is to write what you know." ♪ welcome to ""squawk box. it's 8:00 in london. stock markets are opening up for trade. it is a fairly significant week of trade we are waiting non-farm payroll and another fed decision next week on the back of the u.s. election, of course, vehwe are the final stretch of harris

ve versus trump we will have the people's congress as well the markets have had a lot of digest which is has been rattled. the bond marked picking up on the back of the down beat couple of sessions in europe. we are seeing green finally move on to the charts trading 1.2% dip yesterday. it's not much of a move to the upside after they negative sessions in a row. it is green materializing on the boards let's take a look at some of the sectors. these have all been impacts with the earnings this week stocks at the top is media leading the charge oil and gas up .6% we had numbers out from shell and total yesterday. there is movement in the oil price as we watch the d geopolitics and potential from iran from israel's retaliatory

moves the other day. the market closely watching the geopolitics. technology, a string of tech numbers out over the course of the trading week technology also has been in focus. the various different places to the down side. these are the sector losers. oil down .3% the big stock market trades, let's take a look at the ftse opened up. i mentioned the discourse with the markets from chancellor reeves and some concerns about whether the revenue raising measures can actually be achieved or now we are also looking at more debt being raised so the market's been convert w concerned about the debt market. trading up .10%. the dax moving in a similar range, but the french stock market stretching the lead up .2% the best performance so far and

the early positioning ahead of china next week. stocks out of italy, we are seeing a flat start there today. some of the smaller boards let's take a look at those umg, universal music group trading up 3%. maersk is 2.3% higher. soc gen, banking name, gaining more than 2% i want to take you to the bottom of the stoxx 600 argenx down 3.7% etain losing as well amazon posted a beat on third quarter sales and profit it expects to see a strong result into the key holiday quarter. the stock up 5.8%. apple shares are trading in the red in pre-market. the opposite trade from the cupertino giant down 1.3%. this after the tech company gave

its lackluster revenue guidance for the coming quarter raising questions over the sales momentum going into the all-important holiday season a look at gilts. this is how gilts are trading this morning the ten-year trading at 4.47 we are looking elevated on gilts. let's get to suzanne streeter. what has translated has been a market that is not overly concerned to one that is now stirring as bond vigilantes with growing debt what do you make of what the market has perceived as not quite enough discipline from the chancellor >> yeah, absolutely. what you saw was the quiet optimism this appears to be spreading during the chancellor's speech really start seeping away. i think what is happening is it

say deeper dig in the finances and the forecast with the budget responsibility indicating that not only with growth undershoot previous forecasts under the four-year period, but also inflation is likely to edge up because of all this extra spending it's not just the inflation expectations that are leading to the movements that we've seen with the spike in bond yields or gilt yields we saw yesterday in particular, it's also this concern about just where all this extra investment spending will go and just how responsible the government will be in using that money so, the risk premium has returned to some extent on the uk look, it isn't anything we saw with the truss economics budget where that spike was really high after the unfunded tax cuts came in it's just the extra weariness

with the tax and spending budget will the government use prudence in executing its strategy that's what the bond investors want to see. >> the focus is on the geopolitics with the u.s. election and big focus on china as well. do you think once we get through the election, we might see further movement on bond markets? let's face it with the u.s., debt is also expected to grow and pledges of both candidates looks like it will have ramifications for debt markets are we just on the cusp where the bond vigil and tantes get me weary? >> there is a concern with the u.s. election so close and all of the rhetoric we heard on the campaign trail, particularly from president trump talking about the extra tariffs he wants

to slap on which would really end up being very inflationary indeed i think there is a close eye on what that could mean, but also, as you say, the various promises from the kamala camp the harris camp. i think there is a concern that these governments are building up far too much debt there is not fiscal discipline the international monetary fund did actually welcome what happened in the uk in terms of this real determination in pledge not to increase day-to-day spending, but rein in that extra borrowing for investment in infrastructure and the national wealth fund creation, for example. however, that -- that's endorsement didn't really seem to move the dial much. >> susannah, i want to come back this week. typically, if you have a lot of

noise, you can focus on the long term we had the earnings rolling out from the technology names. we have the u.s. election to position around as well and non-farm payrolls later on today. what are you doing in the next couple sessions as we prepare for what could be a sea change >> it has been such a busy week so far and there is more to come, of course. there are so many different moving parts also inter related. certainly we have the non-farm payrolls and apart from weather-related issues the gdp figures showing a resilient consumer, more resilient than expected. it seems as though consumers are certainly spending in certain pockets, but cautious elsewhere. it is interesting to see how it filters through to employment patterns uber's results disappointed because there is a softening in

the gross bookings growth indicating although it appears resilience for retail sector, for example, people are still trimming around their budgets and that also is, you know, showing some extent in apple's results as well. as you say, other tech results we still have the a.i. juggernaut pairing on. there is the given how high valuations are, there is the skepticism and weariness creeping in just how much money is flung at the a.i. developments and where we will see that showing up in terms of profits. >> i want to ask you, susannah, amazon, that was reporting after hours. margins were able to improve nationally and the north america market some say this is the pre-cursor to the holiday season.

