i. this is boom bust the one business show you can't afford to miss branch of war in washington coming up the year of economic turn or the turmoil has seen a slight turn for the better as the international monetary fund has revised its $24.00 any global outlook straight ahead we're going to analyze the new report and what impact it's going to have on markets plus one of the major giants in the kobe $1000.00 vaccine race has hit the brakes probably an unexpected event in trials we bring you up to speed on the slowdown and where the world stands in the sport for a cure and major market for major major global regulators have come to an agreement on road rules for digital currency moving forward later on we'll have in depth analysis with a packed show today so let's dive right in. and we lead the program with the

international monetary fund the slightly more positive outlook for the global economy in the wake of the kobe $1000.00 pandemic now according to the i.m.f. the global economy is now projected to shrink by 4.4 percent this year and upward revision from joins us from it of 4.9 percent contraction organizations chief economist spoke about the factors which caused the upward revision during a briefing tuesday. as a result of eased lockdowns and rapid deployment of both monthly and fiscal policy support. the ones he's coming back from the depths of his collapse in the peak of this crisis which was the 1st half of the. employment levels have partially rebounded after having plummeted to historically knows. that said this crisis is far from over. the ascent out of this calamitous great lockdown is like. to be

long and even highly uncertain it is therefore essential a tricycle in monetary policy support and not treatment surely would draw on as best possible the i.m.f. also altered its projection for growth in 2021 to 5.2 percent down from 5.4 percent in june the organization also warned that factors related to the pandemic could delay economic progress. the virus is resurging with localized lockdowns being green. now if this worsens and prospects for treatments and vaccines deteriorate the toll in economic activity would be c.v.s. and likely amplified by c.b.s. financial market turmoil. the growing restrictions on trade and investment and rising geo political uncertainty could harm the recovery. let's go ahead and check in on the state of the economy and markets with tobin's with c.e.o. of transforming research and michelle schneider managing director of the market

gauge group and author of the bestselling book plant your money tree guide to growing your well thank you both for being here toby i did want to start with you on what the i.m.f. is saying here now the i.m.f. is actually pushing for the international community to do more to tackle the economic fallout of cove it especially towards poor countries who are hardest hit now the pandemic a collapse in commodity prices and a plague of locusts have hit africa particularly hard putting $43000000.00 more people at risk for extreme poverty what's going to be done to help when even established wealthy countries are actually now struggling to raise more funds. in short term if we if we are really courted after. a trillion trillion dollars what we're now calling green cards that are backed by projects that hurt sustainable lasting we do this together because separating the i.m.f. story is just telling us as separate it's not. i've never been there it was not

just one country obviously every topic number 2 unfortunately in these situations. the rich get richer that's how drugs humanity. was being for in africa. bring over who brought over to her in africa for years to call and learn to obey. and we know. that if you look at. oh we need you to come. you know you. are. not. and now michel i want to take a look at markets here that they are really moving tuesday as investors rotate out of cyclicals into technology named after november mn on the fiscal aid package here in the united states without more stimulus would technology names actually still hold 'd up because these are traditionally high beta names that drop just as easily

as they rise so why are we seeing that rotation now when there is so much political uncertainty. well one of the reasons that we saw a summer attention i would say actually it was more of a gentle rotation ritek one supreme is that last week the rotation to cyclicals might have got a little bit ahead of itself right now i think the market is trying to hedge on who might win the election and the stimulus there all is on the table still even if it turns out to be more peace now it hasn't exactly been put to bed and i think the market also knows going forward some stimulus package will be there whether it's the republicans or the democrats that went so when we take a look at what happened some of the stocks that were doing well last week were anticipation i think of a more democratic win and that's why you saw a rotation into retail transportation smallcaps banks been suffering all along for the last couple years and the tech was sort of on pause now today the tech came back strong and this could be new people say well what if trump wins and the to end

the tech is going to be strong no matter what happens i believe that we will have an overall swoon obviously if the whole market experiences a bubble like a tremendous 2nd wave but there's optimism out there and that optimism right now is overpowering what's happening with the stimulus which is on the back burner. china is actually also reporting a good quarter with imports growing at the fastest pace this year in september as it makes a fast recovery from the pandemic chinese firms are actually rushing to grab market share as rivals grapple with reduced manufacturing capacity does this just reverse all the manufacturing outflows that we've been seeing since the trump trump administration actually started the trade war with china because it appears that all the manufacturers who left are actually coming back it's an even even better position than it was before what do you see in tobit. i believe 35 years.

