i'm craig melvin. thank you for watching. ♪ a very warm welcome to the a tower of "squawk on wauk box." the corporates that reported and s silvia will talk you through those look like small to solid

peets. we haven't seen too much so far today. higher in the early stage of the rotation on the stoxx 600. let us be brutally honest, ladies and gentlemen, in the uk, waiting for the chancellor's announcement tomorrow or whether you are looking at global elections, we are all on t tenterhooks. we are wait and see for the bulk of the earnings season still to come. at a political level, we're waiting for the u.s. election. an economic level, it is a an very big data week globally, but stateside with advanced gdp and the payroll figures all due in coming ays. sectors are leading us higher. the banking sector. we had good numbers out of the banking sector. hsbc. we have santander as well.

leading a rip-roaring sector. .7% for the banks. others like dpfinance services. telecoms up .5%. we've moved on. travel and leisure down .13% of 1%. really nothing in negative mat territory. my didgoodness, me did the oil a drubbing yesterday. we shave seen oil prices out frm bp. if the oil prices are going down, not a lot you can do with that commodity. let's look at the bourses. .4% higher. being out shined by the move from the cac 40 and the ftse mib. the french and italian exchange

moving upward. what about the swiss market and lisbon as well? again, we are higher across the board. perhaps the laggard trading at the flat line. what about the names? silvia. >> thanks, steve. at the start of the open of the session in europe, investors were focused on the lower oil prices. those were boosting several airlines for instance. today, in terms of the early gainers in the stoxx 600, we have orkla, the norwegian company, with a strong profit improvement. investors are a lot more focused on earnings. i want to focus on hsbc. look at the share moves. up 2.4%. we heard from hsbc just a couple of hours ago. indeed, the fact that they announced the fresh multibillion

buyback is the reason we see them moving higher. when it comes to the worst performing stocks at this stage in the first early trade this morning, we have for instance novartis is the worst performing stock down 2%. we had a chance to speak to the ceo moments ago. indeed, let me guide you through what was in the earnings release because one of the reasons why perhaps we're seeing novartis shares down at this stage is perhaps investors were expecting a little bit more of an improvement when it came to the increase in guidance. when you think about what they actually announced, let me run you through the details. they increased the guidance for the third time this year after posting a higher than expected 10% growth in sales in the third quarter. core operating profit grew in

the third quarter as well. the swiss drugmaker is seeing strong demand for prescription drugs. when it came to the conversation we had with the ceo, he actually told cnbc in the first on cnbc conversation that the company has more work to do in the united states. >> what we really see now is very strong performance. high teens growth in the u.s. driven by new launches and new medicines. that is outstanding. happy stay that consistently over time. we are seven or eight in the market. we want to get to the top five. we think we can do that organically. we have a couple of launches coming up which is kiscally. those with stage two disease. we have plavicto which will be approved in the broaden range of cancer patients. they expect first-line chronic

myologenis leukemia. i think we have the potential to get to top five by the end of the decade. certainly, we will look ex externally for bpma opportunities to help bolster that position. in terms of other corporates we are monitoring at this stage, bp reported a $2.3 billion in third quarter profit. that was the lowest in four years. the energy giant saw a drop in refining profits and lower oil demand in china. the group announced a share buyback into the next quarter. the shares are down 1.3% at this stage. as i highlighted earlier, we are digesting the numbers from hsbc. the bank posted a 10% jump in third quarter profit coming in

at 8$8.5 billion. that is above estimates. it is also launching a fresh $3 billion buyback plan on top of the $6 billion announced earlier this year. these are among the top gainers at this stage up 8.2%. still in banking, santander posted a profit of 11 billion euro. the spanish lender says it is backing its full-year guidance and is confident on delivering on target. steve. >> thank you. posted a 9% rise in china sales. let me give you more context. have you seen a company, a western company, selling goods to china that's improved its margins and made a 9% increase

