italy cannot afford it, italy cannot contravene international conventions, and a lot of the countries people come from refuse to take them back. italy will not be able to do what you promised. but going back to the point about the way in which the rest of europe sees you. here are some very pointed words from angela merkel on a couple of weeks ago. she says, "i believe the soul of europe is humanity and if we want to retain this soul, then europe can't simply decouple itself on the need and the suffering of others." and those remarks, i suspect, were pointed directly at you and your policies. you couch your determination to end the immigration and get rid of the illegal immigrants in your country as something that will solve italy's crime problem, solve many of italy's economic problems, but i put it to you that many people believe that you are also motivated by a form of racism. a racism which is perhaps best expressed by your desire to get rid of the roma in italy who are not formal italian citizens. you have called for a new census of all the roma. you said, "unfortu nately, we wil

because italy is the country of first entry in the european union and it is first entry because italy's the mediterranean country like greece so it is almost impossible to block any arrival because of the cost of geography of italy so the first need to futilely is to have solidarity of the rest of the european union when we have refugees or. arriving we need the other countries showing solidarity towards us and the less giving so little it is ordered by and hungary hungary they don't want to have any migrants so the big contradiction is that italy needs exactly the opposite italy needs a european situation in which. you know we had a crisis in fifteen thirteen that was a very difficult crisis but if you have five hundred thousand. refugees arriving and if you are a continent of five hundred million people if you spread all these migrants in all the continent you can at the end of the day welcome them you can leave with this problem but if you are welcome there only in one country italy or in one country germany the problem is absolutely and conceivable and unsolvable this is why only a

rules by raising italy's deficit targets to boost spending italy has been gradually bringing its deficit under control the country was hit hard in the global financial crisis which began in two thousand and eight within a year its deficit ballooned to five point two percent of g.d.p. but by twenty fifteen it was below the euro zone's three percent benchmark last year the deficit was down to two point three percent of g.d.p. . the central bank fears a fresh spike in the deficit would send italy's debt spiraling out of control italy has the second highest public debt in the eurozone after greece and among the highest in the world and analysts believe that italy's debt figures are underestimated because they don't adequately factor in the cost of supporting the country's ailing banks. so what does still facially financial system and ultimately for the euro zone let's ask see from the brussels based economic think tank bruegel good to have you with us oh of course it's always great to have politicians try to fulfill the compay misses but can italy afford an expensive welfare program i think

this time next year, would you rather own italy or greece 10-year bonds? priya: italy.el: greece. iain: i will take greece. lisa: will u.s. 10-year yields be closer to 2.5% or 3% by year-end? iain: above 3%. michael: closer to 3%. priya: 3%. lisa: when will the u.s. yield curve invert, six months or 12 or more months? priya: six months. michael: 12 or more. iain: 12 or more. lisa: really? really quick, you care about the yield curve. or is this time different? priya: i care. michael: yes. i think the fed is whistling past the graveyard. i think a flatter yield curve is a big deal. iain: i think the curve continues to flatten off. but i think this time is a bit different compared to everything else going on around the rest of the world. lisa: my thanks to priya misra, michael collins, and iain stealey. from new york, that does it for us. we will see you next friday at 1:00 p.m. new york time. 6:00 p.m. in london. this is "bloomberg real yield." ♪ alix: aluminum and steel relief. president trump lowers tariffs from south korea, brazil, and argentina to protect u.s. produc

the markets putting pressure on italy here.will have to come up with a budget that does not entirely breach all the eu rules. given what is priced in, i would say maybe positive news around italy is expected. but it is uncertain. michael: the spreads on italy, looking at the chart, almost 300 over bunds, it looks pretty cheap. the spread curve is relatively flat. it is flattening today. the front end is selling off more. similar to what we are seeing in argentina, inverted type spread curves. short italy seems attractive on a relative basis. the bond market -- lisa: to be clear, short-term debt of italy, not trying to short italian debt. got it. michael: i don't think they will go bankrupt in the next four years as a country. they have been around a long time. lisa: timestamp. i don't think they will go bankrupt. you are adding on the short end. michael: we were overweight, yes. lisa: you have been actively maneuvering? michael: we like the front end. lisa: have you been adding? iain: i completely agree with michael on this. if

we start in italy.few hours‘ time, the government will release its budget for next year, the first since the anti—establishment five star movement and right—wing the league formed a coalition government in june, with both parties making some expensive election promises. five star promised a "citizens‘ income" — essentially a basic income for the poor — of around 780 euros a month. on wednesday, economy minister giovanni tria appeared to back the policy. he also said people would be able to retire earlier to give the country a younger, more skilled workforce. the league promised tax cuts during their campaign. mr tria suggested these could also be on the way, starting with corporate taxes next year and extending to individuals in coming years. so how will all this be paid for? the big worry for global markets is italy's debt. relative to the size of the economy, it's the second highest in europe after greece, at 130% of gdp. investors will be watching closely to see whether this budget will make that wor