actually. and then you just look to the internet now assad. you know i know exactly where all my stuff is to you know one or 2. anywhere or we're not going to get rid of that that's not going to change you know. we just did this deal with dr noel to be almost in wisconsin there are 2 and a half years because it's totally about how it's because just it's too expensive it's not the or the idea to try to do the best in getting back it's a commie quick yet it's a commie back and queer business that they're going to be export and as the other countries return you know they're going to. get it and this idea that somehow we're . not going to use internally. you know it's. all we're just economics. and i

want to hit the markets one more time here before we leave michelle j.p. morgan and citigroup they both posted beats for banks this earning season is shaping up to be pretty good but this just because experts expectations are so low as it would seem valuations are still climbing as a result but eventually companies have to stop using coronavirus as an excuse to justify their astronomical valuation is that correct. well yes i mean right now what we've had in the bank sector as i mentioned earlier in the whole sector has underperformed for the last couple of years so what happened today with j.p. morgan is that they've reduced their reserves they had a tremendous amount of buildup of loan reserves but the impact of the virus and the fact that they were expecting a lot of loan defaults and the 3rd quarter has brought some optimism although diamond came out today and said that he still has $34000000.00 in reserves for loan defaults essential really they're expecting the job loss to be less going forward

and also they're expecting the g.d.p. to actually get a little bit improved so i think we're looking ahead now with the 4th quarter and there's some unknowns for the 4th quarter and that's really basically what you're talking about what happens with the vaccine as we know there's been a blip that really economy continue to open right now that's a question mark and also you know still i think election is not as important but it is definitely a factor there and one of the other thing we should realize about the banks that they made a really good profit in terms of just trading revenue fixed income and equity trading 30 percent investment banking 12 percent and even though they can't buy back their own stocks right now they're making money speculating which is a wave that's gone through the whole country as people are at home michelle snyder of the market gauge and tobin smith of transforming research thank you both for breaking us all down for us today. thank you.

and a late stage trial of johnson and johnson's corona virus vaccine candidate has been put on hold while the pharma company investigates an unexplained illness in one of the study's participants the company released a statement monday and notes in the pause in the trial saying these events quote are expected as part of any clinical study especially large studies adding its physicians and safety monitoring team would work to find the cause of the illness now the company also would not release any more details regarding the unexplained illness citing patient confidentiality now meanwhile johnson and johnson reported earnings for the 3rd quarter on tuesday beating expectations with a revenue of more than $21000000000.00 but the news regarding the vaccine trial has caused the stock to fall tuesday. and with that in mind let's go ahead and take another look at the trends and spread of the virus globally with r.t. correspondent saya tablature where are we so brant covered 19 has now in fact infected almost 40000000 people and total that's have also surpassed $1000000.00

and in the u.s. case numbers are now raising nationally as there's outbreaks and there outbreaks continue to spread in the upper midwest and rocky mountains and a 2nd wave that's hitting the northeast and in total over 8000000 confirmed deaths with over a confirmed cases i'm sorry i should say with over 220000 deaths now taking a look at the daily new cases and that's on monday there were almost $46000.00 new cases reported a 19 percent increase compared to last week now whereas a new cases have been going up continuously all of last week and it appears will be continuing this trend once again death sto have been going down slightly so right now they're averaging about 5 percent decrease in new. deaths compared to last week . so the u.s.

is not alone in seeing an increase in cases where throughout the world are we seeing that no the u.s. is definitely not alone so whereas countries like india brazil and iran they're seeing a steady number of new cases right meaning that they're actually never dipped so their cases have been slightly have been steadily high but in europe it's something different is happening in that they're not recording some of their highest weekly number of new infections since to start of depend demick now just on tuesday in 1000 cases in europe they jumped 34 percent compared to last week now take a look at some of these numbers not comparing them to the u.s. they might not be that high because ravaging about $45000.00 cases per week but i should say but that's the here's the difference see for example in the u.k. their average grew from 575 cases pre-date to almost 17000 in russia their cases it went from 3000 to almost 14000 spain on the other hand their

average has gone from 250 to almost 10000 and france there 7 the average of new cases had been as low as 530 in mid july but they're now averaging 8500 now even in italy you know they took a really conservative approach lockdowns they're also seeing and new wave of cases now i also want to mention that increased increased case numbers are also partially the result of more testing right but this is the thing the deaths there are also up 16 percent compared to the previous week and several of these countries are going to be revealing new restriction this week in order to further spread further stop to spread but most likely it's going to be curfew set on public places and more mandates set on masks and socializing and as i've said before over and over again brand that the only option on the table right now is to stop. spread of the covert $1000.00 is a vaccine and that brings up the point can you give us an update on these phase 3