in sales in china recently? i haven't. maybe i'm missing something. luxury goods. they're struggling. automakers. struggling. that's no mean feat. third quarter china sales came in more than $1 billion after the sportswear giant hiked guidance earlier this month. and covestro now up to 1.25 billion euro. pre-operating cash flow came in at just over 110 million euro for the period down more than 60% on the year. to be fair, the last story is a non-issue. annette, adidas. how many more nice things can we say? if you are knocking the ball out of the park, why not say nice things? >> that's exactly. it seems they are actually

banking on with the revival of the '70s, not just for shoes, but clothes, goes down well with chinese customers. you were pointing out that adidas is the only company which i've been or i'm aware of that can see a rise in sales in china. it is essentially the most successful quarter since the first quarter of 2022 for adidas in china. that is also mainly on the retro chic. the sneakers which you see everywhere, but also the clothes for which are more or less now not only used for sports, but also for like normal life. that is something adidas is having a lot of success with, but also north america is

recovering where they, of course, had a big hit with the jeezy scandal and now sales year on year increasing in north america. they are expanding their footprint mainly in basketball as a sport which is, of course, a clever strategy. essentially what i think one can say golden is at the top of the company since almost two years he took over in january almost two years ago and he really managed to turn things around for adaidas. >> lovely work. thank you very much for that, annette. lufthansa post the a profit in the third quarter. the german airline said delayed deliveries weighed on the business for the brand.

they expect an operating profit of 8.7 billion euro. look at volkswagen. shuttering three manufacturing plants in home market of the germany. the first such closures in the 87-year history. they are announcing plans to layoff staff and cut pay 10%. let's get to zoe who is the investment management at rbc bruin. really interesting stuff. i can't help thinking we're almost in a wait and see period. we're amidst the earnings season and wait aing for rachel reeveso terrify us tomorrow and the u.s. elections as well. is it the right moment to wait or stunning opportunities for all of the above? >> good morning, steve. i think it is a bit of a wait

and see moment. we are wanting to sighee how th big names performance how we deliver. like the second quarter, we saw weakness coming through and not getting up to analysts' expectations. there may be an opportunity to buy on the dips there. we may have surprises with economic data to the upside as well as the down side. it is really looking and seeing what happens and making decisions as when. we had a really good quarter. we had really good returns. it is whether or not the results deliver and we will see that continue into the fourth quarter. >> zoe, where is the 60/40 at the moment? i'll talk specific for our global bond investors. i would say that about the uk. it's the same story everywhere. it's not just working out in terms of concerns of fiscal responsibility and blowout in

france and the issuance concerns and in the u.s. that budget plans don't match up for either candidate. should we hold on to as many gilts? >> we still think the government bonds still offer a better risk/reward. you are certainly getting good yields on them. at the moment, we are favoring government stock. we will see potential volatility. you have to believe in the fundamentals longer term and we still think government debt is better than corporate debt at these times. >> yet, the corporates, i challenge the corporates more than i trust politicians as well. you talk about the longer term fundamentals, north of 100% gdp left, right and center globally. >> i did. you are right. there are short-term movements. the markets have become volatile

in the last couple weeks. it is whether or not we will see the short-term viabilities. at this stage, we don't think there will be any default risk. we're still comfortable holding debt. you are getting good yields that are becoming better than they were a few weeks ago. we still like the story. we're still comfortable to hold. >> fair enough. where are you hunting in the equity space, zoe? >> it is difficult. we have seen the big tech names which are up where there's always been focus. i think we have seen good to bad. we have seen so many sectors have done well. it is the potential opportunities of the names and we see a bit of a selloff. we see that picking up as the same in the second quarter. we saw the tech names peeling back. we still like the long-term growth stories. i think certainly other areas with healthcare is a popular

