients have wins on table when it comes to tech. taking some dollars and redeploying them to other areas such as health care, which looks pretty cheap. expected earnings look a lot better than they have been. we also see some opportunities in financials as well. so there is a broadening, and we're seeing more participation in the u.s. and we also like the small cap market more as well for similar reasons. expectations for earnings are

now on par with large cap looking forward in the next 12 months relative to what we've seen in the last 12 months. now, there's always the risk they don't deliver, but generally speaking, we're seeing an environment where there's a broader expectations. >> truly there's a risk with the smaller caps not delivering and the mega caps delivering, especially when you take a look already just the bank earnings, which have already run about the water out as well. >> exactly. look at the small caps. there are some tailwinds coming in as well. the cutting cycle is a beneficiary for small cap stocks because a lot of these companies are much more reliant on getting loans, interest rates that are coming down now. so it would be a better profile for them. also a lot of them are more linked to the domestic economy in the united states, which is holding up than the rest of the world as well. we are expecting some weakness relative to the higher gdp numbers we're witnessing, but we're not expecting an outright recession in the united states.

where we are seeing it in the other parts of the world. >> exactly. if we talk about the other parts of the world, it's not as if you can't find positives or areas in which you can find some areas of growth outside of the u.s. when might that be, do you think? one says all because china that has put in growth stimulus, that's enough. valuations are always low in europe. where do you look? >> we like japan. japan has worked a decent amount over the last couple of years. it's had a bit of a setback over the last quarter or so partly because of the yen moves we see. we still think the normalization and monetary policy is ultimately a good thing, not a bad thing. furthermore we think the global supply chain benefits japan and wily are pretty decent companies in japan. they're becoming more shareholder friendly. they'll never be as profitable as u.s. stocks, but the trend of

them improving is still a tail wipd for the stocks. on the china side, though, that's a bit more of a question mark for us. we think there's a tactical opportunity, but we're skeptical that the stimulus we've seen, one, it isn't enough, but, two, i don't think it changes the secular view on china where there are still struggles with the economy. >> why is it not enough? one may say they may not have put out a massive bazooka, what the market may want, but they have taken beneficial steps. ultimately you're not changing things haphazardly, or is it the fact that some are still focused on the short term and not necessarily on longer terms, you know, helpers of this market? >> so far the stimulus hasn't been blapsed enough in our view. it's been more focused on the supply chain side of it. it's not really helped ing supply chain side of it. it's not really helped the

demand side. i'm not saying cut checks to all consumers, but that is one solution. you look at the barbell of the drivers in china. you have some positive news on the side there is support coming in for the property market -- still not enough. but we're not seeing a lot of support for consumer-demand-drivenen things and service items we. >> drn we need /* /* -- ex- so far what we've seen is mostly sentiment driven, not fundamentally driven. >> you've given very little across europe. come on. there must be something you like across these markets. >> it's not bad. as you noted, there is some pretty cheap valuations. the problem is there is not a real catalyst to get people excited about europe. you look at global investors, and i always say this. global investors only have a mind-set to focus on one or two things at a time.

europe never seems to get on the top of the list. >> push some stimulus in there. pump in some more money. >> i think throughout europe we're in the kidding cycle as well. that's a positive. we've seen good data on cpi coming down from an inflation perspective in uk. we're not going to see the same level of growth that we see in other geographies around the world. >> miga comes to mind. thanks for the time. thanks so much for joining us. please come around again. it would be great to have you in studio. now, coming up on the show, oil and gas prices steady after hitting monthly lows among weaker demands and uncertainty ren atexiddle east . mo oth nt.