through 20eep happens in italy. dollar is generally a little further but no great moves for the greenback. hsi but the japanese market was very strong in asia. the asian central in general was very strong in contrast to what we expect to see here in europe. thepound is down against dollar. the tory party conference kicks off in just a few days. we are expecting to see weakness at the start of the european equity trading day. a big focus on italy. underperformance as expected. that will be interesting to watch this morning. let us take a look at the european equity markets. mamma mia was an anonymous comment in brussels. -- that was the agreement. a bit of a victory for demaio. what that will do to bond market expectations. ibexr, we have the opening, opening down. down 0.7%. the cac opens down 0.5%. ftse.ting for the we could see a bit of a jet -- of a delay. let us have a look at the sector picture. we might expect to see weakness in the financials as a result of what is going on over in italy. looking at the finan

in italy, we have seen a fundamental change because italy used to be a pro european country.u have anti-european forces on the march and on the move. the difference from 2008 is that was instigated by the collapse of lehman brothers which had been previously linked to the subprime crisis. then you had the chain of events happening. you always have to be careful. on the european side, we have created a lot of mechanisms to protect us. but one never knows. >> what are the fault lines for understanding this better? does your need to make a case of why it is good for the citizens? you help with some countries that voted far left or far right? what's a lot of ways. like 90 99 killed communism -- 1999 killed communism, one could argue 2016 tried to kill liberalism and international finance. we are in the aftermath of that. political leaders are beginning to understand it is not good enough to increase the size of the cake, in other words, to have economic growth. you have to find ways to divide the cake. a lot of people are disappointed about globalization and are blaming it. i thi

this could be a revolution for italy. a lot of things are moving forward, and he is keeping his promises. >> no surprise that his promises on migration are a big part of the salvini show. outside the populist level, many are getting nervous about what the new government is actually achieving, especially in the financial markets. >> there are people who are against us. our government is free and independent from the multinationals, from big finance, from the banking powers both international and european. we have no fears. the italian economy is sound, the italian business is sound. max: most economists disagree, insisting that italy is in trouble. but facts don't seem to get in the way of salvini's success. across the river from the festival, people are trying to do something about that. a local ngo has organized a protest picnic. they are sick of their new government claiming that migration is responsible for everything. >> in reality, italy's problems lie elsewhere. we have high youth unemployment, and many people have

we have no interest in triggering a crisis between the commission and italy italy is an important eurozone country but neither do we want rome to disrespect the rules and not reduce its debt which is explosive so the motor vehicle whether the truckers that i am very worried about what is happening in italy. this economic maneuver is not for the people but against the people. it will create problems in the north without solving those of the south it will not increase employment but will put italian savings in trouble and will increasingly put our country in the hands of creditors not only internal but also external. because their plans new debt of two point four percent of g.d.p. was pushed through by the leaders of the two governing parties mateo's of uni and luigi dimaio overruling italy's more cautious finance minister he had pushed for a lower deficit to bring down the country's public debt the mood on the streets of rome is mixed. because of the people and i'm confident because i feel for the first time we're doing something new. i'm very concerned you just need to look at the market t

commission's warning to rein in public spending italy is already sitting on the highest mountain of debt among economies. it's the story in the italian press the populist coalition government plans to boost spending next year running up more debt italy already owes more than any other member of the european union this plan is the budget of the people cancelling poverty means that there are many citizens entrepreneurs' people who work below the poverty level these tax payers will now pay less increasing our deficit to two point four percent of gross domestic product will do a lot for the dignity of people and the wealth of italian families. the government has earmarked ten billion euros to introduce a universal basic income pensions are to go up but the age at which they begin will go down businesses will pay less with a flat tax reactions were mixed. if i have confidence in this government because i feel for the first time we're doing something new. i'm very worried you just need to look at the market this morning it lost nearly three percent banking stocks are at minus five. reactions w

let's talk about italy's future.he relationship be between europe and italy five years from now? paolo: that is the most difficult question you have asked me. this will depend from italy and europe as well. europe should become charming sum of rulesst the to be applied to the countries. if europe he comes more charming , more appealing, more popular, then italy will come and other countries as well, will become closer to europe. francine: is this europe reforming itself, or is this politicians around the world making the case for the benefits of being in the eu? paolo: no, you see, the point of me is that by a choice national government, we have built a europe which is not politically attractive. i was asking the other day to a friend of mine, tell me who was the predecessor of mr. juncker? i don't remember. he has been the president of europe for 10 years. i don't remember. mr. -- gone, forgotten. blair, ieveryone mr. don't know, so what does it mean that we have built a europe which was not popular to the people? w

