and you can live the life you want to live. 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." ♪ good morning and welcome to "street signs." i'm silvia amaro and these are your headlines. a shock poll puts kamala harris ahead in the republican leaning state of iowa throwing the so-called trump trade into doubt and sending the dollar down and final national polling points to a dead heat just a day before america votes.

>> after all we have been through together, we stand on the edge of the greatest four years in american history. >> we have an opportunity in this election to finally turn the page on a decade of politics driven by fear and division. investors in europe hold their breath ahead of tuesday's vote as the stoxx 600 trades along the flat line. oil majors track crude prices higher as opec and its allies agree a one-month delay to output hikes. the secretary-general tells cnbc the group is keeping its options open. >> we take the decisions and we have the ability to oppose them, reverse them or change them even if necessary. this is nothing unusual that has not been, let's say, part of the modus operandi since the agreement has been in place. and berkshire hathaway continues to sell down its

stakes in apple and bank of america boosting warren buffett's cash pile to a record $325 billion. good morning, everyone. we start today's show looking at u.s. assets, naturally, as we approach the all-important vote tomorrow. let's get a look at u.s. futures. at this stage, it could be a mixed start to the trading session on wall street. investors taking a cautious approach suggesting this race is very close. there is no clear candidate that is likely to win the election at this stage. this, however, as we look at u.s. futures right now, we actually saw wall street ending friday's session just mildly positive really, but i would highlight the p performance with the tech heavy index nasdaq

finished the session up .8%. the week to date is down .5%. let's see what happens throughout the week. i want to take you to u.s. treasuries. there is a change in narrative here. we have seen the so-called trump trade. we saw the treasury space rising in recent times, but what we are witnessing is different. there's a change in narrative given the latest polls suggest the race is very close to call and, therefore, investors taking awe cautious approach. we have yields across the board and treasuries moving lower, indeed, as we approach the all-important vote starting tomorrow. when it comes to the impact in the currency space, we've also seen this change in narrative impacting the dollar crosses. dollar has moved higher in recent times, however, there is

a little bit of pressure on the dollar in the last 24 hours. for instance, the u.s. dollar index is down .50%. earlier today, we saw the dollar down 0.9% against the japanese yen and down 0.6% against the pound. these polls i'm referring to you a mixed picture with one day to go. the siena poll shows the candidates neck and neck in key battleground states. and the poll for the newspaper in iowa showed harris narrowly ahead with a 20--point lead among women votes in a state that delivered a clear trump victory four years ago. so, this poll actually influenced what we saw in terms

of the currency space and the treasury space as well. looking at the specific poll, it predicted that market expectations for harris have increased recently with sites now showing a narrower race after higher expectations of a trump victory in recent weeks. trump and harris are continuing their campaign stops across key swing states with both candidates setting out their final messages to voters. >> after all we have been through together, we stand on the verge of the four greatest years in american history. you watch, it's going to be so good. it's going to be so much fun. it will be nasty a little bit at times and maybe at the beginning in particular, it's going to be something. we're going to go to heights this country has never reached. >> we have an opportunity in this election to finally turn the page on a decade of politics driven by fear and division. we are done with that and we are

exhausted with it. >> so, how have the polls changed dynamics when you think about european equities? let me run you through it. looking at the stoxx 600, as you see it at this stage, we are tracking above the flat line. european investors are taking the cautious approach, really, as we are approaching voting day tomorrow. let's see what will be the final result. indeed, it is a very close race. when you think about what we had last week, it was actually a pretty good week for the european stoxx 600. on friday, it ended the session up by more than 1%. as we start a new trading week, however, we are seeing a little bit more of a muted approach in terms of european equities. let's see how european bourses are trading at this stage. i want to take you to the german market no doubt. at this stage, the dax is the

only major bourse is down. we are paying attention to what is happening in germany. reports the coalition is on shaky ground. let me take you to the different sectors to understand what is better and driving the momentum in the european equities. we have auto sector up ab about .6%. i want to take you to oil and gas gas. it is the best performing sector at this stage and one of the reasons is the higher oil prices good afte today after the announcement from opec plus after delaying changes to the output. when it comes to the worst performing sectors, this is what we have at this stage. looking at technology, it is the worst performing sector down .6 0 down .6%. we have seen a bit of pressure in recent days given the latest earnings season, but today, we also heard from goldman sachs removing asml from it the

