and for more great stories about work, money, and successful living, scan this qr code and head over to cnbcmakeit.com. i'm ashton jackson, and we'll see you next time for more "millennial money." ♪ it's going to be a quiet week if you are not interested in politics. huge, huge week for the markets. we are opening here in europe and we're opening mildly in positive territory the data front is enormous culminating on data including jolts and payroll and gdp advanced estimate.

in terms of the corporates s&p and stoxx 600 companies. one of the biggest uk budgets in the quarter of a san fernando t century. something on every front for all of you out there let's look at which sectors are in positive territory at the start of trading and travel and leisure circle 1% higher that is interesting. autos gaining a similar margin banks up .7% construction and materials also making some heady gains. oil and gas stocks, of course, oil and gas stocks thank goodness, according to the geopolitical experts, there is less exacerbation and violence after the violence in tehran than there could have been they are hoping because they avoided the nuclear facilities and oil facilities, that

actually means less exacerbations of tensions. that aside, health care on the flat line and food and beverage in positive territory. german market not open yet it takes time for that to come through. the cac 40 ignoring the downgrade and ftse mib up 0.1% or 0.5% as well. no print on the dax. other bourses look like this on the smi, unchanged. .6% higher for the ibex. the lisbon exchange up .3% talking about lisbon's finest, let's get to silvia. >> thank you, steve. i want to dig deeper into the stock gainers and losers this morning. as you mentioned, it is a very heavy week with earnings and

economic data. we are getting to see a different -- hear from different companies at this stage. let's look at philips. third quarter revenue dropped to 4.4 billion euro after the health company lowered the full-year outlook citing weaker chinese demand looking at the shares, they're not trading at this stage. we are still waiting to see what is that number, but likely, there could be some further pressure here's. i want to show you the comment from the ceo roy jacobs, he still has faith in the country's economy. >> our faith is it will stable e 00 in the second half. we saw a deterioration that is especially on the consumer side where things also can evolve quickly once you see the demand remains low and

people adjust to the new reality. it actually can come back in a quick time the visibility at this point in sometime is low. while we believe china fundamentally remains an attractive growth market for us, so it is a matter when that comes back, not if it comes back in terms of other early movers, we are looking at volkswagen shares are up 1.1% this is after the company reportedly decided to weigh a series of cost cutting measures as part of the ongoing talks with union representatives, including 10% wage cuts, a freeze on salaries and cap on bonuses as well. that's according to the german business daily which handles the report the carmaker is looking to save 4 billion euro i want to take you to other asset classes looking at oil prices this morning. we are monitoring what is

happening in the middle east the iranian president says t tehran does not seek war, but will decide on strikes in the military country on saturday the idf hit aerial defense systems and manufacturing facilities, but avoided oil and nuclear facilities this is the important detail here president biden said he hoped the strikes would be the last direct fire between tehran and tel aviv we are seeing oil prices moving lower off the back of the issues in the middle east when you think of the oil stocks this morning, bp is down 2%. shell also is roughly down 2%. so, we are seeing a bit of pressure here in some of those oil companies, steve >> thank you very much, indeed i really want to know what

philips opens like i thought it was quite stark, the speed in which the things china got worse. also where, but no print yet on ph philips. let's get to david groman at citi first time with us good to see you. >> thank you >> let's see if you enjoy it in five minutes' time i've got your notes. actually, you as a house and strategist are asking brilliant questions. i can't improve on that. let me just ask you, this is a very, very difficult environment for equities is the current discount that europe is trading compared to the united states justified? >> it's difficult. i think in our view, probably not the extent where we are now. europe tends to trade at a 15% discount to the u.s. historically we are at a 35% to 45% >> 15 historically and now 40?