area. i think certainly anything is more of a growth buy. we are still favoring the u.s. at this stage more than any other market. >> i know you have a view on bp. profiting slumping to a near four-year low. i know murray. i have known the guy 14 years. he's a tough cookie as well. the possible of shell, these are really quite hard-nosed business men and women onie running thes companies at as well. is this somewhere that is making you interested with the oil price and oil stocks beat ten u? >> you are right. it is if the oil price is going higher from here. that is difficult with the opec supplies and demand being weaker. it is whether or not you see a

turn around in oil prices. bp with the oil surprises have struggled. they're having to bolster the share price from buybacks. it may look attractive, but if you lose in the capital terms, it may be less appealing. you will see a fundamental shift with the oil price. the stocks don't look as appealing as two or three years ago when the oil price was significantly higher. >> fair enough. what about hsbc? again, one of those huge, huge banks out there that there's a lot going on. you know, the reorganization numbers today. the shares are up 3.1%. if you haven't owned them, have you missed your opportunity? you can go with hsbc on the wider banking sector, zoe. >> i think the wider banking sector and hsbc with the income from the net interest income.

if you think it will fall from here, you have to look at other banks to diversify. you look at the other banks within the banking sector, investment banking has been beneficial in the results season. if you are getting into banking, if the banks are certainly used to getting higher interest rates, if the net income starts to fall, you have to look at broader banks in terms of other banks that are going to deliver. i think we missed a lot of the upside. whether the activity will be strong in the investment banking divisions and favors the u.s. banks more than anything now. >> just look at hsbc shares hitting the highest level since july '18. zoe, what are you interested in at the moment? >> i think when i was looking at sector performance and you

picked up on the auto sector. in the last two years, it has been the worst performing sector. i think certainly with volkswagen yesterday. fundamental issues with the sector and a higher end and whether the ev machine and car companies coming in from china are going to really disrupt this market, but i think it is a tough time for the sector and we will see more support coming through. i think it is one which will be in focus as well as volkswagen. ford with disappointing results last night and certainly with the evolution of the electric cars well leave the industry longer term. >> brilliant. thanks for joining us. you're in glasgow, aren't you? glasgow is fantastic. i went there. the coolest. are you from glasgow? >> yes, i am. >> for our international viewers

thinking about a holiday spot. it is great with the castle, but glasgow, you say glasgow is cooler. >> and we're much friendlier. >> all scottish people are friendlier. lovely, zoe. thank you indeed. joining us from the magnificent city of glasgow. zoe joins us from rbc brewin dolphin. and missed the third quarter profit amid lower catalyst volumes and restructuring challenges. ebidta fell to 139 million swiss francs. i'll take a break. the countdown is on until one week until polling day in the united states. we'll have the latest from the campaign trail after the break.

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those of you watching this show for a few years, i have a p penchant covering oil. wti, $67.51. will that have pump price ramifications in the states if people have a few more quid in their pocket? measured response from the strikes and concerns over iranian oil supply took a backseat over the last month.

imply monday's selloff may be overdone. this is the team at goldman. the gap between one month and 36-month be brent and fair value wide thaleads to $18. concerns remain elevated. that's what dpgoldman is saying iranian with the military strikes by israel with tehran's military chief warning of unimaginable consequences. nbc's raf sanchez has the latest from the region. >> reporter: israel's parliament pushing ahead with legislation to threaten the u.n. ability to deliver aid to gaza. the move amid growing tensions with iran. tonight, iran's leadership vowing to respond in retaliation

for iranian's ballistic missile attack earlier this month. the iranian regime downplaying the bomb. the first time israel has openly struck its middle east enemy. with four soldiers killed, iran saying it will use all of the available tools to deliver a response. israel already on edge after a suspected terror attack near tel aviv. this truck ramming a bus stop killing an elderly man and wounding more than 30 people. you can see from the destruction, the cab of the struck, the force it came crashing in it. while in northern dgaza, deepening despair. raiding one of the only hospitals in the area and captured militants, but the raid leaving the hospital in chaos. including the neonatal unit. the hospital director leading prayers for those killed. among them, his own 21-year-old