i wonder if some are saying this is the cash strapped with the numbers. what did amazon say or jump out to you >> asit does seem as i say ther is prudence when consumers are spending that they are going after deals and spending earlier in the season because they have to manage budgets better there seems to be resilience that continues to shine through which helped the gdp numbers as well and it will be interesting to see how this progresses going forward because amazon isn't the cheapest marketplace in town of course, there are other retailers offering -- offering better deals it will be interesting to see how long this streak can continue. >> cap ex expected to rise $75 billion this year from $48 billion last year. it sisa week with the big names

spending and what they are spending in a year and now spending that in a quarter the market is cautious about the deep pockets required to fund the a.i. transition. >> absolutely. i mean, obviously, these tech giants do have very deep pockets, but there is still this nervousness creeping in. it comes, of course, off the back of amazon having gone through this big cost cutting restructuring drive reducing head count but for growth to continue, they have to invest in, of course, the a.i. technologies to ensure they can get as many eyes on screen a similar approach to what meta is doing that's actually showing up already in meta's results. certainly terms of the appetizing with the a.i. tools really helping, but is it enough i think that's the big question given just how high the valuations are at the moment and i think this story is still

really unfolding. >> thank you so much for that, susannah sus susannah streeter. looking at some of the oil majors one that saudi arabia may signal an oil cut in asia with some concern there could be retaliatory strike from iran to israel's retaliatory strikes again, middle east conflict rolls on and what we are seeing bp and shell and total gaining this morning don't forget shell and total dominating yesterday on the back of earnings, but today, we have movement in the oil price. we're up close to 2.4 on brent and 2.6 on wti at this hour. so, very much stirring the trades in the oil market. universal music group was the top mover at the session

today and still higher by 1.8% umg on the back of 2.8 billion euro revenue in the quarter. that is sales increase of 4.3% on the year with top sellers being taylor swift this as the firm is looking for a new ceo. casino shares came in lower in the third quarter adjusted 2 billion euro that is the second consecutive quarter of declines bringing total adjusted ebidta for the year down 20% for the year the beleaguered supermarket well reveal the strategy this month after being acquired by the czech billionaire. and let's take a look at sanpaolo it was up .8%.

fitch revised the outlook to stable and looked at the long term rating at bbb with net income coming in at 7.2 billion euro intesa sanpaolo had a significant buyback to the dividend payments. reckitt has been found not guilty by the jury after the risk of the formula on the premature babies lawyers urged to award more than $2.6 billion in the case the stock is bouncing on the back of the legal case up 10%. ahead on the show, investor attention turns to gilt markets as the fallout continues from the labour budget. we'll be back with more. (man) look at this silly little sailboat... these men of means with their silver spoons,

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gilts are continuing to selloff in the aftermath of rachel reeves budget announcement which the head of the budget office called the fiscal moves investors are grappling with the one-two punch with the office announcing the gilts on record and warnings that government policy could boost inflation the moves we have seen so far haven't been as dramatic in the days following liz truss' mini budget in 2022 let's get to the chief financial economist for jeffries

thank you for joining us we have seen a similar reaction to the truss mini budget where we had a drop in the pound trade. so cables come off the boil and we see the rise in the ten-year gilt just spell out for us what you make of the market reaction and appropriate from the washout in the budget >> i think it is a combination of a few factors one, the market is right to be concerned about fiscal so, we've had an expansionary budget funded by tax raises. the point is, and more times questioning whether the tax increases are going to give you as much money as you hoped for and it is not obvious. so, that is a concern. second, the background is concerning on the fiscal side. we have u.s. elections coming up and the market is very worried about the u.s. elections and what happens on the fiscal side. it is not just the uk picture.