>> of course, europe doesn't have the growth that the u.s. does that's why it trades at a discount it is the growth parts of the market that trade at a discount. i think it is difficult, obviously, we have been in a macro environment with low rates that made it difficult for european companies to earn at the same level as u.s. peers, but going forward, it is possible to envision the environment better for the european companies. >> i understand, to a certainly extent, david, europe traded at a discount as you explained to me over the years. i don't understand why big, international tncs, trans national corporations, trade in the same markets as the juu.s. the global markets why they trade at such a discount when they are all the same companies >> there are not as many

inflows. so the money that's coming in is when investors decide to put money into global equity funds that decision is what really matters for europe >> i had a fascinating interview at the start of the show with roy jacobs the boss at philips. to recap to viewers, in the second quarter in the july numbers when i spoke to him, it had a 2% growth rate because of china, they had a negative 2% in the third quarter. for me, even though they are looking flat over the year, that is a dramatic decline as well. how worried should i be for ownership for any corporates about what's going in china? >> it is critical to the european market. of all, europe is most sensitive. something we have seen in the european market, we track the

china proxies there. for the stoxx 600 as a whole, earnings have been down 2% this year for china proxies in the stoxx 600, earnings are down 10% it is 5x in the downgrades >> that's really interesting because if i want to go best in class, that should give me a degreeinsulation lvmh is best in class. that is a great example of what you just explained to me about the china focus even though it is a company, it's a brilliant company. >> china is just a key headwinds. going forward, you need to think about the balance of risks and where we are at. if the products derated more and down side, the change in the china narrative and china policy story, potentially there is upside there we like european lux >> it's a great point.

again, i asked four questions a lot on this show i don't ask any other questions. one of my key kwee questions hon times can you sell >> that's a recent change we made to upgrade them it really is plenty of headwinds and the china story can still be a drag, but directionally. >> i'm looking down at the screen and the ax popopen and i haven't seen a print on philips. interesting. how do you see the u.s. equity market >> it is a strong equity market. when we think about our strategy, we bar bell with the continental europe and the u.s we are going into the u.s. election and if you get a trump victory, it favors the u.s. market over world equities broadly speaking at this point, we like the quality out of the u.s., but

approaching it with more cyclical markets. >> explain to me simply why a trump victory, tax cuts. is it that simple? trump equals tax cuts or stock market up? >> that's one of the channels that really matters. the other is what we have seen historically and trump 1.0, every time you see trade policy pick up, you saw the dollar appreciate as well when you get dollar appreciation, that favors stocks this trade policy on trump 1.0 on is emerging markets that is one of the other channels that really matters. >> if trump gets in, that equals tax cuts, but bigger deficits. i'm not saying harris doesn't have her own economic issues and the central bank doesn't like her either it makes the central bank's

decision more difficult. why does the dollar rally with more issuance of treasuries? >> that's a question higher rates could be a higher rate differential. it is true there are lots of reasons why rates are rising at this moment. i certainly to the extent the pl market is putting a higher chance on red sweep and estimates for trump could add $6 trillion to the deficit over the next decade means higher is def. >> higher rates means higher corporate debt and the people at the companies that raise money during covid very low financed have got to refinance in 2025 and 2026 levels with higher treasuries and higher credit costs. that doesn't sound good to me. >> there are companies that managed their debt well.

i think one of the places where this headwind can look through is the smaller cap space there are two things that matter for smaller cap companies. it is the interest rate environment and the fed cutting. that is helpful. for rates staying higher in the long run is the headwind that is the place you want to play on higher quality if you get the higher rate scenario. >> in terms of the -- i'm looking at it. 30 minutes into the open of europe i still haven't seen a print on philips. by the way -- there you go look at that this is a stock which is -- look, the performance is fantastic. the two-year performance is fantastic. ladies and gentlemen, i knew this was going to happen when i spoke to roy at the top of the show two hours ago, it was blatantly obvious it was a fly in the oin ointment let's talk about the china t

thematic china has thrown a lot in this have they thrown enough in the right direction? it is the consumer that can save this >> i think it's difficult and one of the key charts we watch is the china consumer sentiment that fell off and will it pick up there is a twist with thepolic actions and in the past, it was all about traditional investment and infrastructure, et cetera. our economists feel they target 3 trillion rmb i think there are things that are happening there that really do matter and to the extent there say wealth effect that goes into consumer confidence by the property market and via the stock market to a lesser degree, i think some of the actions to stabilize consumer sentiment