son. a patient this doctor and father wanted so badly to save. raf sanchez, nbc news, tel aviv. i can't believe it is one week to go. one week until americans go to the polls in the presidential election with both candidates in battleground states pressing their case. this is extraordinary, this stat, mail-in and early in-person voting has begun across the country. nbc data shows 45 million ballots have already been cast. 45 million. extraordinary. nbc's brie jackson filed this report. >> reporter: it's a sprint to the finish. donald trump speaking at faith leaders. >> it's like the glue that holds it together. >> reporter: taking on a different tone after the dark rhetoric at his massive rally at

madison square garden on sunday. that includes cs comedians. >> there is a floating island of gar garbage. it is puerto rico. >> reporter: vice president harris is seizing on them and repeating her warnings. >> donald trump spends full-time trying to have americans point their fingers at each other, fans the fuel of hate and division. that's why people are exhausted with him. >> reporter: harris looked to energize her supporters in had michigan saturday by appearing with former first lady michelle obama for the first time on the campaign trail. the star surrogate calling out double standards harris faces while expressing a fear of a second trump term. >> fear of what is coming our way if we forget the stakes in this election. >> reporter: the stakes are high and so is voter enthusiasm.

president biden casting his ballot. when mr. biden won in 2020, a record 158 million people voted. so far this year? more than 44 million have weighed in ahead of election day according to the nbc news tracker. a tight race on pace to be a recorder breaker. on tuesday morning, mr. trump will deliver remarks from mar-a-lago. meanwhile, vice president harris will deliver a speech on the national mall tomorrow evening on the same spot that mr. trump urged his supporters to go to the capitol on january 6th. in washington, brie jackson, nbc news. >> another one of the sleepless nights. you can't go to bed. whatever the result is, it is exciting. don't miss our live election night coverage as the polls close. i'm not saying the end to the election is bigger, but in the

terms of ramifications of the world, it has to be with the u.s. we are kicking off our special coverage midnight london time on the morning of november 6th. coming up on the show, split fortunes for the european banks reporting today. hsbc hsbcwhat is cirkul? cirkul is what you hope for when life tosses lemons your way. cirkul is your frosted treat with a sweet kick of confidence. cirkul is the effortless energy that gets you in the zone. cirkul, available at walmart and drinkcirkul.com. (man) these men of means with their silver spoons. what will become of them when they discover robinhood gold allows others to earn their very liberal rates on idle cash. they would descend into chaos.

welcome to the final block of "squawk box." i'm steve sedgwick. these are the headlines. novartis shares are down 3.3% despite the third quarter sales beat and third outlook hike this year. the ceo telling cnbc the pharma

outlook isn't just about weight loss drugs. >> glp-1s will raise the baseline, but no way solve the conditions. we need better medicines over time. >> hsbc shares hitting the highest level since july 2018. six years plus after a 10% jump in the third quarter profit as the lender launches a fresh $3 billion share buyback. santander is under performing as net interest income is growing less in the third quarter despite better than expected double digit net profit growth. let's take a look at bp beating down in the third quarter keeping the dividend unch and the lowest level in four years on the back of demand weakness.

european equities seem to be struggling to find a clear direction this morning. we have the stoxx 600 just marginally above the pflat line at this stage. looking at the individual bourses, however, it looks like investors are starting today's session with the positive note. we have the ftse 100 up about .2%. very important day coming up for the uk tomorrow when we hear from the chancellor. when it comes to the action this morning, however, it seems the big focus for investors is very much on earnings. i want to take you to the different sectors to understand a little bit better what are some of the corporate dynamics this morning. looking at the best performing sectors at this stage, banking up about .8%. indeed, we did hear from hsbc.