conviction list of stocks and morgan stanley cutting the target price from asml. a little bit of pressure from semiconductor. let's wrap it all up with the u.s. politics and what is the impact on the european equities? i'm pleased to say michael field at morningstar is joining us for more. michael, i just want to start there. there's been a lot of speculation, really, about what a potential trump win would mean for european equities. which stocks would likely under perform, but i would like to look at it from the other side of the equation. if there was a trump victory what stocks with out perform? >> that's an interesting take, silvia, and yes, a lot of negative effects from the trump presidency. positive is the defense sector. he has been threatening to disavow nations that don't spend

or meet requirements in terms of def defense. that is a boost to the european defense stocks if he is elected. >> what about a kamala harris win? the latest polls show it is very close and unclear who will become the next president. >> you mentioned already autos is up a touch this morning. autos is a sector of a fear now of tariffs imposed on european auto manufacturers into the u.s. that is probably a good example where one the pressure should come off if kamala wins. >> abwhat about the details tha we actually could get from the candidates? thinking about the narratives from donald trump, there are some suctggestions he would reme

the european act. i just would like to understand if he indeed removes a critical piece of legislation, what would that mean for european utilities and energy stocks? >> you know, you mentioned the details and that's the key part. we heard a lot of broad strokes about removing the i.r.a. for example, but what about the details within it? i think specifically to energy stocks, you have even european utilities and renewables projects. what we are keeping an eye out for are the tax rebates or subsidies are removed and what affect it has on in the u.s. and if it takes a hit if that indeed does happen. >> excuse me. i would also like to look at the eventuality of us not getting a result for a couple of days. we are always trying to figure out what the victory would mean for this and for that specific part of the market. what if we actually don't see a result for at least a couple of

days? what sort of reaction do you think we could get in european stocks. >> so, i think you and i would have a tough couple days if we are commentating on that result. investors are reasonably patient. the market is muted this week. it is in the wait-and-see approach. we will wait for genuine outcomes and details. >> a few waiting and see days. we will see when we actually get the result. looking broadly at the european equities. year to date, it hasn't been a bad performance really. i would like to know what you have in store for the next few months now we have overcome uncer uncertainties. what is likely to happen for the next two months? >> i think you are completely right. european markets had a good run

year to date, but still under valued by the tune of 5%. there's still a little bit more to come, we believe, from european markets. i think election results this week gives us a bit more stability in terms and visibility as to what could happen to sectors and stocks going forward. i think you could probably see the market edge up slightly, but again, there are always risks we haven't thought about then. >> naturally. there is also a moment where we are getting comments around what is likely to happen in 2025. here i would like to understand from your point of view is what is likely to -- what is likely to see what's happening in 2025 in the sense that the start of the year mondetary policy expectations were different compared to what actually was happening. what will drive european equities in 2025? >> so, i think europe's in a pretty good place at the moment.

at the start of the year, we were still worried about inflation. we hadn't seen interest rates fall yet. there were a lot of concerns. we are below target levels across europe which is great to see. the rates are coming down also which is great. i think going into 2025, we're in a good place, really and if interest rates fall further over that period and inflation remains low, i think it's a pretty good economic back drop for companies generally speaking. >> before i let you go, i was mentions how european tech stocks were under pressure, really. it has been a volatile time for the tech companies. i would like to understand what you are expecting? >> it's a pretty mixed picture. you have an array of companies doing different things and companies with exposure to the structural trends with the

migration to the cloud or s.a.p., for instance. still tailwinds pushing forward. you mentioned asml earlier. we see exposure to china is a good opportunity, but we are aware of the risks with the regulatory concerns, et cetera. very mixed bag, i would say. >> we will see what will end up happening. thank you for your thoughts this morning. that was michael field, strategist at morningstar. as we keep a close eye in the united states, i will show you how we are trading in the djt stock before the market opens. this, of course, as the polls continue to show that it is a very narrow race. you have it at this stage on the screen down 6% in pre-market. we knew that in recent times we actually have seen what has been called the trump trade.