>> tesla with this bonkers rally last week as well. is there a liquidity problem in the u.s. that a stock that size can rally that aggressively on the promise of sales growth? do you think there is a liquidity problem in the u.s. market or it's like, hey, let's own this >> i think it is volatility around the names that have been beaten down in the past. i think that matters what we have seen, too, and this matters all over the world it is not just the earnings report, but the guidance and going forward. >> you are not going to talk -- you've got to go what did the market expect him to say when does elon musk ever, like him or loathe him, a lot of viewers out there. when has he never said something bullish about sell s bullish about seales

>> a lot of bull >> would you like to come back >> i would thank you very much. >> lovely to meet you. david groman at citi coming up on the show, airlines pulling back from china. something about the horoutes whe they can't fly over. we'll bring you the details next has no idea she's sitting on a goldmine. well she doesn't know that if she owns a life insurance policy of $100,000 or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com. hey, can you speak french? who, me? i know a few words. if you're struggling to speak a new language, you should try babbel, a learning platform designed by over 200 language experts. it's like having your own personal language coach.

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majority of 250. shigeru ishiba signalled he un unintends to stay in the job >> translator: i understand this harsh result is a criticism from the public of the ldp stance on the reform i believe the seats we were given were the liberal party needs to be humble and honest in dealing with people. there is a lack of reflection. >> lynn filed this report. >> reporter: the japanese public has spoken and the assessment is damning. the ruling liberal democratic party and its junior coalition partner, the komeito won 215 seats in the election. well short of the magic number of 233 needed in order to win

that simple majority so, the political implications are this it means we are in a period of great instability and uncertainty. it means that in order to pass legislation, the ldp and komeito will have to work with a bunch of the opposition parties. it could signal and it could mean political gridlock going forward. also, the leadership of shigeru ishiba as prime minister is at risk here particularly given there are parts of the ldp to work to engineer his ouster and not to mention what the opposition parties may also be doing as well. in terms of the market implications here, analysts saying expect more expansionary and fiscal spending and a populist agenda as the ldp tries to hold on to power. some analysts saying there could be implications for the bank of japan going forward. greater political uncertainty

and also, of course, what happens with the u.s. election could also weigh on the outlook for the central bank going forward. in tokyo, lynn lin reporting for tokyo business news. chinese industrial profits fell at the fastest pace since last month down 27.1% on the year i'll spend more time on that again. one of the key chinese institutions, profits falling 21.7% on the year. where is the line in the sand? where is the okay, we're holding the line given the stimulus that's been thrown at it fell almost 18% in august. chinese officials tried to bolster growth and it could further more standing the committee meeting next week. major airlines are cutting

services cnbc's traveling correspondent is here. monica, this is a fascinating story. i know there are technical reasons why the costs have gone up, but if they thought the demand was there and they pass on the costs to the traveler, they keep these routes this is a fascinating story. >> reporter: that is right it is atypical with the post recovery from other countries. what we have seen since july, seven carriers have pulled back from china this could be a specific route taken or replacing a large aircraft with a smaller jet. most airlines announcing they plan to cancel operations all together we're seeing this from british airways to lufthansa and two carriers this represents the end of the line no longer having any routes connecting europe with china virgin atlantic.

more are expected in the coming weeks and months because the continued closure of russian air space applimakes it longer and costlier for european airlines reach asia we are not seeing these types of cancellations to bangkok, singapore or tokyo we see it is lack of demand. this is what qantas cited. we see inbound and outbound to china. also geopolitical tensions causing a lot of people, particularly in the west, from booking a trip back into china back to you. >> i can't believe i'm asking this question. i'll ask it anyway are these temporary suspensions? will these routes actually come back any time soon