they surprised with their numbers. they also announced a new stock buyback that has been lifting the stock this morning. indeed, it seems to be providing a wider momentum to banking names. of course, let's see what will happen in the coming days. also important timing when you think about the ecb and what it will do next and what sort of implications it could have for banking names. a final note to say tech is moving higher at this stage up .4%. a very important week ahead for big tech. we're going to hear from five of the magnificent seven. when it comes to the worst performing sectors, this is the picture at this stage. we have been trading for just over 30 minutes across european continent. we have travel and leisure down .5%. continuing that pressure that we had seen on monday as well. when it came to health care, moving lower at .3%. partially, what is happening in

health care this morning has to do with this story. novartis. i want to take you to this stock performance. novartis is under pressure this morning down 3.3% at this stage. it seems that the earnings were quite positive when you think about the fact they actually beat on top and bottom lines. increased their guidance, but investors selling this stock at this stage because perhaps year to date the shares are done quite well. i have been trying to understand why the shares are moving lower. one analyst from barclays, emily field, told me this morning that perhaps the strong results came in were already expected. so, no change there. she also mentioned that pluvicto missed the results. perhaps a concern of the drug with the novartis portfolio. just finally also the fact that investors not very positive

about the upcoming pipeline in terms of some of the research that novartis is conducting. we'll continue to monitor what is happening in this company, steve, but quite a lot of pressure at this stage as you look at the share price reaction. >> thanks for that. it's funny. some companies, we do the numbers and they come out at 6:30 or 7:00, slam bdunk. up and down. this is very positive. positive interview with the ceo. harder to find the rational for the decline. thank you, silvia. meanwhile, hsbc has posted a jump in the third quarter profit at $8.5 billion. that is well above estimates. the bank pointed to slower interest rates as a key driver and launching a $3 billion share buyback plan on top of the $6 billion plan. emily tan posted this report.

>> reporter: benefitting from a lower than expecting easing rate cycle. this as it works toward a major restructuring. revenue rising 5% on year to $17 billion reflecting higher customer activity in wealth products. net interest income fell on near could $7.6 billion and delivering his first report card, the ceo called it a good quarter that shows the strategy is working adding that strong capital generation enables the bank to announce a further distribution for the quarter. the board approving a dividend of 10 cents per share. as the bank completed the share buyback announced in august, they announced an additional $3 billion buyback. guidance remaining unchanged from the outset and the interim results. the bank is targeting mid teens

return on equity in 2024 and 2025. banking net interest income guidance of $43 billion for the 2024 year is also unchanged. on the recently announced restructuring, the plans will be implemented immediately and further details will be shared as part of the business update together with full-year results in february. reporting from hong kong, i'm emily tan. >> and if you are socials, tomorrow is emily's birthday. santander posting 15 billion euro. lovely to see the managing parter at oliver weiman. >> good to see you, steve. >> in terms of the banking terms, an old trope that net interest margins and higher interest is great.

low interest is bad. it can be completely turned upside down that they are manufacturing delinquencies and higher interest rates. with that said, rates are high, but they have come off their highs and seen going lower as well. how is that created a back drop favorable or otherwise for the banks? >> i think we're in a favorable environment for the european banks, negative rates was damaging. >> a load of free money from the banks. >>compensate. we're still in the space as rates are coming down. net interest on margin will come down t. releases the pressure on corporates and consumers so the non performing loans will do better t. is also the extent to which the central banks will

have to steer or oversteer. if we get into more of a rece recessionary in europe. >> if feels like we have been in a recession and i will be very broad here, scandinavia and europe. spain out performed. northern europe and germany look like they're in trouble to me. >> germany is the big one. our clients, the core of the german economy, they'rre are increasingly pockets of stress. exports to china, higher energy prices, geopolitical tensions. that's something to watch for sure. >> i hate to be an echo chamber on the channel. i like to challenge my guests. i can't help but agreeing with you on something. that is why european banks are