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take back control with lipo flavonoid. well, the u.s. has warned israel assistance may be restricted if the humanitarian

situation in the gaza strip does not improve within 30 days. washington continues to assess what is directly or even indirectly hindering the transport of u.s. humanitarian aid into gaza with two about u.s. officials telling nbc news that ministerial financing could be halted if they find that is the case. oil is continuing with uncertainty in the middle east. opec as well as the iea have both cut costs for global growth amid weaker demand from china. let let's unpack the oil market now. aldo, thank you so much for the time. i appreciate it. we saw that 5% yesterday in that oil market.

was the market just assuming israel won't hit an oil or nuclear facility and it probably won't in the future? was that the case, or was there something else at play? >> look, i think it's partially that in that if you start assuming there's no real energy infrastructure hit or nuclear plant, there's not much worry about oil supplies in the near term because the oil impact physically sits in iran. so that kind of makes sense. i would argue there's still a few dollars to go. if this is really a deis qala toye cycle and let's say we're not going to see much of an impact further on, i think we could go to the low 70s we saw before. >> you say low 70s. we're at just about $70 for wti. 74 for brent crude or something there. so you're saying early 70s for brent crude or around 70, 71?

>> yeah. the way i look at it, when this conflict started to escalate recently, we were at that level, 70, 71, 69. the risk as i look at it goes up to about $10. we saw it in april and today as well. every other aspect of the market is probably bearish, chinese stimulant wasn't great. we have the demand orries. oil demand forecasts are going to get down, and people think it's going to be a pretty significant glut in 2025. >> i wonder about that demand story. i say this because, now, you've had these stimulus measures being put forth in china that are aimed not necessarily at consumers but by spending and it could be weighed by auxiliary measures and the like as well. does that really push down demand in china in a market that is obviously very important for oil? >> the problem is it doesn't push it up.

the problem is data so far for china, the oil specifically, has been quite weak. it's been on a significant downturn. it's been negative. it might go down. i think the assessment so far is of the several packages there's clearly an intention to do something, but on the oil side of things, i think you need to see more consumer spending, and we really need to get through the property slump. so if anything, it's probably a bit of a later uptick. and right now i don't think the market is pricing all that much of an upside. i think it's a way to see it. >> that's the downside. let's talk about the upside. citi had a bull case. but that was due to supply chain issues, growing conflict in the far east. is that sentiment too farfetched, hitting 100 for that matter, considering where we are now? >> in my mind, there's only one

scenario. it can happen, let's put it at that. you really need to see significant con strapts of oil flows. if that happens because there's so much oil just passing through a daily basis there, if you get a significant constraint there, what could happen, asia could be short. a lot of the oil voyages go to asia. they would need basin cargoes and prices go up. in the higher case, i would go to about 120, but i need to really assume a pretty significant long-lasting issue through the stra strait. i don't think any player has quite the incentive to put it that much. >> what about the markets. we talk about the russia pipeline. what is pushing that price is it actually going a lot higher, or is it pretty much anticipated to remain where it is? >> yeah, it's interesting.

it's kind of high for this time of year. basically the uplift has been the middle east in that i think russia and ukraine has been relatively stable and there's probably not much of a premium there. what i find interesting again looking at the middle east, as i said, is the supply risk and oil is further out. that's really iranian export. israel is a pretty significant supplier. they produce almost 25 bcm a year. i don't need much of an escalation or much lower escalation than oil to see supplies in gas markets being constrained, again, the volumes are not mind-bogglingly high. russia is about 115 bcm. these are higher. these will have an upside to the market, and i think partially what's being priced in right now

with the etf staying relatively strong. >> very interesting. aldo, appreciate the time. thank you so much for joining us in studio. he's the senior commodities desk strategy at bpn paribas markets 360. coming up on the show, georgia seeing a record day of early voting as candidates ramp up campaigning with weeks to go. we'll have the latest on the presidential race. it's coming up after this. stay tuned. energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at walmart and drinkcirkul.com.