invented media militarize on the west border of italy and is trying in there also massive reports from the human rights ngo about violation by the french authorities in the french police about the rights of the migrants well where is the answer the european answer on that this is unfortunately fooling from people the sense of insecurity as your own surrealists where it was your answer to look people up on the boat to stop them the symbiote it is not my house or this is the answer of the minister of interior that implement that and these are the people you brought into government let's remember you won the election and you brought the league into government so you share in sensibility for what the league does as well and that's why we said that we want an european solution that still know this what is the attitude from our partners to solve the problem we are again we repeat for example let's change the mandate of the mission of the software mission let's try to share again the harbors in the mediterranean and then go to take of the responsibility or at least let's say that all these mi

italy's radical new government has caused plenty of consternation here in brussels since it was elected but is its bark worse than its bite my guest this week is the italian m.e.p. fabio cast out o. who's also vice president of the european parliament after urging britain to stand up to the e.u. on breck said why did his government leave to reason may in the lurch at last week's critical e.u. summit. capital can start or welcome to conflict thank you very much let's talk first of all along with other members of your coalition you've been urging the british government to take a tough line with brussels and you specifically promised to help get britain's the brics that they want why did you break that promise at salzburg last week your government broke that prompts i'm sorry by that i didn't see i did ask them to be stuff it's possible bizarre just told them that the italian government is ready to support them in a good negotiation and can satisfy everybody satisfy brussels on one hand and satisfy also they need and the desire of the british government is occasionally you said provide all

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 october 15th that's the back story. the facts of the matter is the chances of hitting those previous-agreed targets are zero that's what the market has been said yes, the spread has come in a lot from its highs of the last month. but there's great concern that the economy minister will not be able to control the two wings of the party controlled by the deputy prime ministers, i did m dimayo of the five star and salvini. these are unfunded commitments and the concern is that they will blow out the budget to go above the 3% deficit figures which are in the stability pact. so bring it forward to today there's a whole amount of conversation b

well, the big worry for global markets is italy's debt.he size of the economy, it's the second highest in europe after greece, at just over 130% of gdp. talking to reuters on wednesday, the european central bank's chief economist tried to play down concerns about italy, which some say is a bigger worry for the eu than brexit. are obviously headwinds but i think the risk picture has not fundamentally changed. —— i think there are obviously. we do not see in markets confidence indicators change so far, but it is true that the risks are getting nearer of course. lorenzo codogno is a visiting professor at the london school of economics. he was chief economist at italy's treasury department for almost a decade. so it was yourjob to prepare these documents for budget day. giovanni tria has got his work cut out for him, has anti—7 is independent of the two parties in the coalition and is trying to deliver their promises. yeah, he made the point quite clear that you know, the new government basically committed to respect the constitution and is pa

. >> italy is a big economy in the european union.hat should be a focus of concern. >> italy is still on a knife edge situation for me. >> this has been pressuring the markets for months it seems now. even if you get the budget problem out of the way now, it has been resolved. they come back to this question in the next few months. >> there is something of a showdown that have to be followed through vis-a-vis the italian government and the european union. >> this is happening right is the ecb is dialing down qe. from $30 million to $15 billion and like the zero in january. we are wondering who is going to be supporting italian deck going forward. jonathan: joining me is diana , plusand scott thiel coming to us from chicago is colin robertson. diana, talk about what is happening in italy. how big a risk is a budget deficit of 2.4% of gdp? diana: markets have been expecting something below 2%. we had numbers closer to 1.6%. 2% was really the top side the markets had been expecting. 2.4% is not a great number, particularly in the context

the new budget proposals dominating the headlines across italy today italy's populist government is planning a big increase in spending the country already has the second highest level in the year is own after greece the governing five star movement and league parties say they will lower taxes and bring in income subsidies for the poor but the e.u. is concerned. that there we have no interest in triggering a crisis between the commission and italy italy is an important eurozone country but neither do we want rome to disrespect the rules and not reduce its debt which is explosive so not over whether the joke is that i am very worried about what is happening in italy. this economic maneuver is not for the people but against the people it will create problems in the north without solving those of the south it will not increase employment but will put italian savings in trouble and will increasingly put our country in the hands of creditors not only internal but also external. because the plunge new debt of two point four percent of g.d.p. was pushed through by the leaders of the two governing p

you are worried about italy.ing to be worse than the greek financial crisis? gilles: hopefully not. what we hope for is there is enough to her pressure and market pressure in the next months so that in the end we get a fiscal trajectory which is consistent with stability and there is support in italy and financial support in italy to provide cash. the next months could be volatile because we may need to go through this phase of market pressure before we can be reassured. francine: what does this mean for the european central bank? will it start hurting the ability of the ecb to buy italian bonds #-- bonds? gilles: ecb is on its way out. it -- it's european bonds are on its way out. it makes it more difficult. italy could have been a candidate. itit is harder to convince other european countries we should do something to help. i do not think it has much of a bearing on the rate strategy. the decision on rates were to be made after we know where italy stands. for now, i do not think we want to talk about it. creati