it is globally, people are worried about fiscal deficit and issuance on top of it, it was a bit of a technical move more people had steepenor trades in the uk. i think what we saw yesterday, because if inflation is higher and growth is higher and bank of england doesn't need to cut as aggressively what we saw yesterday was a washout of those trades as well. >> now, i was keen to bring that point to bear, too i think the market is not overly concerned about debt in recent years. we've seen a government spending not really necessarily being acknowledged in the same circles when it would have been in the past it feels as though that's changing and i was talking to people the other week at the forefront of the financial crisis and they are now talking about debt they are concerned it is nowhere where we feared. what does it mean in terms of the danger zone for gilts in the market continues to take it and take it further from where we

are seeing it move today >> well, it lingers on and that means we continue the selloff that we are seeing and we are seeing a steepening of the curve. what i would stress is we are not in the camp of an october 2022 repeat. so, what happened after the liz truss mini budget, we do not see that happening part of the reason is the 2022 move was technical in nature they were sensitive to the long end of the curve and the analysis of the trigger points we think we are far away, at least 100 basis points far away -- so, not a repeat of 2022, but fiscal concerns are very much valid. on top of that, if we get a republican sweep and more fiscal concerns, i think the bond market could move higher in years. >> moody's, the reaction was the budget will do little to improve the uk government in years that is something of a concern on the back of the budget which

is disappointing because they are doing their best to stimulate growth as well we have seen the muted 1.7%. the constraints here labor market in activity thanks to the ft article the structure in the labor marketand the other productivity obstacles from here what could the government do to roll back some of the hurdles that have been placed to productivity gains >> sadly, i agree with your view that the obr forecast growth is too optimistic i don't think we would be looking at growth in that order. the question is, of course, what can the government do? the question is it is about productivity what can we do to increase productivity a few things the government can definitely do, inn addition to public spending, we have to look at investment.

we have to look at new company formation. this technology is something we need to do yes, there is loads of spending that needs to be done, but it can be targeted to more specific areas. the other part which i think is a huge constrain for the uk labor market if you look at the participation rate, the number of young people not in the work force or not looking for a job, has increased since covid. that is something the government can do to encourage people to come back to the work force. >> do you think the government is suffering mentality that what they do in stepping in the economy matters from here? should they step back? we had so much government spending since the financial crisis to the pandemic and clearly, the shocks to the economy, but should they retreat and step away and allow b businesses do what they do best

which is allocating capital? >> i am strongly in the camp we have moved from public to private sector before and after the crisis as you said what we really need is investment in the private sector we need investment&d and i businesses that is the key in my mind to increasing productivity. we have should not forget another area, the demographics are not great for europe or uk with the high public debt levels, we have to encourage the sector absolutely. >> something has that been of interesting to me and the way we think about debt the chancellor changing the description of debt and other countries debating whether they should go down the pathway i talked to the german finance minister the other week how they step away from the debt brake. is it wise to change the

definition of debt to me, debt is still debt no matter what you call it. >> it's daunting more than anything else. you can call it whatever you want the fact is debt levels are still high and deficits will have a hard time to come down. so, yes, we can change the counting measures, but from the market perspective, it doesn't make a difference. debt is, like you said, debt how can we get the debt down without causing fiscal issues? >> i thought we were talking about italy earlier in the show. if you look at the debt measures, there is no debt measures as far as the eye can see to bring the debt levels down this is a country talking about a mountain of debt it has been growing now and one of the stronger economies in

europe i do wonder whether we should start to pay more attention to the fiscal hawks now and in germany and austria and they are very much still with the message that it matters what the fiscal position looks like even if the sacrifice is growth. do those painful measures need to be something that investors try to get the fiscal house in order? >> actually, we're very positive on italy and spain and greece. we are much more positive on southern europe. they are the engines of growth right now. we are slightly concerned over not in europe or germany because the growth picture is very low in my mind, when i look at southern europe, yes, absolutely the debt levels are high, but they are making all of the right noises when you look at giorgia

meloni's government, you see that if you look at france, you are looking at fiscal deficit to be 3% on a five-year horizon. i would argue southern europe is making the right noises. whether it happens or not, yes, we can debate. fiscal deficit is expected to come come down which paints a positive picture for europe. in contrast to france and germany. >> having growth does make a difference and gives you some room to maneuver when it comes to germany, what should happen from here? it is not the view that is widely held in some circles. there is a view that germany should find a way to support its economy and it should be investing and should be stepping away from fiscal rules from here what do you think? what would you say to christian lindner about his options right now? >> i think when i talk to investors, there is a very growing sense that for germany to come out of the current