>> reporter: at least two of the carriers said this might be a seasonal suspension. ba for its part will revisit the beijing to london route in a year i suspect these routes will come back when the demand comes back, but when will this occur this is atup cypical for china we expect air travel capacity to go up. this is going down the biggest head scratcher here says john grant says as we're seeing these european carriers cancel services because of lack of demand, we're seeing the chinese carriers add them back john grant says 18 additional routes coming from china to europe for this winter he said there is simply no demand for this. i asked why would this be. he said the perception of returning to normalcy may be at

an play. back to you. >> that's amazing. a great story. thank you so much for bringing to our attention thank you, monica. lindner told cnbc and the companies must take bold steps to remain global competcompetit. why don't we listen in >> it's a call to action in my view germany has been losing competitiveness for a decade now and we have to -- to make bold decisions this fall. my focus is on the supply side of our economy which means labor markets, bureaucratic burden and corporate tax and energy prices and we have already presented a package growth initiative which we are working on, but i think we need even more ambition to

bring germany's economy back. >> do you think you are confronted with an economic emergency? >> not an emergency. if you look at the development over the last years, it's no surprise, but now we see the results. even if you look at the labor market, now you see the economic downturn there and for me, this is a call to action. wake-up call to look at all obstacles for better economic development and we have started in government, but we want and we need to go even further. >> i was going to say out of the senior politicians, the economists and bank executives i spoken to are afraid of fragmentation and geopolitics. the other is germany many are worried where the economy goes from here are you operating in an economic

straightjacket with the debt brake? is it time to start stepping away from that measure >> our problems are not based on the debt brake of our constitution actually, we are spending very much, but too much for our system and too much in consequence for illegal migration into our welfare system so, it is not about to spend more, but better we have to shift in our budget and, well, if you look at the fiscal rules of the european union, we have to respect them germany has to give others an example. >> well, the german finance minister also stressed he is against any pooling of debt on any european front especially before the bloc that has a plan to compete with the united states >> the mutualization of debt i'm

still not a fan of for me, the next generation has not yet proven to bring europe ahead. i think all was expected from it has not yet been delivered, so i do not see the need to follow that example on a broader sense. coming up on the show, democratic presidential nominee kamala harris brings star power to the campaign trail in the run-up to the u.s. presidential election while her rival, donald trump, atof nnes a rally in his home ste ew york. we'll have plenty more after the break. beverage companies have been selling us billions of single-use sugary drinks. using the same old one size fits all playbook. until now. meet cirkul, the beverage platform of the future. these fully adjustable flavor cartridges let you

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you and kevin need to fix this internet situation. heard my name! i swear to god, kevin! -we told you to wait in the car. everyone in my old squad has xfinity. less lag, better gaming! i'm gonna need to charge you for three people. impact of the air strikes. weighing on oil majors and sending airlines to the top of the stoxx 600. philips shares down 15% as weakness in china pushes it to cut its full-year sales outlook after the miss on the third quarter revenue. >> it was both in consumer where we see slowing of consumer confidence which ultimately results in slower sell out and especially leading up to the big day 1111. and china's ruling party loses majority in the worst election defeat in more than a decade. that sent the yen to the three-month low. shigeru ishiba wasays voters wa

the leeaders to be more humble. and the german finance minister christian lindner says it must prepare for a trump election win. >> in case of a trump administration. we need diplomatic efforts to conference whoever enters the white house that it's not in the best interest of the u.s. to have a conflict with the european union. time now to get a check on european equities that have been trading for just a half an hour. you can see on your screen we have mostly a positive narrative