that seems to be dissipating as we approach voting day tomorrow. speaking of the election, do not miss our election night coverage from the new york stock exchange as the polls close and the counting starts. we'll be kicking off the special coverage at midnight london time early wednesday morning. coming up on the show, ryanair reports a drop off in first half profits and says it is too early to provide meaningful guidance for next ar. , these bills are crazy. she 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.

what 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.

welcome back to the show. time now for some corporate stories out this morning, including schneider electric. the company announced the ceo has been removed by the board of

directors citing diverge in the execution of the company road map. the company announced a new chief executive immediately. and elsewhere, burberry is surging in early trade and suggesting montcler is mulling a bid by a fashion site which says the italian firm could be considering acquisition of the luxury group to create an outdoor specialist firm. both declined to comment on what the letter called unsubstantiated rumors. charlotte is here with more on the story. what do we know? >> we have to be very, very careful here because it is based on the story from this tweet which described itself as an independent media specialized in fashion and luxury sector. we have to be careful there.

the two companies not commenting on this. we don't know if there's truth to the story. what we know is that burberry shares have been down more than 50% over the past 12 months raising question whether it could be a takeover target and why the shares are so much lower is, it is once again, a turn around story of the context of the slowdown in luxury demand. it exited the ftse 100 in september after 15 years. it has had multiple profit warnings at burberry. back in july, the current trends that we're seeing and continuing to report an operating loss for the first half of this year. now they announced the new ceo in july joining the company. he used to be at michael kors and coach. replacing the previous who has been at the helm for a couple of years. the lower end of luxury rather than the higher end they have

been targeting under the previous ceo. they have a new creative director they brought in in 2023. they pushed prices up. in july, the chair said in hindsight they went too fast too far. they are readjusting strategy and focusing on outer wear which is a strength for burberry. they have the h1 earnings next week. will we get more insight of the new ceo and what they want to do with burberry and turn around the group? we don't know anything about this and all of this is happening. we know on the montcler side and fresh off investment with the 10% stake there in the division, they have the potential to raise the sector to 22% in the future. we know montcler has firepower

backed by lvmh. >> i was thinking about the conversation we had recently whether we are actually going it see further mergers in the sector. let's see what the happens say in the recent days. more interesting developments within fashion. thanks, charlotte. i want to take you to ryanair. the company reported earnings and this came in with an 18% drop in the first half profit. coming in at just under 1.8 billion euro in line with the expectations. this was on the back of weaker fares. the budget carrier says the price declines appear to be moderating and that bookings for the third quarter have started off strongly. i want to take you to how we are trading in terms of some of the airline names in europe. looking at, for instance, lufthansa, trading above the flat line marginally really. we have seen lufthansa under

pressure last week. we are continuing to see relief with air france and easyjet. let's not forget we are also looking at higher oil prices this morning. that could be also impacting the moves we are seeing within airlines. we had a chance to speak to the cfo of ryanair. he told us the carrier is looking forward to lower rates and rising consumer demand, particularly heading into the holiday quarter. >> bookings are very strong. 9% increase in the first half of the year. 115 million passengers which is a record for us. you know, we had a tough q1. didn't have easter in there. we have seen interest rates higher for longer. interest rates are starting to come down. consume irrers are starting to confidence in the market. the ota washing away. so, we're hopeful now fares will start to moderate somewhat and

the declines in q3 will be well down on 15% and 7% in q2. somewhere around 5% in q3. >> indeed, as i mentioned earlier, oil prices are trading higher as opec plus planned the december output decrease by a month. the plan was to raise output by 18 180,000 barrels per day, but that is put on hold by the weakness in china and the soft economic data. dan joins us with more from the energy summit in abu dhabi. you had the chance to speak to several guests, dan. >> reporter: that is right, silvia. we are live on the ground to get a view of the energy markets and how they are set to trade and trend in 2025. of course, the primary focus is not just on the u.s. election and the policy implications for

the industry under either a harris or a trump administration. we are looking at the opec decision. you flagged it. it's a surprise move to delay a planned output by a month. that was said to go ahead in december. it's now no longer going to happen. earlier today, i spoke with the opec secretary-general to try to understand some of the factors behind that decision and ultimately what it means for opec tstrategy moving forward. listen in. >> this is not the first time we delayed the increase which is supposed to be phased in gradually. we have always said and we have always been and depp sse demons market. we take decisions whereby we have the ability to propose them, reverse them or change them if necessary. this is just a continuation of our policy of making sure that we're very attentive to the

