a global selloff has hit equity markets after the arrest of a chinese tech executive in canada shares in new york reflecting losses and. the truce between china. and a recent g twenty meeting also is finding it harder than expected to cut output to raise prices. to play a key role and darling of the business world could also become the leader of germany's conservative party and potentially chancellor. i'm christopher to the program equity markets tumbled on thursday after the arrest of chinese tech giants who are way chief financial officer the case is starting fresh years that the economic truce between beijing and washington well only be short lived. miles didn't last long on the new york stock exchange within moments

of opening shed over four hundred points on news the united states is trying to extradite a high profile executive the u.s. reportedly accuses the company of violating the around sanctions the plunge continued but a gradual recovery did set in however the dow has essentially lost all this year's gains. investors fear the incident could reignite the smoldering trade conflict between the u.s. and china just as it seemed a truce was taking hold the blame was easy to place. only on saturday it was a c.f.o. arrested the very day that donald trump and. paying agreed to their truce that along with the brags that worries that are playing out right now and will probably heighten over the weekend and so there was little to stop london's footsie from losing over three percent. in germany frankfurt's dax dropped below the psychologically important eleven thousand mark taking it to

a modern two year low all in all it's a day for investors around the globe all right let's get more on the story with the quarter our correspondent is standing by on wall street yes it looks like the truce between beijing and washington is over before it even really started there and clearly the news of the arrest took investors here on wall street off guard made some point for a second consecutive trading day of blue chips or lost almost eight hundred points in value and it is hard to imagine that this event that the arrest is the not going to be heard for on trade talks a between the u.s. and china we have two big concerns here on wall street and one is that we might be cooling of the economic growth the next year and the second one is an escalation of the trade tensions between the u.s. and china and this event certainly is not helpful at all even if we still have to

wait for official statements from the white house and we also have to see what happens on friday if she will be sent to the u.s. if there might be a bail in now and saw the whole story is still developing and let's look at the bigger picture here way is a technology leader particularly when it comes to five g. connectivity or the company of their equipment are seen with much suspicion in the united states could other companies benefit from that. theoretically you could imagine that some u.s. companies who are all still betting on of five g. might take some share away from you or why but on the other side you also have some us chip makers who are actually suppliers to who will buy and they might be impacted negatively but there's no doubt about it that twenty nine thousand specially when it comes to five g. could be you really a huge year as all the connectivity was the much foster the service good to see

a breakthrough when it comes to connecting holmes cars of business and so on and so forth so overall i'm not quite sure if it's really going to be that helpful for the . for the whole industry was all the events going on why at this point against court in new york thank you. the u.s. trade deficit hit a ten year high in october to now fifty five and a half billion dollars that's according to the commerce department as americans used a stronger dollar to snap up a record imports the deficit in goods trade with china alone rose to a record forty three billion dollars as a trump campaign pledge to slash the u.s. is trade. saudi arabia says it's quote not confident that an agreement on oil output cuts can be reached as oil producing nations in the opec cartel continue their latest bi annual meeting on friday member states want to meet

with russia to negotiate its position u.s. president all trump has urged saudi arabia to refrain from lowering output in order to keep oil prices low. the decisions made by these people will be felt by anyone with a car at the petrol pumps the opec oil ministers and representatives meeting in vienna are focused on one subject put cuts for crude oil the idea is to drive the price for oil back up after three months light during that time the price of a barrel of crude has fallen from eighty six dollars at the beginning of october to around sixty dollars now that's hurting countries that rely on oil revenues to finance their economies we hope to come in for a minute with. reduces would contribute to the way you cook across the board. and so far from my the consultations with colleagues we have not reached that. iran could prove to be

a stumbling block for years sanctions on the country meant it couldn't export anywhere near as much oil as it could have done and no sooner were the sanctions lifted from the us reimposed them. on except your own people not accept any. for itself. and there we expect that sort of position you don't show the school get that exempted from any. reports say that apart from around there is general agreement on the necessity of cuts for the time being it's just not clear how large they'll be opec is still trying to coordinate that with nonmember russia. on friday germany's conservative party will elect a new party leader he or she will succeed i'm going to america among the candidates a man called phyllis metz he is the german chair of the world's biggest and most powerful wealth manager black rock and he says he is ready to return to politics

and move the party back to its conservative roots or his own band fizzling or. germans hate career politicians so he's someone who's made it in the private sector mantz the millionaire he's been on the boards of banks and insurers even a toilet paper maker but it's black rock that gets everyone talking. blackrock is not an asset stripper it's a manager. yes the biggest in the world but wealth managers are trustees. globally the american firm manages over six trillion dollars double germany's economic output it has the biggest foreign stake in the dax in all the top listed companies here and that's not just a ridiculous amount of wealth that's. the reports from time to time that the fund likes to exercise its influence over german executives. denies that it also denies being a shadow bank but it does the scrutiny the world's biggest banks around and enjoys

unrivaled access to regulators central banks and governments blackrock has been really at that playing that game. saying no we're the good guys we're not like a bank and so the bank the banks are the ones that caused the financial crisis we are actually the saviors of the little people and that's basically been their their spiel if you will and they've been really successful at selling this. but i think it's about time that we look a little more closely and what they're in for actually is and how they're shaping and reshaping markets and the financial system and. blackrock and it's team here in frankfurt must friedrich the great he pried open the door for them to europe's economic powerhouse and even if he does leave the company upon officially re entering politics that door is already wide open. some economists say math is just

the right man for making germany more competitive but i think it would be great for the country given the fixin's of. governments and focused on redistributing wealth creating wealth is all we need to do some reforms. to do it but you're talking about creating wealth for europe's largest economy not creating wealth for the world's biggest hedge fund and fine man. well first of all this creating wealth was a custom us we should keep this in mind and especially in germany the discussion of all its low costs and hedge funds and so on is very negative crocus actually just minnie's and every day i'm not before many people in dolman station fonts sold a bunch of the ordinary people benefit from the uk so i think the discussion here is a little bit misled. matts once said he learned from his parents about giving back something to society if you could afford it well he squirreled away enough money to give up his corporate career and possibly become leader of the christian democrats

but he'd have to be investing in all that surely he'd want to give back to society by taking charge of europe's largest economy and becoming chancellor. china in portugal sign an agreement to make the portuguese port of scene ish part of china's new growth global trade route for to go has a long tradition of trade with china dating back to when the island of macao was a portuguese colony now a special administrative region macau on thursday also signed up to the project be says it will support macau and setting up a financial services platform to need china and portuguese speaking countries like soybean exporter brazil and oil rich angola. program if you want more go ahead and check out our social media feeds i can highly recommend that to you for now thanks for watching wherever you are.

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