situation, the only rule is they need to ease the debt brake and need to look a fortunately, the government is in good position the debt levels are manageable some loosening of fiscal policy from germany is a positive it's not a negative in my view i do not think it leads to inflation which is one of the government's concerns. my view is and this is shared by a number of investors that germany does need to look at ways of fiscal easing and step back from the current debt brake rules and try to spend, but basically produce more growth. growth is the key that germany needs right now. >> thank you so much for joining us today we appreciate your analysis. mohit at ejeffries a contrast with that conversation and our next one. i was having the conversations in d.c. last week where the

greeks were giving advice and recommendations to the germans ahead, greek bank piraeus posts a quarter beat we will speak about the greek economy and just how those greek banks are positioned

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welcome to "squawk box." i'm karen tso. these are the headlines. apple gives little clarity on the demand for iphone. and amazon posts a beat on the quarterly earns and revenue. the ceo andy jassy vowing to spend big on the company's a.i.

capabilities. >> it is a really unusually large, once in a lifetime type of opportunity i think our customers and business and our shareholders will feel good about this long term that we are aggressively pursuing it. gilt is continue to selloff while the chancellor is piling up debt. darren jones tells sky news the situation is he very different than liz truss' mini budget. >> markets always respond to budgets in a normal way. new information about the economy and it is normal for mas markets to respond the key part of the manifesto is bringing economic stability back to britain we've done that with this budget. the reckitt is cleared in a lawsuit accused of warning of risk from the premature baby formula.

after what was a very difficult month for european equities, we are seeing a bit of green this morning when thinking about how we are opening and how we traded so far in europe the stoxx 600 so far at this stage up .50%. as you can see on your screen, we have green across all of the major bourses. let's pay attention to the ftse 100 tracking higher at this stage. this, despite the recent concerns of the budget and labour government. some questioning whether we will see higher interest rates for longer when you think about the overall performance for european bourses as well, bothworth keeping in m for the eurozone yesterday at

2% it decreased the chances of a jumbo rate cut in the month of december let me take you to the different sectors to understand a little bit better where our corporate stories are this morning we have at the top oil and gas stocks the best performing sector at this stage this as we are seeing oil prices moving higher at this point. we had seen a lot of losses for oil prices earlier this week, but that has dissipated at this stage. when you think about household goods also moving higher at this stage. we are 30 minutes into the session thus far this after we heard that reckitt has been cleared from liability case related to baby formula. that has propelled the shares and seems to be providing also a little bit most mentum across t sector when you think about the worst performing sectors, this is what we have at this stage. i would actually like to pay closer attention to travel and

leisure stocks they are marginally below the flat line at this stage. when you think about what we heard this morning hsbc cut its target price for lufthansa and also changed the rating on the stock from buying to hold. so, let's see what will happen throughout the day this is the first trading day of the month, karen, it is also, nonetheless, a different tone from what we had seen this week and this month for the stoxx 600. the number down 3.35% on the month. significant losses in the month of october perhaps a different story for november we'll see. >> transition month. an expert on xpeng numbers just crossing 17,000 vehicles delivered in october. deliveries of the xpeng mo-3 have exceeded 10,000 units for

the second straight month. this is the all-electric hatchback coup they picked up deliveries of those in particular. so, that is the latest crossing from the chinese company and shares are trading higher in pre-market as you can see. let's push on to one of the big rivals in the space. byd. quarterly sales have overtaken tesla for the first time it posted a 24% rise on revenue for the year coming in at $28 billion versus tesla's $25 billion in the same quarter. tesla still leads in net profit and sales year to date as competition for ev market share remains tough. greece's piraeus bank with profit at 320 million euro or 25 cents per share. despite the recent ecb rate cut

and net interest income rose in the quarter with the bank benefitting from the growing client balances. christos megaluo is joining us as well as silvia. christos, i talked to the finance minister last week and it seems the economy is in great shape. no doubt that is creating good numbers for you. talk us through the latest quarter. >> well, the economy is doing well and p ggreece is growing almost four times the european average. this, of course, is helping a very strong banking sector and also a very strong quarter and very strong results for piraeus. we have been in a position to grow our net interest income quarter on quarter and we are at the highest ever in the history of the bank. we have been able to grow fees and commissions at 80 basis

points over assets very close to the european average. we have kept our cost of risk at 50 basis points. significant improvement to what was a problematic area for the bank in the past, but we are doing great and this reflects on the resilience of the greek economy, on the health of our customer base and a testament of gr growth can be a cat light for lower interest rates we are growing our book at 10% year on year and this is on a very healthy basis >> christos, there's a lot that's change in the decade with the greek banks. i think marking the moment was the demand for the ipo of greece's national bank and how

