as i say, relief of the fitch lack of downgrade. brexit concerns continue to be front of mine for investors. the u.k. government is playing down reports mark carney will stay longer at the bank of england. how important is this steady hand of carney? it is interesting reports first surfaced from "the evening standard" which is edited by the guy formerly employed there. >> it is one of those conundrums we might be reading too much into. equally, it is hard to ignore. it is not just "the standard." we have heard from the bbc who have said they are in talks. this is not just coming from one source. we are hearing it from all over the place. caroline: it is worth reminding ourselves he was not the most usual hire because he was initially employed for a five-year term. it looks like it is lengthening. why might dup government -- the u.k. government want him to stay? >> it does add an element of stability. ofextended once at the end 2016. he said he would stay for a next her year to make sure he was there for brexit. he should have alread

in fact, fitch left the credit rating as it was, two notches above noninvestment grade but fitch didk .rom stable to negative that did not do a lot for the trust in italy. so far today, the markets have been recovering. nejra: give us the key dates we are looking ahead to in terms of the budget. kevin: the government must come up with new budget targets by september 27 and eight draft budget must be in brussels by the middle of october. there will be a lot of jockeying going on between now and then. we will also probably be expecting a lot more statements. many of them conflicting. perhapso we can expect more conflicting statements from here. we will certainly be interested. .hank you to kevin costelloe still with me is vincent juvyns. when you hear one thing from the finance minister and another thing from a tale -- matteo salvini. as an investor who you listen to? finance we hope the manager will know what is being proposed and that he will weigh and histhe decision partner. it is important in the interest that italyian people remain. it is first in the interest of the people thems

years and you almost entirely to the collapse of the country's currency the lira credit rating agency fitch has downgraded its growth forecast for turkey citing significant and widespread downside risks its now projecting three point six percent g.d.p. growth this year. b.m.w. has reportedly been ordered to pay a fine of ten million euros after software was found on around eight thousand of its diesel cars that illegally shut off emissions filtering but prosecutors say it appears to have been a bug in the software and not an intentional cheat on the part of the company that's according to the newspaper the deutsch it's. become a critic informed the author it is in february about the shut off. and following a months long investigation authorities say they've decided not to file charges against any b.m.w. executives. the smart home was a major focus of this year's international consumer electronics fair in berlin even the cook can chill out in this kitchen a camera checks what's in the fridge and projects recipe suggestions on to the countertop like how to make the perfect roast with stove op

fitch downgraded turkey back in july from double b plus to double b with a negative outlook.ing they say turkey faces lower growth and a lengthy forced adjustment in the future. they say they expect tougher external conditions and tighter domestic policies to remain. they say while they see growth recovering somewhat in 2020, gdp this year will be lower than initial expectations >>> roger federer has made a shock exit from the u.s. open after losing in four sets to the unseeded australian, john milman it was a very long match adam reed joins us now >> we were up at the right time to see all this unfold it's the first timeroger federer has lost at a grand slam to a player outside of the top 50 milman said after that he was in disbelief. i think you can tell that by his reaction doesn't know what to make of what he just achieved. it does ruin slightly the idea that federer would be playing nowak djokovic he is human. now it will be milman playing djokovic he never made it past the third round of a grand slam before federer, so usually unflustered, even the heat wasn't bothering

fitch took aim at the country, lowering its outlook.hief international economist at ing is still with us. has italy the capacity to give us the next european crisis? i ask because i look at the spread over spain, i put it in the library for anyone who wants is nowit, the market pricing italy over spain at the height of the debt crisis. james, hastance, italy got the capacity to light the torch paper of the next crisis? >> is possible. i think there is a lot to play for here. the italian situation is in flux. have the budget coming up. the problem is, for the coalition, it is matching up expectations of supporters and what the eu is likely to tolerate. and what is achievable. youink that challenge -- have the lingering uncertainty of how long this could last. are people gearing up for another election for next year? if that is the case, the prospect of clarity is looking remote. that is going to keep spreads wide. you also have to remember italy is growing. it has been doing the right things, getting the deficit lower. to call that it wi