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welcome to streets signs. i'm arabile gumede, and these are your headlines. lvmh posted its qwirst quarterly sales since the pandemic and look here. it's dragging down some of its other european peers. >> adidas with its sales not only growing 10% but a lot of demand for its retro trainers.

and asml shares sunk, compounding losses into a second day after the company slashes its sales outlook in what was a premature earnings release, raising fears of weakening demand for non-iai-related chip. stellantis sees shipments singing in the third quarter, driven by a 60% slump in north america. a quick check-in on the market picture. just yesterday one must note we did see a relative big drop on the european shares that posted the biggest one-day drop in over two weeks in yesterday's numbers, asml being a big key component of the drop. the shares went down 15%, was it. the biggest drop since 1998,

june, in fact, trimming its overall sales forecasts. overall tech stocks were strong, 6.5% weaker. the biggest drop since 2020. a significant downturn there. a quick check on forces. a decline across europe outside of the ftse 100. they're two-thirds of a percent higher, basic resources managing to finding some gains so far this morning. let's remember out of the uk, we got that inflation print, 1.7 is the number there. below the 2% target there by the bank of england. of course, the market looked for a 1.9% figure there, also a drawdown from the 2.2% figure we saw in the previous month. the inflation falling a little bit faster than the bop had indicated. let's remember that the dow and the s&p 500 both slipped from their recent records in yesterday's session. nasdaq had the biggest fall of 1%, the tech shares taking a bit

of a hit. let's get into politics now. donald trump held a campaign rally in georgia late on tuesday. as both presidential candidates ramped up their campaigns in key battleground states. officials in georgia say more than 300,000 people cast ballots in person and by mail in the first day of early voting in the state. more than double the previous record set four years ago. nbc new's alice barr joins us now for more from washington. this race is certainly heating up. a couple of weeks to go. things are beginning to shape up here, alice. >> arabile, we're in the last stretch here, and with early voting getting underway in battleground georgia, that day one offered a real snapshot of how eager voters are to have their say. as you know, there's a record-setting more than 300,000 early voters who waited in long lines according to election

officials in that state to have their vote counted. that lines up with a new nbc news poll that finds a little more than half of the americans plan to vote early. that's up 41% of those who planned to vote early back in 2016. former president trump in the past has railed against early and mail-in voting, but he's now urging his supporters to cast their ballots as soon as they can. he said that at his rally in georgia yesterday. at that rally he addressed black and hispanic voters. he argued that those who vote for kamala harris should have their heads examined. vice president harris was at a radio show in detroit hosted by chscharlemagne the god. hers include tapping into ambitions and aspirations to help the black community build intergenerational wealth and

polls have shown there's been a shift toward president trump. the vice president has been stepping up her outreach to those communities as a result. the vice president will be campaigning in pennsylvania today, and her interview with bret baier of fox news will be hosting on that network tonight. that's her first formal interview with the network. former president trump is expected to appear on fox at a taped town hall with all women voters and he's set for a separate town hall with univision tonight. arabile? >> thanks for that. for where the road leads ahead, we're joined now by our guest to get into the weeds of this election race and where to/from here. jan, thanks so much for the time. let's talk about the forecast. the win is difficult to call, no matter what. i think even if you were trying to call it four years ago, maybe the four year before that, you

might have had an easier chance. eight years ago is a little bit tough as well. but now it looks tougher than before. >> yes, it's a real coin toss in the presidential election for sure, and it's going to be a thriller when we look at the congress as well. the house of representatives and the senate will be crucial to what type of policy these two presidential candidates can pull through in the end. >> what is it that people are interested more in? is it really policy? is it more the characters? because it feels a lot like before this, especially up until this moment, characters were a big part and a subplot of this election. >> so i'm sure there's a mix here because we have to remember that in the u.s., there's also some mistrust in the establishment figures in washington. it boils down to factors closer to home for americans. what is the labor market situation like, what is their

wallet situation like? am i better off than i was four years ago? will i feel that i can give the incumbent party another four years in the white house or do i feel it's time for a change? so that's also an important bit here. >> one might say that despite trump's health -- and i say health in terms of just regulatory wins, what people think he would do for the market in terms of how good he might be in handling the economy. he still hasn't had a massive lead here. let's talk about exactly the weeds of this and what exactly the summary ultimately says then. >> yeah. so starting off, when kamala harris came in, trump had the upper hand in terms of the people's opinion on who can handle the economy better. but actually kamala harris has been closing the gap a little bit. so trump is not in such a big lead in that area no more, and