now a necessity as well. they tried it many times over the years. a lot of them licked their wounds and didn't like it. the spanish brconcerns and the brake in uk. 2.0 could look interesting. do we need pbefore we see more action, do we need something to change in europe? >> mario draghi loaned out -- >> draghi, yes, lotte, yes. i'm talking about stuff that is around before draghi started talking about it. >> it would be helpful with the european deposit scheme and it would be helpful for the backstop. it would be helpful for the easier flow of liquidity across all of the european market. >> it held the middlestat. >> the bigger banks serve the banks is a fallacy because if

you keep it in the banking system and national markets to their own, you create pockets of stress and less liquidity and smaller banks and less competition and lower budgets and higher profits for corporates and consumers. >> if you can see it and i can see it, i'm sure our viewers have given you a hard time. if we can see it and we are dispassionate observers. don't get me wrong. they will get -- why can't the german establishment see it? why is germany still overbanked to other companies in europe? >> you mentioned it. it is germany. >> why germany? it's the epicenter. that's the example. that's where the epicenter is at the moment. >> it is the epicenter at the moment. it is the same everywhere.

it is the idea of national champions. we don't have sufficient common feeling of the european champions. that is something that needs to change. >> we do. when i look at it, when i look at sergio emotti tearing his hair out, i don't think i'm defaming anyone, i'm talking generally. swiss policymakers and regulators made a big mess upsu. no doubt about it. they didn't spot it. they go into the situation well and the same regulators and politicians who missed what was going on at credit suisse and now bemoaning it being too big is nonsense. >> there is a certain understanding when you see banks failing and the same in 2008 where the taxpayer had to step

in. >> regulate better. regulate better. internal and external risk management needs to be better. >> undoubt btundoubtedly. regulation needs to improve. the thing that regulators and finance ministers need to understand is the importance of strong banks for a stronger economy. >> stronger telecoms and oil. >> and you just announced novartis. swiss corporate. who was financing them? not ubs ex-inclu exclusively, b contributor. >> you cannot discredit. is he going to be successful in getting commerzbank? is the establishment going to fight back and say we will keep our silos? >> the multiple stemsps in the process. the ecb. will the ecb approve the up

crease on increase on the shareholder? there are multiple components that could still go wrong. i think the case for the p pan-european. >> the same for the draghi report and cmu and banking unit. if we want the continent to be successful, we have to crack on. nice to see you. christian edelmann at oliver wymann. coming up on the show, swiss maker clariant missed on third quarter expectations. conrad keijzer, the ceo, will speak to us next.

welcome back. the swiss chemicals maker clariant missed third quarter profits. ebidta fell 30% to 139 million swiss in the period. shares down 5%. well, delighted to say conrad keijzer joins us. co conrad, tough day on the performance. you are among restructuring. talk us through what you make of the current environment and how you're responding. >> yeah, steve, good morning. good to be with you. if you look at the third quarter, a slight miss in earnings, but if you actually corrected for some restructuring charges we took, we weresconsen. we were pleased with the overall.

ebitda margins down from last year. lower top line growth of minus 1% in local currency. one comment about that that was entirely driven by delay in orders for catalyst down 20%, but the rest of the business in cla clariant is well. >> i have a friend of mine who is seeing delays of the signing of the deal or enactment of the orders as well. is that a similar picture? the pipeline looks like it's there, but a delay from the clients at the moment and pushing the deals from imm immediacy? >> yeah, if you look at the environment for industrial production globally, steve, it's a mixed picture by region. if you look in china, for example, industrial production is actually outgrowing overall

gdp. in the americas as well as europe, industrial production is still lagging overall dp. so, consumers are not fully back to spending on durable goods. we clearly see a pickup. we see a shift back in overall gdp to durable goods spending. we see that in our business up double digit year on year. that is actually a reflection of increased consumer confidence, but also consumers back to spending on durable goods. for example, on cell phones and electronics up around 5%. they were actually negative year on year in the last two years. electric vehicles up still a decent 20% year on year. so, we are seeing a shift back in consumer spending to durable goods. we expect that trend to continue into next year. next year, maybe the first year overall industrial global p