s&p global ratings as well as fitch ratings.t is now of concern is that moody's investor service which is due to make its assessment on october 12 could follow suit and possibly place the countries rand denominated debt at junk status. ins could spark a selloff some of the countries rand denominated bonds. certainly those figures coming through after the news that south africa has slipped into a recession. >> they are also dealing with inflation over there. i'm curious as to how the central bank is going to respond to this when you're dealing with elation at this time of the session -- a recession. >> it seems the rand's downward spiral not just emanating from this but from other emerging-market currencies. we know the ranch really took a hit when the turkish lyra also weakened a couple of weeks ago. it is not necessarily part of those losses. the monetary policy committee will be meeting later this month. it seems the rand's latest theess could very well country could be in for a ratings hike when the npc minutes later on this

outlook negative over at fitch. let's return to sterling, as it is sliding today. the government playing down reports that mark carney will stay. let's bring in lumbar extraction: -- bloombergs jeff shanklin. it is more about what it signifies that the treasury is reportedly in these talks with carney about staying on. it does suggest that there is an in panic in the government about the future of the economy and about what is happening with brexit. and that is why they are downplaying reports because they are trying to show confidence that the u.k. will reach a deal and the economy will the able to rise to this potential storm. denying the talks but downplaying the talks. it was first reported last week and that is edited by the former chancellor. he hired mark carney years ago. what about general asked around the government at the moment? you said there is asked around and the economy and they are saying that where our brexit negotiations? they are coming back to work tomorrow and a deal needs to be done by november. went into hermay summer holiday in july feelin

. >>> fitch cut its outlook for five italian banks from stable to negative. it warned lenders faced imminent downgrades because of their exposure to the country's economy. >>> italy's ten-year bond yields have hit a one-month low after it is said the government will follow eu economic rules but rome is warned it has to cut its structural debt and added it is in its country's interest to keep its debt under control. steve sedgwick joins us from there. >> you know better than me, you have followed this story in fine detail over the last few months and years of what a problem italy has got at the moment. let's remind viewers of the back story before we get to where we are now. italy has 11% unemployment rate. italy has a quarter of all the nonperforming loans across the eurozone italy has a debt to gdp of 132% and agreed to commitments in 2019 to get its budget deficit down to 0.8 a budget which will be balanced in 2020. this was a previous government commitment the coalition is coming forward with its budget which has to be presented to the commission by octobe

just today fitch, the ratings agency, said that they decided to cut their forecasts for 2019 for chinam 6.3% to 6.1%, that's for next year they said it's because the reality of a trade war is starting to set in i think that's probably one of the reasons why the u.s. and the white house, they believe that the u.s. is in a better position we heard that over the weekend as well from president trump as well as mike pompeo, the secretary of state who had said that he was blaming china more for this trade war and saying that the u.s. is determined to win. but we'll see what happens just because there is still a lot of fight left in china as we can see in this white paper. >> eunice yoon bringing us great on the ground feel you work hard. it's 5:00 somewhere. it's 5:00 there. >> reporter: we deserve to take a break on the weekends, do we not? >> nvery much. >>> let's bring in now matty duffler. she's a board member at the center for senior economy which is maybe appropriate because many people call tariffs a tax, not on the producer -- >> reporter: exactly. >> -- but on the consumer. the idea

there's a glamour about the making of steel, jon fitch, a sociologist wrote, when he studied pittsburgh steel workers. the very size of things, the immensity of the tools, the scale of production grips the mind with an overwhelming sense of power. majestic and illimitable. heroic images of workers using fire to turn ore into metal featured in 19th century journals. this was the great promethean industry if there ever was one. the other one featured iron mills were postcards. this picture is homestead -- the homestead steel mill. right across the river from pittsburgh, it comes from the file of a postcard company. it was one of four adjacent images that they strung together to make a panoramic postcard. it gives you some sense of the scale of what we're talking about. you know, it became an idea that these kinds of iron and steel mills, they were markers of national greatness. one commentator in the 1870's said the steel mill in -- at a steel mill in pennsylvania was a striking illustration of the progress of civilization. so, it's funny. this is now equated with civilization. and it bec

