george magnus, thank you. onset, phil temporarily -- cam porelli. were overweight e.m. is there something on your buying list as far as the macro tools in the e.m.? phil: i want to differentiate the underweight in e.m. versus what we were saying in 2015. remember, late august 2015, the becauseat 1000 points of fears of china. we are growing. the world is growing. markets had no emerging for 2015, we probably have 5% to 6%, and another 3% in emerging debt. the world is growing. a global story. but we have to underweight it. first, the dollar -- we see the specter of weakening. the second is the trade concern. trade concerns are alleviating somewhat this morning. we have clarity. but it is not 2015. we have a better global growth story to say some of it emerging. -- how do'd do you you differentiate emerging markets? especially if you see increased risk from trade? how important does it come how deep the capital markets are and how liquid they are? emerging markets very a fair amount on those indicators. phil: i would say more on the equity side, you

we welcome now deborah lehr and .rom london, george magnus george, i went to start with you because youe out online just today and one of the things you say is this is not a conventional trace back. you say it is about existential matters, the struggle for leadership, and mutually accepted rules and regulations and policy and national security. this is what businesses are most concerned about, that this is a longer-term existential conflict. what leads you to that conclusion? just think that if you look at china over the last 30 years or 40 years, once upon a time, it was a wonderful global customer and then it became a feisty competitor, and now it is all of those things, but it is also an adversary, you can really of the united states. but i think in europe we also feel many of the things that are going on within the beltway, as well. my feeling is, this is not like the terms on which the united states is trading, which describes the concerns that the white house has over canada, mexico, and a few other countries. this is really about much more substantial issues in the country that a

. >> george, thank you for your time george magnus author of "red flags. >>> arcelormittal shares are after the steel giant raised itsbid to buy india's essar steel. bloomberg is reporting the bid has been raised to 420 billion rupees, 5$5.8 billion u.s arcelormittal has yet to respond to cnbc's request for comment on that story >>> more than 1 million people have been ordered to ooe evacuava evacuate the u.s. carolina coast before hurricane florence makes landfall. >> the calm conditions macis maa concern here >> florence is getting stronger. >> reporter: already a major hurricane florence is gathering momentum as it barrels towards the coast. it is a well-defined system, threatening hundreds of thousands along the coast. stocking up supplies, boarding up windows and doors, filling sandbags, doing what they can to get ready. >> just getting gas and supplies, just generator going everything else. just hunker down wait it out. >> reporter: while others are packing up, moving to higher ground >> please listen to the warnings and leave if it's going to be that serious don't take chances