market the way the market behaves. we have a chairman that operates on a regular basis to monitor the market fundamentals and look at all of the varying factors that play at certain times. we have the ministerial meeting coming up december 1st. i think there is a lot. this is nothing unusual that has not been, let's say, part of the modus operandi since the agreement has been in pollace. >> opec has been battling a number of items in the market. what will that mean for the strategy going forward and do you delay additional outputs if necessary? >> as i said, we have a meeting on december 1st. let's wait until we reach that state and then have more

discussion on market fundment t fundamentals. >> how do assess the current demand outlook with china? i know some are raising this as a key concern. it doesn't seem as if the market has responded to the chinese stimulus headlines? what does the demand jooutlook look like? >> we have opec demand growth 1.9 million barrels a day. some say this is on the high side. some analysts have it at similar levels. some have it at low levels. we are still quite robust on demand. we have lowered down our demand numbers to be fair in the last couple months by 100,000 to 200,000 barrels a day. nonetheless, we remain at 1.9. this is the his tore atoriverag.

we still see china performing well. recently in september, the government announced the stimulus package for the housing sector and the stimulus. chinese government has a plan to keep 5% gdp. we see debt coming out for the third quarter. they're very close to that. let's not focus on china. i think we are seeing positive numbers coming out of the u.s. economy. for example, third quarter gdp at 2.8% in the u.s. which is phenomenal to be ton honest wit you. we see good signs in the petrol chemical. i think there is too much doom and gloom with the outlook by some corners in the market in terms of analysts and research, but we believe still our numbers are in line with many other independents. for china, we have china growing

at 6.5 million barrels a day. we see a few at .4 million barrels a day. i think the outliers looking at china hardly looking at growth are the outliers. >> the secretary-general speaking to us earlier today after the decision to delay the output increase. we have been canvassing the reaction. i had the ability to speak to the totale energy ceo and getting his pricing and policies into 2025. he weighed in on a number of key issues, the u.s. election and the u.s. environment and what it means for investment for the industry moving forward. listen in. >> i would say it is clearly today weaker demand or feeling

of weaker demand. we still have a role in 2025. you know, not as big as '23. '23 was the chinese side. it is more global mood, but macroeconomics environment and then you have also after three years of $80 a barrel, quite a good supply. i know it is a commodity and good supply. more shale oil in the u.s. some projects in brazil and guyana. at $80 a barrel, we are all working. the natural decline is lower. the base remains higher. i see you should not forget as well. in fact, iran is exporting much more oil than one year ago. the international community has

relaxed some sanctions. 2 million barrels per day came into the market. that is also part of the good supply. i think all of the people are willing to control together with the price in u.s. and europe as well. we'll see. >> reporter: the message from policymakers is that volatility and uncertainty is here to stay at least until we get through the u.s. election, perhaps the next fed decision and the clarity on the back drop in the middle east. as for the overall pricing action we have seen, oil has stayed well off the back of the most recent opec decision. we saw prices rising more than 1.5% in the asia session and also stayed higher through the course of the european trading day as well. now up by almost 3%. silvia, that's where we stand. back over to you. >> thank you, dan. interesting coverage, really, the day we heard from opec plus

speaking to the secretary-general. great reporting. coming up on the show, we'll have more on what to expect on tomorrow's u.s. election and head live to the key battleground of pennsylvania after this break. at betmgm, everyone gets a welcome offer. so whether you're courtside trying to hit the over... or up here trying to hit the under. whew! or, hitting that win with your crew. ohhh! yes, see defense! or way up here with a same game parlay. yaw! betmgm's got your back. get your welcome offer. and play with the sportsbook born in vegas. all these seats. really? get up to a $1500 new customer offer in bonus bets when you sign up now. betmgm. download and bet today.