thus far in this monday morning trade. we have the stoxx 600 up about .3%. this marks a completely different story from what we witnessed last week when the benchmark finished lower by 1.2%. as we start a new trading day and new trading week, investors are very much focused on the upcoming economic data. we will see q3 gdp for the eurozone and on top of that a lot of earnings coming through and let's not forget investors are wondering what will happen in the united states as we approach election day. let me take you to the sectors to understand better some of the corporate stories we are monitoring this morning. at the top, we have construction materials up 1.2%. travel and leisure seeing quite a lot of momentum this morning up 1.2%. perhaps some of the narrative

that we are witnessing within travel and leisure is the fact that oil prices are trading lower about 4% and that could be providing a little bit of a boost to the travel names. we are seeing lufthansa and easyjet performing with the stocks. let me take you to the other side of the story? who are the worst performers? oil and gas down 1.7%. as i was just suggesting a couple of seconds ago, we are witnessing lower oil prices this morning down 4% and that is putting some pressure in terms of those oil companies, including bp and shell, both trading lower so far this morning. healthcare also a bit of negative moves there down 2% off the back of some earnings. let me tell you about those. one of the companies we are monitoring very closely this morning is philips. at this stage, look at it. we are down 15%.

this is after the company cut annual sales outlook as they saw an easing in chinese demand and, indeed, the ceo saying the market conditions remain uncertain. let's see what we will have for the rest of the trading day, steve, but no doubt, philips under a lot of pressure at this stage. let us move on. the u.s. election is over a week away. extraordinary. kamala harris and donald trump making final campaign stops over the weekend. mr. trump headlined an extraordinary rally at madison square garden in the state where he made his celebrity. hasn't backed a republican campaign since 1984. on the other side, harris spent time campaign in the key swing state of pennsylvania. i have various go-tos on surges is the professional director of

the center at lse. peter, lovely to see you. >> good to see you. >> momentum is everything in markets, but everything in politics. biden had zero momentum. trump was trouncing. democrats replaced biden and harris picked up momentum and got ahead, only by a margin in the key areas and key states. now it appears and maybe the last two weeks, mr. trump has momentum. is that accurate? >> yeah, i think if you look at the polls on average, donald trump has closed the gap. if you look at the national polls, her margin dropped from 3% to just under 2%. there is some movement in that direction. i think the key thing when you drill down and look at those polls, when you look at undecided voters, and particularly, voters who did not

vote in 2016 and 2020, they're trending, actually, toward harris. >> toward harris? >> harris. what is very interesting is there may be something going on subterranean when you miss when you look at the top lines. to be honest, this is so close and every one of the battleground states within the margin. to be possible, voters break on election day, the undecided, break in one direction and we get a lopsided result either in favor of trump or any eelectora college. we could end up with something extremely close. >> do you think just for our

viewers nerves, that's the way they are, that lot, do you think we will get a result on november 6th? >> let's put it this way, i'm running an event at the lsc the evening of november 6th and i'm already thinking about a non-result. it's possible this runs for a couple days afterwards. people are talking about we are dealing with margins in the tens of thousands of voters in pennsylvania, in michigan, probably, potentially wisconsin and georgia. it's very likely to be contested, the result, as well. especially true if trump loses. >> that's interesting. not only contested,but also potential for disturbance. i think i saw some really scary survey and i'll get it slightly wrong. you might have seen it and you can make me accurate. between a quarter and a third of americans feel there could be

civil disturbance after the election. >> the new york times poll over the weekend. >> terrifying. >> yeah. amazing. people think there could be violence, perhaps not in the national's capitol, but state capitols where it is very close and it's contested. you know, i would say that voters are being really ginned up on both sides, but i think trump is already laying down the predicate if he loses the race, the only way he could lose the race, given the momentum you are talking about that you mentioned at the top, as if it would have been stolen. >> peter, i spent a lot of time learning were voters voted for donald trump in 2016 because it was an education for me. i think a lot of education for a lot of republicans and democrats. >> sure. >> they saw what mr. trump was and what he wasn't during his