oversubscribed that was. what can you say about the confidence with the greek banks and 18% return on tangible book value? >> absolutely, the banks and piraeus in it particular, are confident about the future because we are in an economy that is growing. we are an economy that has a stable government that is doing the right thing to promote investment and we are benefitting from the growth that has been not -- has not been given over the years, but now is well above the european average. all of this is creating a positive momentum which is reflected in our numbers and in our bottom line profitability and, of course, in our distribution policy which has been increased over the guidance

we have been giving the last few months to actually 35% >> christos, it is silvia here joining the conversation it seems that you have done quite well withstanding the pressures of the lower interest rates coming from the ecb. i'm wondering about the outlook here there is some considerations at the moment about whether the ecb is going to cut potentially by 50 basis points in december. is that your base case and how are you protecting the business against significant cuts from the ecb? >> our base case is for 25 basis points in september -- in december and then next year, we are talking about 100 basis points to take down the deposit rate to 2% there are a lot of things that we are doing to protect the top line and we have been resilient in actually so far and we are

proving that growth is the number one reason for protection so, we are growing the book. number one, we are growing fees and kpcommissions. we keep our bouttom line health with the costs risks for the future as a result, we are pretty confident that the guidance we give for the end of the year fo net interest after tax north of 1 billion euro and distribution of 35% and the years to come is very robust and we hare very confident about that >> consolidation as well. we have seen unicredit partnering with one of your rivals, alpha bank, and conkc

convecon conversations with unicredit partnering with other banks. are you concerned? >> we are concerned about unicredit and bbva it is important for the banking sector we need to promote bigger banks. we need to promote growth and cross border growth that we are in a position to create profitability from -- from cross border transactions in europe. of course, we need the banking union and capital markets union to promote cross border growth, but i think it's long overdue. those moves by unicredit and bbva, i believe, are moving in the right direction. this opens possibilities for all the banks and we, of course, at

piraeus, are looking at the eurozone that makes sense for us to grow the book on top of the growth that we see in the greek market >> christos, part of the conversation is who is on the hook for what as we talk about cross border consolidation that ger germans do not want to be on the hook for the spending in italy and if the spending worsens. i want to come to that point we have come a long way with the non performing loans in the per representative ral countries your mp ratio of 3.2% versus 5.5% a year ago. you have come down how much of that is sustainable or does it take one bad cycle to derail you on the exposures again? >> in our view, it is sustainable. we are guiding the market for

below 3% we are currently as you rightly said up 3.5. we are on expansionary mode of the cycle in the greek economy this is reflected both on the activity, but is a healthy activity to be in a position imagining a few years back of 50 basis points cost of risk would be unimaginable now it is the middle of the road we think we can do better. we think this reflects on profitability and having strong and healthy banks in the system helps the growth of the whole economy. so, i think moving in the right direction cost of risk well remain low and very manageable numbers and that is going to be fueling growth for the whole economy. >> christos, i was wondering what your message is for the european members at this stage

when it comes to the practicalities of it, we are not seeing that proof of fact is the german officials are not keen to see commerzbank losing its independence what's at stake here what will it take for european officials to act on the promises in the banking union >> i think, you know, it has been long overdue. i think that this will, no doubt, promote more competition in europe. we need to see the bigger picture. we need to see the bigger good for the economy. we need to have banks that they will be in a position to compete with the americans and the asian institutions we need to promote cross border growth in an economy that is

lacking growth, especially in these quarters that i'm talking. i'm talking generally about the european economy so, one way to move forward is through the banking union and capital markets union, promote much lower cost of funding for corporates and banks promote european growth. this is all what we need to be aspiring to over the next few years >> christos, thank you so much for joining us for the conversation today christos megalou, ceo of the piraeus bank. still ahead, kamala harris and donald trump trade barbs as the countdown to the election day draws. we'll bring you the latest next.