welcome back to "street signs." i'm silvia amaro. here are your headlines. a shock poll puts kamala harris ahead in the republican leaning state of iowa throwing the so-called trump trade in doubt and sending the dollar down as the polls look to a dead heat a day before americans head to the polls. >> we stand on the verge of the four greatest years in american

history. >> we have the opportunity in this election to finally turn the page on a decade of politics driven by fear and division. investors hold their breath ahead of tuesday's vote as the stoxx 600 trades along the flat line. oil majors track crude prices higher as opec and its allies agree a one-month delay to output hikes. the secretary-general tells cnbc the group is keeping its options open. >> we take decisions whereby we have the ability to oppose them, reverse them or change them, even if necessary. this is nothing unusual that has not been, let's say, part of the modus operandi of opec plus since our agreement has been in place. and nvidia shares jump pre-market as the a.i. darling holds the 25-year reign as a dow

comp component. we have been looking at a fairly muted session this morning in european equities. we have the stoxx 600 currently just above the flat line. this, we know is actually a very busy week where you think of the fed meeting, the bank of england meeting and the china stimulus as well. there is one key event taking center stage this week. that is the u.s. election. investors in europe for the time being are taking a cautious approach as we prepare to see who is the next president of the united states. let's look at the different european bourses to see how we are trading across the continent. we are only seeing a little bit of pressure with the german bourse.

the dax is below the flat line. as i told you earlier in the show, we are looking at german politics as well. let's see the outcome with the conversations within the government will have and what they will communicate to us in the coming days. no doubt, the differences in terms of the economic views are putting a little bit of pressure on the future of the coalition government. i want to take you to u.s. futures. as i told you earlier, it is all about the u.s. election this we're. u.s. futures suggest a lower start to the trading session on wall street. marginalmoves at this stage. all in all, it could be a fairly muted session on wall street. this after we actually saw mildly positive session on friday. we know that it is actually the calendar today is not very heavy. we are only going to see factory orders released at 10:00 a.m. eastern time. it is also not very busy on the

earnings front, so all eyes on the political dynamics. i want to tell you about the poll for a number in iowa which shows harris narrowly ahead with a 20-point lead among women voters in the state that delivered a clear victory for trump four years ago. jay gray joins us from more from bucks county in the key battleground state of pennsylvania. jay, give us the latest from pennsylvania. such an important state at this stage. >> reporter: yeah, in fact, both campaigns, silvia, don't see a path to the white house, a clear path without a win here in pennsylvania and it is razor thin right now between the two candidates here. this area covered in beautiful fall colors in the trees amber

and gold, but decidedly purple, split between democrats and republicans. an example of how important this state may be in the election. both candidates will spend significant time here in rallies across the state and several of their high profile supporters will be part of the campaign effort on the ground here as well. look, many think this election could be decided by just tens of thousands of votes from the swing states and pennsylvania, ag again, one of the keys to victory for both of these candidates. we have seen throughout this campaign a lot of focus, not only here, but in north carolina and in michigan and a few other of the swing states. today, vice president harris will spend all of her time here in pennsylvania. that will show you how important they believe this state may be. while former president trump will sepend significant time here, but also be in north

carolina and michigan as well trying to seal a win in what nbc news has determined with their latest and final national poll is a dead even race. 49% of registered voters supporting both campaigns with only 2% undecided. that 2% what they will be working as they rush to the finish line over the next 24 hours. >> jay, thank you for the reporting. that was jay gray from nbc news. to discuss what's likely to happen stateside, i'm pleased to say dr. lindsey newman is joining us for more. good morning, lindsey. last time we spoke, we were discussing u.s. politics on the eve of the all-important debate between donald trump and kamala harris. in the aftermath of the debate, it seemed kamala harris was

leading in the polls. at this stage, it is a very narrow race. what's at stake here? >> thank you, silvia. you are absolutely right. this is a sliding door moment for the u.s. whoever wins tomorrow, which we may not know the answer to that question tomorrow, will set foreign and domestic policy and trade and tariffs and taxes for years to come. this is going to set the u.s. on the trajectory for years to come, but decades to come. so much is at stake and as you and jay reported, it is a dead heat. trump erased harris' lead since she entered the race in july. the swing states have traded back and forth in that period as well. the reason everybody has all eyes on pennsylvania is because harris' pathway is through wisconsin, but trump's path is north carolina and georgia and