trials we're seeing among veg things so these are the companies right now currently in phase 3 but once again there's another company that's facing a major hurdle so of course the last month we had astra zeneca they halted their global trials after a patient developed a major side effect now their u.k. trials they resumed their u.s. trials have now halted then there is johnson and johnson like you mentioned they have also halted their trial as of right now so that leaves only 3 companies left still moving towards the time line to actually come up with a vaccine and then there is of course maryland based company. which there for these 3 trials has launched in just this month in october so don't expect anything soon then there is a. bio and tag which still does not have even another data on their trials to have a vaccine distributed this year in 2020 so we're looking at 2021 then lastly there is a more during which has been working in partnership with and i ate now if my during

our scorn of ours a vaccine is proven safe and effective it's going to be at least under april of 2021 for it to hit the market so again lots of if and lastly it's also very tempting to look at all these companies that are going to come up with a vaccine as an on and off switch that's going to bring back life normal as we knew it before the virus but that might not even be the case since some of these vaccines may even ruptly withdraw from the market because they turn out to be not saved even after their approved friend or 2 correspondents are injured thank you for keeping us up to date. and the european union has been given permission to impose tariffs on $4000000000.00 in boeing jets and other u.s. goods the world trade organization announced tuesday now the ruling comes after the body previously allowed the u.s. to impose tariffs of $7500000000.00 on airboats jets. other products from the e.u. this case dates back to 2004 when the us levied

a complaint against european countries over subsidies to air bus prompting the e.u. to respond with a case against american subsidies for boeing tariffs against the u.s. though aren't sure a sure thing as the e.u. trade commissioner sent out a tweet tuesday after the ruling saying the e.u. will immediately reengage with the u.s. in a positive and constructive manner to decide on the next steps are strong preference is for a negotiated settlement otherwise we will be forced to defend our interests and respond in a proportionate way. now for a quick break but here because when we return the future of bright as a global regulator have agreed on a framework moving forward on the other side of the break we bring you up to speed with them. as we go to break here the numbers of.

industry comes to light in los angeles every night. dozens of women sells inabilities on the street many of them under age. police reveal a taste of the daily challenge if you're going to exploit

a trial here in los angeles they were going to come as you would see officers going undercover as 6 workers and customers to fight 6 trade. shows seemed wrong. but. just don't. get to see. this day comes after. and in detroit equals betrayal. when something you find themselves worlds apart we choose to look for common ground . and welcome back central banks around the world are coming together to decide on rules for digital currencies specifically stable coy's now these are coins that

would be used in cross border transactions like facebook's libra for example now existing national rules do not fully cover stable coins the financial stability board said in a statement adding that regulators should ensure global stable coins are fully accountable keep at it safely and have affective safeguards against cyber attacks and money laundering so let's unpack this with co-host and crypto analyst ben swan and kristie i thank you both for being here i want to start with ben here what rules if any have actually been established as part of this. well know no specific rules brand so far have been established but it's it's kind of a framework i guess you could say that these g. 20 countries are working on but essentially what it really comes down to and really kind of fashion here is the idea that we need to create a set of rules that prevent digital currencies from being outside of our control outside our manipulation a central banks and really outside of the world of innovation as soon as central

banks get involved what they do is they limit innovation and they limit choice within the market because they don't want financial choice when instead it really becomes about what we've got to protect against money laundering we've got to protect against privacy we've got to protect against volatility and so we've got to create a stable coin a lot of this goes back to kind of what they spoke has been trying to create right this libor a project that they've worked on which is we're going to create a stable coin that will be pegged to and tied to central banks so that in the future the prices are really go up or down in it which means that ultimately it is run by the banks for the banks and not by the people for the. kristie not to be done by the coming wave of central banks adopting digital currency the european central bank president christine the guard said monday the e.c.b. is very very seriously looking at the creation of a digital euro are we going to see virtually every central bank adopt some form of digital currency in the next decade. yeah i think we're definitely going down the

path towards digitalisation so it's not far fetched to think that yes within a decade every central bank will have issued some form of c.d.c. and i think that corona virus kind of actually accelerated and pushed the entire timeline up a couple years because the pandemic actually caused e-commerce to rise almost 20 percent in terms of volume and sales between february and jim so there is a lot more confidence in digital payments and significant changes in consumer behavior and the way they transact the contactless payment these days so another tailwind that is driving this decision is the globalization and competition once one country has successfully implemented and rolled out a c.t.c. i think that will be the start of it digital payments has always been the future so once it's been proven that it can be done at scale i think other countries will be forced to follow or else just risk falling behind so the e.c.b. said that they will make its decision by the middle of next year whether to go ahead with the proposal for the euro system c.d.c. or not so major considerations are still on the table and could the potential for cyber attacks rights to privacy and whether a central bank issuing

