. >> i'm geoff cutmore in hong kong here are your headlines. european equities are under pressure as president trump and president xi prepare to hash out trade differences at the g20 summit amid word that peter navarro will also attend that meeting. >>> president trump suddenly cancels his meeting with russian leader vladimir putin blaming the decision on moscow's naval attack on ukrainian vessels. >>> and shares in altice surge after selling part of its fiberoptic unit. >>> and deutsche bank shares extend their losses after german authorities search the lender's offices in a wide ranging money lawnering pro er erin er erin em with the raid set to continue today. >>> it's been a slightly negative start to the day for european negatives the stoxx 600 is trading almost half a percent lower at this stage of the morning if we look at the individual markets behind the numbers, you can see here in london the ftse 100 down 0.58 in london. the dax and the cac off by about a half and the minute off by a third. >>> as we look at the individual sectors, y

. >> geoff cutmore joins us now from guangzhou is there a sense of nervousness among executives like that >> definitely. it's clear here whilst we're at a technology conference, willem, the issue that i think is dominating the chat in the corridors is whether there will be a trade deal signed around the g20 or some progress that deescalates the current tariff situation. it's very much square and center part of the conversation taking place here at this east tech west event for cnbc. we have not only been talking to tech c suite we had the opportunity to catch up with shakers and movers in the investment banking field catherine cai is one of those who operates here for ubs. i asked her how optimistic she is that we will see some progress made at the g20 in argentina. let's listen to what she said. >> this is the most watched summit meeting as far as i can remember everyone hopes there's some detailed outcome, something will come from these two leaders meeting because this meeting will impact the tglobal economy we will have a big impact for the u.s. and china economy so we hope the me

credit suisse are under pressure today as the bank reported a big increase in third quarter profit geoff cutmoreearlier today. he has more on the numbers >> good morning. the numbers were not a bad miss, but tidjane thiam, the ceo, is pleased even as they saw revenue year-on-year for the quarter down 2%, costs were down 8%, and, in fact, they delivered a reasonable spike in net profit on the comparison. one of the key issues, though, is what happens with the global markets business going forward and where there was some weakness was on the fixed income activity with client activity significantly lower. tidjane thiam just reflecting on the nature of the markets that we had let's listen to what he had to say on that issue and what we might see in markets going forward. >> there's a disconnect between the condition of the economy, if you wish, and the psychology of the mindset in markets which is a bit fragile. people feel interest rates are going to go up so fixed income feels risky. you see in a bear market is big volumes when the market goes down, and small volumes when the market goes up that's

i mentioned a conversation steve sedgwick and geoff cutmore were having >> i think we already know whattionary spending levels will be that's not going to be moved much i'm amazed by both sides of the aisle refusing to admit if we want to move the needle on deficits, it's on entitlements >> so tax cut 2.0 goes away. you won't have that fiscal stimulus going into it treasury won't issue as many bonds to pay for some of those thing things >> i do, but the size is not needle moving any way. one interesting thing about the markets, at treasury department level they can have the inflation indexing to capital gains. >> can you both speak to the issue that mr. boockvar was talkitalk talking about, the leverage china thinks it has or doesn't have today relative to yesterday? in terms of where this tariff/trade war goes. is that going to be the overhang over the next couple of months >> i would hate to think by client capital would be affected by me forecasting how china is interpreting midterms. >> they were waiting for it. >> they were i believe we're in the same place we were. both sides do n