pennsylvania. they are both fighting it out. >> i'm just wondering whether she has done enough, kamala harris has done enough, over the last couple of months because the element here is she arrived at this campaign late in the process, really. how has that, perhaps, impacted this election and ultimately the odds of seeing a democrat president? >> what is interesting there is her campaign has run quite a disciplined -- taken quite a disciplined approach, right? her strategy has been to distance herself where possible from biden because we know there is a sentiment sweeping the globe, but succeed where biden successes. the key metrics that matter to voters. whether she's done enough will only be able to us 20/20 hindsight. she has run a discipline strategy and looking forward and not diving deep on the details

of the policy and not diving deep on the fact she would be an historic candidate. focusing on the democratic perspective the threat of the u.s. democracy ahead. it is a really strong contrast from what donald trump is doing. we saw last week at the msg rally the simple question and the question in the intervening days. are you better than you were four years ago? he has an economic story where he said i know you trust me on the top issues and she is honing in on we're facing a threat to democracy. let's turn the page and move away from the division that we've been seeing over the last ten years. >> now, i would like to discuss recall voting because up until the end of last week, early voting was suggesting that perhaps the odds were with donald trump. i was wondering how you were reading the data in terms of early voting and ultimately can we trust it really? >> what we have seen which is so

interesting, silvia, betting markets have moved from trump up to now as of today, they actually have harris up for tomorrow which just reflects this is a dead heat. the early voting, as you say, more than 75 million americans have voted in person or used mail-in ballots. this started over the pandemic election in 2020 and continues today. it shows the democrats have a very, very narrow edge over republicans in who has already voted early. women are significantly voting more than men. for harris, that must be good news for her, because she thinks her pathway through victory is through women and donald trump believes his victory is through young men. we have to expect at least double that. double that number will be voting tomorrow. >> let's look at the polarization. it seems that we are looking at levels that are even deeper

compared to the 2020 election. do you think that in the aftermath of this election, whoever is the next president, will manage to actually bring the american people together? >> so it's a really important point you are making, silvia. i think we have to be careful of what we are talking about tomorrow and the days after and what we expect to see between the days after and all the way through to inauguration day. we have to expect if this election is close and a small margin of victory to harris, that would be the most volatile outcome here because we know the trump campaign has been laying the ground work this could be the big rig they're seeing. we have to expect court challenges and disturbance at courthouses and even political vio violence. you have the question of looking further beyond. beyond january 20, 2025 when the next president is sitting in the white house. this is a generational moment of

polarization. the next president, if it is harris, she has the ability to bring people together. they are not sharing facts. they don't have this -- there's not a lot of love lost between them. this hyper polarization is likely to last for the next cycle or two. >> we will monitor what happens this week and in the months ahead. thank you for your time today. that was dr. lindsay newman at g-zero media. do not miss our live election night coverage from the new york stock exchange as the polls close and the counting starts. we'll be kicking off our special coverage at midnight london time early wednesday morning. as we approach the end of the show, here are the three things to get you up to speed ahead of the open on wall street. today is the last full day of campaigning before u.s. election day tomorrow with both

presidential candidates making their final pitches to voters in key battleground states. the earnings season continues thick and fast with traders looking out for numbers from the likes of marriott and bayern. and boeing will vote on the new contract which could end the seven-week long strike at the embattled planemaker. coming up on the show, rating agency moody's says the budget post is a new challenge for finances. we'll bring you details after this break. 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.

jen b asks, "how can i get fast download speeds while out and about?” jen, we've engineered xfinity mobile with wifi speeds up to a gig, so you can download and do much more all at once. it's an idea that's quite attractive. or... another word... fashionable? i was gonna say- “popular! you're gonna be pop-uuuu-larrr!” can you do defying gravity?! yeah, get my harness. buy one line of unlimited, get one free for a year with xfinity mobile. and see wicked, only in theaters november 22nd.

welcome back to the show. let's take a look at germany. at this stage, the dax is marginally above the flat line.