postal inspector jeff fitch met with the victims today. >> it appears in this case the individual in the video is using a counterfeit postal key. >> reporter: he says investigators have seen an increase in cluster box break-ins statewide and he believes this suspect will strike again because she could have boxes in the >> it may not just be related here in santa clara. probably other cities here in the south bay. >> reporter: and talk about good timing. just this last weekend the homeowners association installed this brand new surveillance camera. so they were able to catch that thief on tape. the homeowners tell me they don't really know what was stolen, but there is something that can help with that moving forward. 9 post office has a service called informed delivery. they actually take a picture of your mail every day and will e-mail you those images. so you can check to see if anything has been stolen. reporting live in santa clara, marianne favro, nbc bay area news. >> that is good information. thank you, marianne. >>> well, tragedy in the east bay. an 18-month-old girl is dead

in fact, fitch just cut the growth forecast for the country, for china, for next year from 6.3% to 6.1%eunice, we appreciate the perspective. thank you very much. >>> meantime, they're talking about how duties will impact the chinese economy head to cnbc.com on whether china is feeding the effects or whether the growth story is over for the country. >>> the woman who has accused u.s. supreme court nominee brett kavanaugh of sexual assault will appear before a senate hearing on thursday. christine blasey ford will appear before the senate committee to answer her questions about her allegations that kavanaugh groped her, pinned her down and tried to remove her clothing at a party when they were teenagers kavanaugh has denied that. jennifer johnson has the latest. >> judge brett kavanaugh's accuser, christine blasey ford, now agreeing to publicly testify before the senate judiciary committee thursday ford has accused kavanaugh of sexually assaulting her at a high school party in 1982 delaying his supreme court nomination. >> what in the hell did she have to gain by doing this? at this poin

in italy, we're watching bond yields fall for the second day in a row after credit rating agency fitch its bbb rating on the country's debt but weakness continues in the emerging market space with the turkish lira under pressure once again. its latest inflation read shows inflation has spiked to 17.9% from a july reading of 16% the central bank in turkey is now expected to take action at its next meeting on september 13th if not before, but some economists this morning saying that a single rate hike will not be enough to stem. lira's decline which is down about 40% so far this year jon, sending it back to you. >> thank you, seema. >>> still to come, we are still watching amazon closing in on a $1 trillion market cap less than a couple of bucks away we'll be right back. with tough food, your dentures may slip and fall. new fixodent ultra-max hold gives you the strongest hold ever to lock your dentures. so now you can eat tough food without worry. fixodent and forget it. >>> welcome back to "squawk alley. we're watching shares of amazon right now just a couple of dollars away from that t

so it was funny, i was reading this note out of fitch. it was like the trade war is now a reality. so you hold your breath. then they say the world forecast for growth for 2019, downgraded it by .1 of one percent. i mean -- >> that doesn't seem dire. >> i was scared at first and then i read the whole thing? >> that is the narrative been all along. this is the worst thing that could happen to the economy and united states around the world, yet it doesn't seem to matter very much. eventually some companies will get hurt by this. producers are going to get hurt by this at this point the numbers are simply not that big. let's face it. if we're not going to export to china, some products will find another market for it. the chinese are doing the same. i think it is really, it would really be great to have a win here. would i like to see nafta put to bed. that is very close. trump is presumably maybe going to meet with trudeau. let's get canada and nafta done and then let's sort of start talking with eu partners about reforming the wto. bringing them on board, reining in some bad practic

credit rating agency fitch has downgraded its growth forecast for turkey citing significant and widespread downside risks its not project in three point six percent g.d.p. growth this year followed by one point two percent and twenty nine t. turkey is mired in debt much of it in foreign currency and the turkish lira has shed forty percent of its value against the us dollar since the start of the year that's driving up import prices costs rose a fifth on average in august alone. frank world wants to be the heart of europe's financial world after the u.k. and london will have left the e.u. but there's fierce competition more on that a little later in the show for now back to you later thank you so much christopher all spain has become the primary dissipation for migrants making the dangerous journey to europe or across the mediterranean sea more than six hundred people have been rescued from boats in the past few days crossing from morocco to southern spain the number of people crossing the mediterranean has in fact dropped significantly this year but due to at least a new closed border poli

