with me is jane foley, senior fx strategist with rabobank. that's get started.ed. australia, sydney morning herald, on packing the decision on the part of the australian government to expel russian diplomats. it is a long list. this is a big international move. it is. now we have

with me is jane foley, senior fx strategist with rabobank. that's get started.ustralia, syd ney that's get started. australia, sydney morning herald, on packing the decision on the part of the australian government to expel russian diplomats. it is a long list. this is a big international move. it is. now we have more than 20 countries doing this. the australians said this is an attack. echoing some of the talk would have had from many other countries. the us saying that this is a breach of international law, and again, it is very difficult to look at these stories without thinking about the cold war. it is, and it is interesting to see how the russian government will respond to all of this. malcolm turnbull, the australian prime minister's language was pretty strong. at the us expelling some 60, a huge manoeuvre by the united states and a bold move. a large part of these are from washington, but some of them are from the un in new york as well. the interesting part today is to see pushback we get from russia. they have threatened they will retaliate against thi

of it but denies customers suffered losses. jane foley is senior foreign exchange strategist at rabobank this is an interesting case case. we've already had similar class—action. volkswagen paid around $25 billion us but in europe, it's a bit different. the emissions standards are different. bolts lagan say they could have got away with it, even if these devices we re away with it, even if these devices were not fitted to vehicles in europe, they would still have managed to get through. this is a class action in the uk, 60,000 owners of vehicles want to go to court but the court today will only decide on a cut—off date for the class—action in which lawyers will ta ke class—action in which lawyers will take charge in the case as well. it's one of those ongoing scenarios but it goes in favour of the customers, it could be costly for volkswagen. it could be huge but they have a better defence in europe than they did in the us. this is related to the different emissions standards and they have recalled thousands of cars and fitted them with an adjustment and they said most of their customers

jane foley is senior currency strategist at rabobank.out, his track record, his background, kudlow. a bit of an asian uncertainty about his china approach. do they know his background? he used a walk on wall street and in the reagan administration, has he has experience working in government which is perhaps reassuring. looking at the reagan administration, a president that did use some terrorists even though he was supposed to be about free trade. the markets, we can have perhaps some relief on the trade side because kudlow is someone who has associated himself with free trade, perhaps we have a moderating force. what sort of influence will he have? an adviser, no technical power, how much do you think president trump will listen to him on the trade issues, especially because we are led to believe that is why the previous adviser left? the impression we are getting more recently is that trump, apart from perhaps this appointment, he has been getting rid of people who disagree with him. rex tillerson, another example. perhaps the inner c

that is jane foley of rabobank from london. a thousand cuts to dodd-frank.makers have given banks there chance to rollback rules after the financial crisis. more on that, next. ♪ ♪ david: late yesterday, which happen to be the 10th anniversary of the -- the senate past changes to the dodd frank rules. this is a full-screen of basically what the bill says. it basically changes the requirements and makes it limited to banks -- cut them under $10o 250 and billion are exempt from the rule. they really have done a lot. this is for the smaller banks, not the bigger banks. alix: and there's a story out there that should be discussed, how stable are small banks really and it's adding fuel to fire. they are getting into the credit card business and a lot of small banks are ramping up exposure to low credit quality consumers. retail bankruptcies could also hurt commercial real estate lending. there are question marks as to the stability of these guys. david: it's encouraging mortgage lending again, cutting back regulation. the last time we did that, it didn't work out