this after olof scholz held meetings on sunday as christian lindner looks to chances. this comes after the bombshell economic plan on friday laying out tax cuts and pushing back net zero targets. putting him at odds with those in the green coalition government. to bring you back to the united kingdom, chancellor rachel reeves says she was wrong to say higher taxes wasn't needed during the election campaign. her comments with cnbc sister channel sky news, comes after 40 billion pounds in the labour budget. reeves said her budget will fill a black hole in the uk public finances. >> i was wrong on the 11th the june. i didn't know everything because

when i arrived at the treasury on the 5th of july, under a month after, i said those words. i was taken into a room by the senior officials at the treasury and they set out the huge black hole in the public finances beyond which anybody knew about at the time of the general election because the previous government hid it from the country and hid it from parliament and, indeed, hid it interest the official forecast of the office of budget responsibility. when i went into that budget last week, i had to put public finances back on a firm trajectory. we saw what happened when government loses control of the public finances. the first commitment we made was to bring stability back to the economy. that's what i did on wednesday. >> the rating agency moody's

w warned that posed an additional challenge. now, the uk lead analyst at moody's is joining us to discuss the latest commentary. evan, first and foremost, when you read this latest budget, what points would you highlight as a stark difference with previous budgets? >> thanks very much for having me. it's great to be here. so, the spending decisions taken in last wednesday's budget will mean the government will need to borrow more. they will need to borrow more by on average of 1% of gdp in each of the next five years. that means general government debt to gdp will slowly rise. at moody's, we take a long-term view with credit ratings. the budget is not materially changed that long-term view. as you said, it will make an

already difficult fiscal picture in our view more challenging. the government is going to have a limited buffer now to absorb shocks. we already expected prior to this budget that for most large european economies, it would be difficult to reduce debt given the acute spending pressures. >> my question is does this budget call for a downward revision for the uk economy? at this stage, you still rate it as stable. is this the moment to actually move it to negative? >> so, we don't comment on future rating outclooks. that reflects the fact that we see a balance of risks at this point in time. that means there's an equal likelihood of an up or a downward movement in the rating over the next 12 to 18 months.

we outline in the research what could change the rating down and we could see downward rates in pressure if we expect the strength of the uk institutions were to weaken materially, reduce in the uk ability to cope with economic orif phyif fiscal offe or weaken relative high levels. about three notches below the highest possible rating and that -- that view hasn't changed based on the budget. >> what i would like to understand here is whether you disagree with mario draghi. he wrote over the weekend for "the financial times" that eurozone economy is to look at the uk budget and take lessons from it. do you disagree with that? >> well, the uk budget clearly tries to boost potential through higher public investment.

if that investment is sustained at a higher level and spent well, it is possible, it can over the long term, increase growth somewhat. we know that governments directing and choosing investment opportunities is a risky strategy. it may not result in the best value. so the uk government is actually introducing a number of guardrails which helped to improve the effectiveness of that investment spending. in our view for the uk specifically, the extent to which the new investment could raise potential growth will be limited unless the structure economic constrained kept the uk growth limited. we feel the deep hurdles will be difficult to address. the budget doesn't change our view of long term growth in the uk. we estimate 1.5%.

>> evan, speaking of the european economies here as well, i would like to understand whether if the uk were to consider joining the customs union, for instance, that would bring further growth in the next couple years with the prime minister targeting 2.5% of gdp and this budget not delivering that. >> the government's intentions not to join the customs union and the long-term costs of brexit are around 4% over the very long term. that means the uk productivity will be 4% lower over the long term as a result of the decisions taken in the 2016 referendum. we don't expect that to materially change and going forward, it's important to say that the costs of brexit are already well captured within the rating. >> very clear, evan.

that was evan, the uk lead analyst at moody's. thank you for your time today. let's get a check of the european equities. we have been trading on the cautious said so far this monday morning with the ftse 100 up .6%. i want to briefly show you as well how nvidia shares are trading pre-market. nvidia is joining the dow. at this stage, pre-market showing 2.3%. in intel, the stock leaving the dow as nvidia entering, down 2.8% pre-market. u.s. futures point to a mixed start to the trading session on wall street. no doubt, all eyes on u.s. politics. let's see at wwhill happen throughout the week. that is it for today's show. i'm silvia amaro. "worldwide exchange" is coming up next.

let's go boys. the way that i approach work, post fatherhood, has really been trying to understand the generation that we're building devices for. here in the comcast family, we're building an integrated in-home wifi solution

for millions of families, like my own. connectivity is a big part of my boys' lives. it brings people together in meaningful ways. ♪ ♪

campaign countdown. 24 hours away from election day. vice president kamala harris and former president trump layout the state of the race. investors bracing for the latest fed rate decision and comments from chairman jay powell this week following the 50-basis point cut in september. another big week of earnings