. >> bullish or the fast fitch pech either. >> not either way fast pitch. >> it is. >> call volume wasof puts one trade caught my eye when the stock traded 46.70 shortly after the open there was a buyer of 3,000 of the november 49 calls bay faying 1.02 calms those break even at 50.02. and i think you wanted to want to see why sun sow looking up and out like tahoe there is catalysts they are looking to hire a new ceo as soon as possible they are going to have earnings they have had a couple of disappointing guides if that turned that would abtarget i think 50 to upside where you could get torque. >> ant fundamental stories and the previa two days you a talked about i talked about that in the fast pitch they were buying the november 2nd expire spoog the 46 calls then the next day 47 calls now the november calls that tells me a lot because winter earnings october 25th all this makes sense on why people are getting more and more bullish and now we see it now in the omissions market. >> for more options action check out the full show tomorrow 5:30 p.m. eastern time. >>> coming up wall stree

caroline: fitch downgraded their global outlook today. scarlet: 0.1.weekn was out saying donald trump may be overconfident about the economy. , ite see tangible damage will be the first sign of damage. we will see volatility that i'm not sure enough to derail the rally. i would not be surprised to see more volatility going forward. joe: your thoughts on the market action as we close? >> i agree. the earnings forecast for quarter three and quarter four should not be affected by 2019, 20% down to 2%. the trade tariffs will get worse before they get better and you could start seeing a hairpin sectors like industrials and imperials, and i think that is something investors, with their lens out three to six months, may pay attention to, particularly if the rhetoric goes up in the tariffs. scarlet: u.s. market closing and a mixed day, dow and s&p retrieved without -- the nasdaq with a gain, up 1/10 of 1%. dow, first decline in five days and i do not know how much you can read into the pullback. there is growing take -- trade tensions and political headlines t

rhino horn fitch is more than eight thousand dollars a kilo on the black market but investigators a hopeful that this week's arist of a major poaching syndicate in southern africa will mean well rhino will survive for me to malone al-jazeera at the kruger national park implement. the air flow again i'm fully back with the headlines on al-jazeera iran has summoned envoys of the u.k. netherlands and denmark accusing these countries of harboring opposition groups this comes hours after gunmen attacked a military parade in a vast killing twenty five people iran's military says the attackers were trained by two gulf countries with ties to the u.s. and israel the woman who's accused president tom supreme court nominee of sexual assault has confirmed she will testify before a senate committee next week christine blasi forces brett kavanaugh assaulted her at a party in one nine hundred eighty two he denies the allegations rescuers in tanzania have found a survivor inside a ferry which capsized two days ago the man was trapped in an air pocket making him one of only forty one people who survived at

fitch highlights the risk in ford's $11 billion restructuring plan, which could take five years. hbo is dropping live boxing after more than 1000 bouts over four decades. the network will televise its last title fight november 2, then bow out from the sport where it has been a leading opponent. first air in 1973, when george foreman took the world heavyweight title in jamaica. global news 24 hours a day on air and on tictoc on twitter, powered by 2700 journalists and analysts in over 120 countries. this is bloomberg. >> the senate judiciary committee will vote tomorrow on brett kavanaugh's supreme court nomination after a dramatic day on capitol hill. president trump has tweeted he is backing his know after testimony he called powerful, honest, and riveting. kavanaugh denied assaulting christine blasey ford after she said she is 100% certain he attacked her while they were teenagers. kevin cirilli is on the hill and joining us now. how successful was judge kavanaugh, which is very defiant tone, in convincing committee members to vote yes? kevin: depends on who you ask. president