it gets even more complicated when we start looking at the national polls, who do people favor. the state-by-state polls, the county-by-county polls, and also looking at bookmakers' odds. it's a close election between these two candidates. betting recently has started to shift in favor of donald trump. yesterday we had yesterday in the "financial times" an article showing that a court order last week has opened up for more betting from institutional players. so coming in with really massive amounts of money, and they can use this as head shaming in their business. >> let's talk about the policy agendas we just spoke about, but a little more on economic policy as well. is it the case that because you could have a house and senate split, not much really moves

when it comes to policy despite the wins? >> yeah, that's correct. and i think that has been the reason for many forecasters like us to have a base case where you have somewhat bigger deficits, somewhat higher gdp growth, higher inflation, higher interest rates, and a slightly stronger dollar. that has been the standard base case here. what it's starting to show is that on the one hand as trump reinforced yesterday in an interview, he is looking to push up tariffs. it's not only being a part of our upcoming bargain rounds with trade partners. this is something he thinks is good for the economy. and that could be quite disruptive. and the second thing is that the likelihood of a red sweep as it's called that the republicans win all three elections and have a dominant power, that likely has increased recently.

>> so a stalemate ultimately comes to the forehere and is the base case, i suppose, for a lot of this. what does that do for economic growth though for, you know, the u.s. because right now it feels as though it moves along a lot more because of the central bank than it does just purely because of the state, even though the state, of course, is still putting forward a lot of spending, which has also aided growth as well. >> yes. so expansionary fiscal policy, again, despite the big year deficits and experts saying that these finances are unsustainable in the long term, but so from kamala harris, her spending efforts and also extending some temporary tax cuts, that would be a boost to gdp. donald trump has said he will go even further and extend all of the tax cuts and cut taxes even more, so in the short term, these are from both -- both candidates, a boost to gdp.

but the problem is that tariffs, if they are being ramped up over the next one or two year, that will cause disruption and economic experts' consensus is that that will hurt growth and drive up inflation. a stagnationary e effect comingp in the next four years. >> no matter who's in power as well. that will be interesting. thanks so much for the time. really, really appreciate it. thanks so much for joining us in the studio. >> a pleasure to come here. >> he's the head of forecasting. now, goldman sachs shares posted flat despite posting a beat on both the top and bottom lines. profits surging at 4% to 5% up to $3 billion thanks to trading revenue. on the other side we had citigroup net profit for 9% in the third quarter, coming in

ahead of expectations. but those shares did fall amid concerns over consumer credit with the lender setting aside more money to offset potential losses from credit card loan defaults. we also had earnings out of bank of america because they posted a top and bottom line beat for the 24ird quarter. revenue rose just 1% on the year, strength in its trading division and banking fees offset decline in net interest. ceo brian moynihan says he expects positivity from net income going forward. >> we feel good about the market business, but the key to the quarter is also what we're seeing on the net income. we call it the bottom in the second quarter, about three or four quarters ago. it turns out to have been a bomb. we've seen it grow. next quarter we say 14.3. a company that gets 55% of its revenue from that area, and it's

all pure profit as it improves, that's a good sign for our company. >> now, wall street banks have largely surpassed expectations this quarter with wells fargo perhaps being the only lender to be posting lower than analysts had forecasted. just to remember that then as we head toward the remainder of this earnings specter, if earnings are managing to move higher than anticipated already, that expectation of earnings being around that 4% mark, maybe that is an undershoot from this market. it had also boosted hopes that the u.s. is heading for a soft landing. that certainly has been the question mark. now, morgan stanley is the next big u.s. lender to report earnings. that's anticipated out today. don't miss our colleague's conversation with the ceo ted pick. that's coming up at 3:00 p.m. learn time. now, coming up on the show, china's housing minister is expected to unveil further measures to temper the embattled property sector. that conversation will happen

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expected to announce further measures aimed at propping up the country's property sector on thursday. it comes days after beijing pledged special bonds to governments, to offer homes. it's done little to boost the broader china market, but it's given a chance to the csi as well as the hong kong indices, managing to move up a 5% of the real estate market and the mainland market for the hang seng index, 3.4% to the good.