presidency. why are they voting for him this time around? is it exactly the same reasons in 2016 or actually is it something different going on? >> i think it's partly there's still plenty of blue collar voters who have grievances and pisse pissed off. >> i'm sorry. this is a family show. haven't had to do that in a wh while. they are peeved off. >> trump begins every speech like he did at madison square garden using ronald reagan's line are you better off four years ago. when people think about the objective indicators, 65% of americans think the country is headed in the wrong direction. this is, in part, a referendum on the incumbent, and trump is

playing off that given that the primary issue for voters is the economy and the second most important issue is immigration. >> maybe third or fourth is roe v. wade. >> indeed. >> in terms of kamala harris, we talked about mr. trump as well, she and her backers have thrown stunning, almost historic amounts of money on this. she raised stunning amounts of money. why is that money not resonating or the message? is it purely down to the fact that the cost of living crisis made americans feel they are not wealthy or the democrat machine is not getting right? >> at first i would say just remember she came on board, you know, she became the nominee in august. >> because the democrats didn't trust her to take on trump in an earlier stage? i've said that. that's my view. others may have a different view. >> at any rate, the democrats were in serious trouble at that

point. in many respects, whether biden was headed down and trump headed up. in many ways, she reversed that momentum or that direction of travel and i would say that, you know, i mean if the question is why can't she get more traction, i think it's important to just remember this is a deeply polarized country. you could change out the candidates, frankly, and we would with still have a close election. that's the way it has been for a number of cycles now. we're not going to have the kind of blowout of ronald reagan type victory in the 1980s where he wiped the floor with fritz mondale. both parties have a high floor and low ceiling because it is so impor polarized. the real question for donald trump is can he trcrack 47%?

he can't. harris, arguably, has more room to grow. i think at the end of the day, this is going to come down to the ground game. who gets their voters out in a close election like this. the harris campaign says they have an incredible ground machine. we'll see. >> i couldn't be more scared and excited at the same time, peter. it's extraordinary. what an amazing event. thank you. good luck with your event and whether what on earth you will have on november 6th. peter is the director of the london school of economics as opposed to the london stock exchange. speaking to the sidelines in d.c. last week -- are they still walking around? german's finance minuister said

europe must be aware of the foreign policy outlook. they put me look in vision to recue the tape of them walking around. >> i'm very concerned. fragmentation in consequence of sanctions against russia, okay. fragmentation marked tentry wit hurdles. general fragmentation of the division of labor, for example, tariff conflicts, this is not good advice. trade controversy sees never winners, only losers. the elephant in the room is the policy perspective in case of a

trump administration. in that case, we need diplomatic efforts to convince whoever enters the white house that it's not in the best interest of the u.s. to have a trade conflict with the european union. we would have to consider retaliation and the problem of the u.s. trade relationship is not the european union, it's china. well, the impending election was high on the agenda in washington where karen got the view of the c-suite of a second trump presidency. >> trump had four years in office and we had seen what happened. europe is now fully prepared. it's not going to be a long adjustment if the u.s. embarks on triade policies and tariffs. they are prepared for it. things will play out much faster. i'm not saying it won't happen. i think you will see that the

issue china continues to be a top issue in the global economy. china has really cooled beyond what many expected and at the moment, their contribution is, at best, emerging market. and that is something we're not really used to. i think the bigger issue for me is not the u.s. and europe trade, but u.s. and china for the growth over the last 25 years and how will china contribute to the growth economy in the future and if they are box in the corner, it will be a difficult five years. >> robert? >> i think if trade wars ensue, that's a negative on gdp right there. that's going it reverberate through european markets. >> anne. >> same. >> so, it depends on the reaction and to have a reaction, you have to have somebody lead. who is going to lead europe? you need a reaction because if

you try to understand how the new president will act, so, he knows you have to find a solution in the end. he has 50% more. you need in front somebody who is able to negotiate understanding the other side. i don't know who will lead europe because to be frank, we have a problem of leadership right now. no governments are quite, are quite fragile. there are elections in some countries. that will be the big question mark to understand how strongly europe will react in the benefit of the u.s., by the way, because a strong europe would be good for the u.s. we would find equilibrium much earlier and efficiently. i think u.s. needs a strong europe and we have to see how we

organize ourselves. coming up on the show, more bad news for france. mo moody's is giving its take. more on that after a short break.