if you look at it, his old picture, he looked like an abercrombie and fitch model in the military.ng good, too. not everything in the past was bad. not everything has to be rejected and repudiated. while he made mistakes in his life, some he wouldn't change his mind about, he did contain a dedication to service. not to get rich. not to get famous. not to make money, a dedication to service even if he disagreed how they performed that service. that's what i got. i believe his family at one point was attacked in the 2000 primary by george bush and the daughter he has i think representative of a man who could even in his personal life change as america changed and him. >> absolutely, speaking of george h.w. bush, people forget how nasty that primaries was, the accusations of the black daughter nasties on that side. let me let you listen to george w. bush, eulogizeing john mccain, his former rival. >> he was courageous with a courage that frightened his captors and inspired his countrymen. he was honest. no matter whom it offended. presidents were not spared. at various points layout h

fitch ratings is warning of challenging times for ford.aker says it has much to do to reverse its declining fortunes. the chairman refused to describe the situation as a crisis, saying the company is making a healthy profit. it highlights the risks in ford's restructuring plan, which could take five years. boxingdropping live after more than four decades. the network will televise its last title fight on october 27, then bow out from the sport. with januaryight 22, 1973 when george foreman knocked out joe frazier in jamaica to win the world heavyweight title. global news 24 hours a day on air and on tictoc on twitter powered by more than 2700 journalists and analysts in more than 120 countries. i am paul allen. this is bloomberg. rishaad: we have some lines around tesla, about that tweed, isn't it? the board coming out. yvonne: this is tesla and the board saying they are fully confident in elon musk. the board is now focusing on a continued ramp-up of model three production, but saying they are standing by elon musk, his integrity and lead

fitch says an escalation in the trade war could not .4% off of global growth next year. street could take a hit if president trump slaps new tariffs on china. with the decision hours away, the bank says equities could plunge 5% if the administration does impose those. that would be the biggest retreat for stocks since april. ubs says such a scenario has not been priced in by the market. twitter has suspended alex jones and the account of his website. content posted on violates the wednesday abuse and harassment policies. twitter did not specify which content led to the decision but it did say related to abusive behavior. apple, facebook, and youtube last month purged content from the right-winger. campaigning begins today for the leadership of japan, the ruling liberal democratic party with shinzo abe odds-on to win. a poll says almost 90% of lgb lawmakers support giving him a third term. only a fraction back his challenger. the vote is september 20 with abe on course to becoming japan's longest-serving prime minister. global news 24 hours a day and at tic toc on twitter

i'm brad fitch, president and ceo of the congressional management foundation and i'm delighted to welcome the winners, finalists, sponsors and friends here at this launch of our new signature program. it's a part of our mission to build trust and effectiveness in congress. i was the first to express our profound gratitude to the founding partner of the democracy, bridge alliance and its founder. bridge alliance -- oh. [applause] david, you will get applause so get used to it. it's a diverse coalition of 80 respected and established organizations around the united minute to revitalizing democratic practice in america. most of you may not know about bridge alliance because is relatively new and a few years old but you will know some people part of the bridge alliance. the national conference on citizenship, project on government oversight, the associate is a former members of congress. to hear more about bridge alliance later when david nevin presents her lifetime achievement award. the vision and goal for the democracy award is simple based on the success we had in our 41-year history of s

. >>> right now to the intersection of wall street and washington, a new report from fitch takes a lookng u.s. deficit and the global risks joining us is charles seville. thanks for being here today. >> thank you for having me >> this is a report that came out earlier this week. it took a look at the widening u.s. deficit based on policy trying to take an idea of what all this is. the takeaway, the broad view from this is not necessarily that the aaa rating in threat, but you're digging into what's happening. >> that's right. we took a look at the numbers coming out we're getting to the end of the fiscal year. what we find is the corporate tax revenues have fallen sharply by 30% year on year. so far this fiscal year. overall revenues are only up 1%. that's with growth of 3% while spending, on the other hand is up 5%. what that points to is a wider deficit. the deficit is going to expand to around 4 p.2% this year. >> we're looking at numbers because i've spent a lot of time going through these too. we're looking at numbers that end on the fiscal year we only have 11 months of that infor