a global selloff fast hit equity markets after the arrest of a senior chinese tech executive in canada shares skid in new york. and then europe as investors lose faith in the truce between china and the u.s. announced at a recent g. twenty meeting also the show is finding it harder than expected to cut output to raise prices nonmember russia 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 come to the program equity markets tumbled on thursday after the arrest of chinese tech giants. financial officer the case is still going fresh air is that the economic truce between beijing and washington well only be short. christmas didn't last long on the new york stock exchange within moments of opening

shared 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 was a c.f.o. arrested the very day that donald trump and changing ping agreed to their truce that along with the bragg said 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 more than 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 korda our correspondent 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 the arrest is not going to be heard for on trade talks or 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 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 and now and saw the whole story is still developing and let's look at the bigger picture here our way is a technology leader particularly when it comes to five g. connectivity now 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 five g. might take some share away from you or why but on the other side you also have some u.s. chip makers who are actually suppliers to hawaii 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 all the connectivity it was the much

a foster service called jim see a breakthrough when it comes to connecting holmes cars to 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 go to 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 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. 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 right back with. your service would contribute. equally across the board. so far from my the consultations with colleagues we have now reached with. 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. you for itself. and we expect sorry position you don't show your school look at the accepted any because. reports say that apart from iran 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 with nonmember russia. on friday germany's conservative party will elect a new party leader he or she will succeed america mung the candidates a man called for the mess 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 his own then fill in for. 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. this is black rock is not an asset stripper it's a wealth manager yes the biggest in the world but wealth managers are trustees. globally the american firm manages over six trillion dollars. 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 blackrock denies that it also denies being a shadow bank but it does the scrutiny the world's biggest banks are under and

enjoys unrivaled access to regulators central banks and governments. blackrock has been really adept at playing that game. of 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 their influence actually is and how they're shaping and reshaping markets and the financial system in. blackrock and its 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 mansi 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. the governments of. redistributing wealth creating wealth is all we need to do some reforms. to do it you're talking about creating wealth for europe's largest economy creating wealth for the world's biggest hedge fund and fund managers. first of all creating a custom was you should keep this in mind in germany as a discussion of all and. hedge funds and so on is their negative because they should be just many. many people in dolman stage fonts the ordinary people benefit from the work so i think the discussion this net. minutes 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 possibly become leader

of the christian democrats but he'd have to be investing in 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 portugal 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. says it will support macau and setting up a financial services platform to china and portuguese speaking countries like soybean exporter brazil and oil rich angola. and that wraps up our 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. trying.

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