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parliament and no majority, he has to please everybody. that is difficult at the moment with difficult decisions taken at the moment. suddenly, the ratings coming in the context. moody's changing to negative and maintaining "aa." slightly higher than other agencies, but raising the concern of the political situation stopping the government, basically, to lower the deficit. that comes a couple of weeks from fitch and s&p coming in a few weeks as well. again, the context is with the debate at the moment on the budget for 2025. it was presented a couple of weeks ago. they tried to bring back the deficit for 6.1% this year to 5% next year. to do that, they want to make cuts. about 60 billion euro in savings. 2/3 from spending.

on richest individuals. they are in the revenue part of the debate. on friday night, mps worked until midnight to go through the 3,000 amendments on the table. the debate will start again on november 5th. the question is can they vote that budget, will they have to go through the mechanism where they push the budget through without a vote. all this is at stage. the market changes from the left and far right. all this is on the table now. certainly, there is a vote and pushing without a vote, would bring a vote of no confidence. we have to see if the far right continues to support the government in the last vote of no confidence. what we hard at the amf and the central bank governor himself, he said it say test of credibility for the government to bring the deficit back to 5% next year. there is a lot of skepticism out there including from france's

own fiscal watchdog saying look, this relies on the optimistic scenario of 1.1% and it depends on the structure reforms can still be implemented and given the political landscape, it looks challenging at the moment. thank you very much, indeed, charlotte. we have politicalme development and more. silvia is joining us. >> i know you are excited we will not hear from fed speakers. there is plenty in the markets. thinking about earnings, we hear from 75 of the stoxx 600 companies. they are due to report this week. stateside, almost 1/3 of the s&p 500 will be reporting in the busiest u.s. earnings season. five of the magnificent seven are due. these companies make up 23% of the s&p 500 by market cap making this week a key test, really, to

understand what is the narrative for the markets. we are also looking ahead to some key economic data releases. we'll get a check on the u.s. labor market with jolts data on tuesday which is before the gdp read. thursday will bring chinese po pmi and that is all before the u.s. jobs report at the end of the week. that is expected to bring the non-farm payroll report which is less than reported in the month of september. when it comes to politics, rachel rachel reeves will deliver her first budget on wednesday. reeves will raise the national insurance paid by employers and reduce the starting threshold in a move expected to raise about 20 billion pounds. in the u.s., the countdown is on to polling day in the

presidential election. donald trump and kamala harris have scheduled rallies across swing states. harris will deliver closing arguments speech on tuesday in front of the white house. the same site where donald trump spoke from as president on january 6th, 2021, steve. a lot to monitor. i know you will not hear from fed speakers, but it will be a busy week. >> they say the same old thing. i'm sorry, it is a repetitive loop. the data. no, this is a phenomenal week. if you are watching the wrong program if you are not watching this. i think the earnings -- look -- just look at the well known trading pair of tesla-philips. not a trading pair. 20% earnings last week on the back of the optimistic outlook.

philips is down. 40 difference on two company the results. so much volatility out there. all of those factors are so pertinent. i consider myself lucky with you and charlotte and the rest of the team we'll do another 12 hours of it on "squawk box." that's it for "squawk box. up next is "worldwide exchange." or more she can sell all or part of it to coventry for cash. even a term policy. even a term policy? even a term policy! find out if you're sitting on a goldmine. call coventry direct today at the number on your screen, or visit coventrydirect.com.

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it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5." tech is in control. the triple q is back en vogue as the nasdaq is looking at record highs ahead of a very busy week for big tech earnings and most of the magnificent seven. not just tech, stocks across more than half a dozen sectors are reporting results this week. we'll drill int