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apple shares are trading in the red pre-market after the tech giants gave lackluster guidance for the coming quarter. steve kovach filed this report >> reporter: apple beat on the top and bottom lines for the september quarter, but miss on services sales and lack of clarity on the iphone 16 demand sent shares lower on thursday. eps was beat revenue was also a beat at $94.93 billion versus $93.5 billion expected iphone revenue was a beat at $46.22 billion versus the $45.47 billion expected by the way, that was a record september quarter for the

iphone services was a down spot a miss the street was looking for $25.28 billion as for guidance on the december quarter, not a lot of detail here if you were hoping to get some more color on iphone 16 demand the cfo said the top line revenue will grow and services will continue to stay strong and grow by double digit percentage points again i caught up with ceo tim cook on the quarterly results. he gave me color on the momentum behind the apple intelligence which launched in the update on monday he said, quote, a really early stat, which is three days of data, but users are adopting twice the rate than the year ago k quarter. i also asked him how many of those people upgrading turn on

apple intelligence he told me they are, but not disclosing those numbers he sounded optoptimistic on the record september quarter for iphones, i asked how much of that came from increased 16 sales versus a 15 model in the cycle. cook said both lines out performed the predecessors from the quarter. so there's your early signal that iphone 16 sales started out strong for cnbc business news, i'm steve kovach. amazon posted a quarterly profit investor attention was focused on the cloud business aws which saw revenue grow 19% over

27billion. on artificial intelligence, andy jassy says they will ramp up cap ex for the year. now on the economic front, all eyes today on october's non-farm payroll print economists are expecting a gain of 113,000 which would be less than half the level reported in september. i messed that up sorry. >> you got the numbers right you got the numbers right. i think the market's low balling some of this some saying we could be well off that it could be 70,000 goldman's saying 90. sub 100. 95,000 >> of course, it is all ahead of the big u.s. election which doesn't matter for the u.s., but also all of us, right? >> it does it is key. it has a strong job market for voter intentions. speaking of which, kamala

harris and donald trump have been on key battleground states hitting nevada and arizona as the polls show both candidates are neck and neck. betting markets have shown signs speculators are showing a likelihood of donald trump returning to the white house al alice barr joins us with more. alice, key states here tucker carlson was important for trump and j lo was important for harris yesterday >> reporter: it cannot be closer you emphasized it will come down to a few critical votes. it's never been more true. the swing states brought into starker relief yesterday was the focus of arizona and nevada and donald trump adding a stop in new mexico he was trying to appeal to

latino voters after the controversy about comments made by other supporters at his big rally over the weekend in new york that's one part of the appeal and then the other is a lot of focus on women voters. a really sharp gender gap in the election based on what we are seeing in polling and early voting women going out sharply for vice president harris and former president trump leading strongly with men there was a new comment where former president made he will protect women whether they like it or not. vice president harris appearing with jlo in vegas last night she seized on that and she said the former president believes he knows better and he does not respect the freedom of women or intelligence of women to make decisions about their own lives. reproductive rights is the central message for her in the closing stretch. we have been hearing from some supporters, harris supporters,

saying they think it is ironic that the former president wants to support women based on his terms and not theirs while trump female supporters said she said he just meant he was looking out for best interests and not trying to force anything on anybody. in this context, comes harris surrogate mark cuban facing backlash by saying strong, in intelligent women are not around him. cuban clarified he wasn't referring to women voters. i think it all points to how central this gender gap is in this election and how it could shape the results. >> alice, thank you for sticking around for us. i know you have a very big week next week. alice barr for nbc news. don't miss our live coverage

from the new york stock exchange as the polls close and counting starts we will have coverage at midnight london time and early wednesday morning. it is interesting with the battleground states. i was reading wisconsin is a big one. this is going to be where harris and trump spend today. the southern battleground states, not just georgia, but also the likes of north carolina >> actually, i was just looking at the calendar next week. when you think how important the u.s. election is, it could offset the corporate results we will hear next week. here in europe is heavy. commerzbank and unicredit and novo nordisk i wonder the implications across europe. >> the weight loss drugs and banking consolidaconsolidation s interesting out of china

china has been trying to front load the stimulus measures to get ahead of the u.s. election and any potential outcome with another trump administration that is tough on china i think it is such a mammoth week for markets >> this week was busy, next week is busy for sure. >> non-farm payrolls later on today. that is all for silvia and seit st wh the channel. "worldwide exchange" is up next. what is cirkul? cirkul is the fuel you need to take flight. cirkul is the energy that gets you to the next level. cirkul is what you hope for when life tosses lemons your way. cirkul, available at

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it's 5:00 a.m. here at cnbc global headquarters. welcome to "worldwide exchange." here's your "five@5. investors look to put a rough october behind them. today is all about the jobs report with the election and the fed decision next week apple riding an iphone rebound with the strongest sales quarter ever, but guidance in ch china weighing on the stock. and the amazon a.i. buildout leading to