production and gdp is out p perf performing. >> what you said is a fascinating result. people are concerned about it with the analysts saying as well. little bill concerned from the outlook. what you are sawing about the consumer coming back to durable goods, i foind that extraordinary, conrad. everywhere i look with the certain parts of the telco, i see opacity and you are seeing clarity with demand. >> yeah, we still see volatility. we are seeing clearly a path back to spending on durable goods by consumers. during the pandemic, people actually were stocking up on items like buying knew mattresss and electronics. we had two years where that

wasn't the case. you see the natural replacement cycle. if you look at the numbers, you see furniture up again year on year. we see that with the adhesive products with the mattresses and furniture. we see electronics up for the first time year on year. we see gradually consumers spending back on durable goods. we think that trend will continue next year and we actually stick to our growth outlook 3% to 5% based on this trend continuing. >> what about the margins with more clarity? ebitda margin of 16%. how difficult is it to defend the margins, conrad? >> we are a true specialty chemical company. what you see in terms of margins is year on year. down 5% compared to the quarter same quarter last year.

we have been pleased we have been able to hold on to our prices. what you see on a slightly overall lower revenue we've been able to maintain argins. that's actually attributed to lower costs. we have done a lot to improve our cost base. it is attributed to good margin management where we have been able to hold on to our pricing and still deflationary environment. >> conrad, you sound optimistic and looking beyond the negative factors in the market, despite that, shares are down 5% today. year to date figures were mildly easier as well. is this a good opportunity if you have such confidence in the business to tweak where you are investing and spending free cash flow. is there more buy back that you can inaugurate? >> yeah. we're not looking at buy backs, but we are looking at a solid dividend payout.

we have actually plenty of projects in the pipeline pboth for organic growth and cap ex spending within the normal guide for that. we also still look at inorganic growth opportunities. we are extremely pleased with the recent acquisition of lucas meyer. that acquisition is performing well post growth and profitability. >> just one more for me. looking at the oil services circa 10% decline. is there anything more self help you can do in these sectors or is it macroeconomics factors which are keeping those profits or declining sales, unfor unfort unfortunately, too high for you? >> if you look specifically at oil surface, we should keep in mind we had a good run last year. we had a strong recovery in oil and gas markets and now we are

against quite challenging comps on a year on year basis. if you look at our self help actions, i'm very pleased of our cost savings program of 175 million per anum. after the third quarter, we're now at roughly 162 million cost out across the portfolio and we're confident we will deliver the remainder, half, half with the coming quarter and early next year >> thank you, conrad. the ceo of clariant. thank you, sir. it's tomorrow, not the election, but the budget. uk budget. the labour government will reveal tomorrow. rachel reeves is expected to

announce a mix of tax rises and spending cuts and borrowing ruling to fill what treasury officials sold as a 40 billion pound gap. i'm gladcoalesced on it. the tax rises with the headlines and government pledging to hike taxes on assets rather than work. assets rather than work. those of us who have assets, it means you, rather than you working. who knows? that means the possible candidates means the employers' national insurance contributions and capital gains taxes as well. good luck, everyone. magnificent seven will have earnings report with the google parent expected to post slowing revenue growth in the third quarter. let's go through it. tesla. what a reaction to the shares.

microsoft due out, meta due out on wednesday. amazon, thursday. apple, thursday. nvidia the following week as well. that is it for "squawk box." ha achgeis "worldwide exan." ve lovely day, everyone.

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it is 5:00 a.m. here at cnbc global h5n1. headquarters. welcome to "worldwide exchange." here's your "five@5." alphabet kicks off a busy week of earnings report from big tech capped off by apple and amazon. one week to go until november 5th, we are tiaking a closerk