a digital currency means that it will acquire to sensitive information on users so spoiler it does it will also have to look into legal considerations such as the implications of different design features and the basis for insurance so while it doesn't replace cash entirely it will supplement it and will be very difficult to get rid of cash because cash is still king but in a lot of places already store fronts and then there's i make it very difficult for people to spend cash these days so just to clarify this whole thing because we talk about virtual currencies digital currencies then obviously crypto is a whole nother thing so is what e.c.b. is maybe looking into is really just an additional currency that would be regulated like the euro it's not anything. off of that correct. i would say it is the euro right all these digital currency said whether it be the european central bank whether it be china's central bank whether it be the u.s. federal reserve right anyone who's looking at creating. digital currency is just looking at creating

a digital version of their already created currency which means there's no limits on it they'll print as much or in this case issue as much as they want to it doesn't really change anything it becomes the exact same thing as you have with with central banks today but as christy said the thing that does make a difference is that if you are a person who wants to hold on the cash or you use cash. whatever level of privacy that remains with cash that all completely goes away and now ben according to a new report from pricewaterhouse coopers economists forecast a tipping point in 2025 if block chain technologies are adopted at scale across the world and expect block chain applications to boost global gross domestic product by $1.00 trillion dollars what do we need to know about this. yeah i think what we need to know is that look blog chain is obviously the future we've been saying for a long time certainly the countries that price waterhouse cooper is looking at is china india japan these are the countries that are really going to see that the biggest surge into this space but look block chain is an incredibly valuable

component the problem is that these what these national governments want to do is they want to take block chain and they want to remove it from its actual usage as a way of creating does decentralization in the monetary system that's what block is most successful for and would be was originally kind of designed for in the 1st place that has lots of applications beyond that but to take blood chain and to remove the application that creates peer to peer transaction and to remove the ability of people to be able to interact with each other $1.00 to $1.00 another and to decentralize and instead to treat it simply like a giant ledger really robs a block chain of its authority and robs it of its potential and now kristie finally of the g 20 said in a report on tuesday it is working with the i.m.f. the world bank and the bank for international settlements to formalize the use of central bank digital currencies all of this seems to be moving us towards a heavily regulated crypto and digital space and i know you're going to be concerned about that aren't you. this is concerning but in a way it's

a good step towards regulation but there's still a long way to go because according to this a 4 by the end of 2022 the g 20 members i.m.f. and the world bank they want to complete the regulatory framework for stable coins and c.d.c.'s so that's in 2 more years and in 2 years we've seen at least 3000 i see a project go boom or bust and that's for ever and a nascent industry like the currencies so yes while the industry is going to be more heavily regulated i don't think that's going to be anytime soon and minute this entire thing is only talking about stable coins and c.d.c.'s so i mean that's great now what about utility clients privacy quite securitize tokens and now even the fight against so i think regulation is going to have a hard time keeping pace with the level of innovations but i do think it's a good thing now for developers and entrepreneurs because as they're creating all these projects it's been a pain to figure out what it is or it isn't considered a security what can or cannot be issued or whom it can even be marketed to well

we'll continue to cover this on boom boom bust co-host ben swan and christy are our crypto experts thank you both for your time thank you. and that's it for this time you can catch boom bust on demand on the brand new portable t.v. app which is available on smartphones and tablets through google play in the apple app store by searching portable t.v. portable t.v. can also be downloaded on a newer model samsung smart t.v.'s as well as a local devices or simply check it out portable t.v. we'll see you next time. was a pandemic no certainly no blood is just flying to nationalities. you . know so much. we don't actually. stick.

to. judging. comedy classes sometimes. we can do better we should be. everyone is contributing each of our own way but we also know that this crisis will not go on forever the challenges create the response has been so many good people are helping us. it makes us feel very proud that we're in it together. as the election approaches we feel it's necessary to ask a very simple question why do most potential voters describe themselves as independent or not affiliated with a political party on top of this poll revealed voters want more choices institute party system limiting more. democracy.

let me. give me my best. he said. there's an awful lot in common i'm old but i'm also the most companies you know so i'm going to give those as you please not emotional when i meet. those companies he most people almost home you know he goes from didn't you know just to say he has put to you. the most time and i'm going to hit the notion that you see him you kind of these people will. be confident they. will not come to your list.

because he. joined me every thursday on the alex salmond show and i'll be speaking to us from the world of politics sports business i'm show business i'll see you then.

russia's foreign minister sergei lavrov paid back its european threats of sanctions over the never found a case of saying the hostile language coming from the e.u. is making it possible to maintain relations. with most of those in the good work force. the question is not just where the business as usual is possible but with any business with the european union is possible a tool. viability of the ceasefire between armenia and azerbaijan looks in ever greater doubts and make claims of the pieces by both sides monti reports from the devastated council of the disputed going to occur. before the war with the street used to be bustling with life neighbors.