sam sam posted this. >> markets look ahead to a briefing by china's housing ministry tomorrow. the real estate industry jumping 4.5% as investors hope to get more signals. it comes ahead of the release of q3 gdp and economic data on friday as well as the new home prices, which have been nine-year lows. policy makers sound intend in putting a floor on the housing market saying the most recent unusual meeting, they want to stop the downward trend. the ministry of finance followed up saying they'll use fiscal bonds and tax policy to help the sector, including snapping up unused land and housing inventory. the ministry will be joined by others who already briefed the market on fiscal policy in

recent weeks, although, the markets have still been guessing on the size and timing of the latter. there are expectations a more detailed stimulus figure may come out after the mpc standing committee meeting at the end of the month, but with no concrete number for investor os to hang their hats on as they follow the so-called trail of bread crumbs from officials, straft gists say the volatility in markets is likely to continue into early november, particularly as we get closer to the u.s. election. in singapore, sam vadas, cnbc news. asml is recording its worst day since 199 8 on the back of a premature earnings release. the chipmaker posted earnings a day early by mistake, posting 14.2 billion euros, less than half of what the analysts had

expected. again, half of what analysts had expect. it slashed the top end of its guide' range for the next year by $5 billion to $35 billion. so you saw a drawdown in asml's share price. even today, asml going down. today, another 5% on the back of that as well. it's also cranked down a few of the european clipmhipmakers. on the other side of the atlantic, you had the u.s. chipmakers as well. those manage odd the find a bit of negative territory as well in some parts, but you've seen nvidia up. intel, 10% higher. the likes of qualcomm, broadcom, that's where a bit of the weakness was. i think it's interesting to get to this point here to unpack this a little bit. asml slashing its forecast for

2025, ultimately not giving the market what it wanted. let's remember asml is basically the chip supplier, for chipmakers like tmc, samsung. so it's not necessarily the ai trend we're talking about mainly. we're talking about the more household good items that are being made with regard to this. so during the pandemic, what you saw was the heavy investment in the likes of asml, as they needed to make the chips that kept on being bought during the pandemic, which means they invested in the giga factories as well. the chip factories had greater investment. now there might be an overcapacity, so much so that the analysts look at the rate at 81% for asml. that's not even high enough to justify more machinery purchases. so if you don't have the act to get machinery purchases back

into this play, only 81% of the factory really being used in terms of utilization, it does mean there's a worry about whether this dip in these purchases is scyclical or is actually a long-term trend and people are not buying that equipment again. how often do you get to buy those equipments all over again? on the other side, of course, you do have the a.i. chips which are managing to find some gains. the likes of nvidia, which still make those shares -- those chips for the market, those gpus as they were. the likes of nvidia, managing to find gains because the markets are slightly different when it comes to this. asml is one to really look at. one asks themselves if this is a clear trend. well, analysts are saying it suggests that for the forward-thinking investors, there might be silver linings on the horizon, because this soft

patch could be temporary because of an anticipated ai growth later don the line. this could change later on around. i thought it would be very interesting to look at that because it's a slightly different context for asml versus o'chipmakers in this space. let's finally give you another look at the european markets then. we spoke about the ftse 100, the market out of the uk managing to find gains off of the backs of resources, managing to move higher overall then. you had the cpi print at 1.7% for the uk as well. much better that p the market had anticipated. definitely a sigh of relief that we've heard from the bank of england with regard to that figure. the cac 40 is also down two thirds of a percent because of the luxury makers. let's unpack those luxury makers. here they are. lvmh, 4% weaker. christian dior down. taking a hit in today's market.

all right. stateside, we're going to head to. that a bit of a mixed open is what we're anticipated to see on that side of things. still earnings season. we'll get into a whole lot of those weeds for you moowtorr across this show and across the channel. do stay tuned to cnbc. my name is arabile gumede. "worldwide exchange" is next. the fuel you need to take flight. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul is your gateway back home. so what is cirkul? it's your water, your way. cirkul, available at walmart and drinkcirkul.com. ealthy.

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national prescription drug take back day, saturday, october 26th. to find a collection site near you, visit deatakeback.com. that's deatakeback.com. it is 5:00 a.m. here at cnbc global