lacqua in italy. the day off. has been laying the groundwork for a future away from alibaba, the company which made him china's richest man. he outlined plans to educate more of his time and fortune to philanthropy with the creation of a foundation focused on education, following in the footsteps of bill gates. >> what are the most pressing issues that philanthropists should be focusing on now? >> i do a lot on education. i think education is critical for the future. education, environment, these are things i focus on. there is no one thing that is the most important. the most important is everybody do something. >> to what extent do you think your identity has been forged by your first job, which is as an english teacher? >> people do not like me to talk a lot because i speak in all the forums because i am a teacher. the only thing i can do is share. alibaba, so much from from the journey. it is my responsibility to share, whether people like it or not, agree or disagree, it is ok. you have to share

italy conquered ethiopia.any of our elected leaders warned us of danger. >> without warning or justification of any kind, civilians including vast numbers of women and children are being roasted with bombs from the air. >> but they were still hypnotized by the fact that to oceans stood between us and the rest of the world. they didn't realize that a time when the span of the oceans would end. that the steamship would bridge that gap and the whole space could be covered in the space of hours. yes we wanted modern piece but we had not learned that piece on us depends on peace for all. nobody wanted to risk war because of some mud huts in ethiopia any more than we would run the risk of some similar huts and planes in manchuria. correctly interpreting our attitude, the aggressors were alber schiller that they could get what they wanted. japan marched on her mark to conquest, italy had begun her new empire and now the third gangster. what about hitler, we take him up in our next film and showed how he joined his pa

then italy, and other countries, not just italy, would be closer. is europe reforming itself? or are politicians around the world making the case, the benefits for being in the eu? paolo: you see, the point for me is that by choice of national government, we are building europe, which is not politically attractive. i was asking the other day, to a friend of mine, tell me, who was the predecessor to mr. juncker. i don't remember. he has been the president of europe for 10 years. i don't remember. gone, forgotten. while everyone remembers mr. blair, or -- what does it mean? that we have built a europe that was not popular to the people? was a kind of technocratic mechanism. they manage a lot of money. they confine countries, impose rules. maybe power, yes. how can i say, not a europe that speaks to the people. francine: does that mean you will either have a more integrated europe or it will break apart? paolo: i don't think it will break apart. every day, we have examples of what happens if you are outside of major economic zones. look at what happene

italy defensive as rich in. italy tops our agenda.not -- is not going to light the torch paper of the next level of risk. the m live team says keep an eye 3%.aper trading above the that's the torch paper of risk in terms of the mark. do we have a little bit of bonds left? a little bit of bond mark. and you're going to see a little bit of flow and go. you're going to see the renan sans of supply, $16 billion euros of bond pape >> he come to the market. so that's going to be a little bit of supply heavyness coming across the mark. look at the b.t.p.'s. the battle royal between the ratings and the rhetoric which is coming from italy. let me tell you about the daybreak. the italian finance minister hitting back. they could breach the 3% of the g.d.p. pread will narrow once the details are on there. so you're having this rhetoric build-up by 29 pips. on the u.s. treasury you are coming in a little bit lighter. but my favorite story is that copper hedge it is labor day and if you are having a martini, happy labor day. the hedge funds are dy

i think italy is a case in ir itself the italian will have to save italy. the markets won't do it.pe won't do it italians need to at thes theirdr own issues we are losing time, that's a scare xh scarce commodity in italy. >> we have to leave it there we heard from mr. jeroen dijsselbloem, italy has to help itself >> joumanna, thank you very much for that interview strong comments there on the cross border activity required to sure up the banking system in europe. >>> president trump has rejected a request for a one to one meeting with justin trudeau saying he is unhappy with nafta talks. but trudeau's spokesperson denied the statement saying no request was made for a meeting speaking in new york, trump said canada continues to treat the u.s. badly >> we're thinking about taxing cars coming in from canada that's the mother lode, that's the big one. we're unhappy with the styles of canada we don't like their representative very much i love canada, by the way, i have so many friends there but that has nothing to do with this. >>> earlier at a u.n. security council meeting, president t

because italy is the country of first entry in the european union and it is first entry because italy's the mediterranean country like greece so it is almost impossible to block any arrival because of the coastal georgia with your feet and so the first need to futilely is to have solidarity of the rest of the european union when we have refugees or. arriving we need the other countries showing solidarity towards us and. the euro is there so we have to complete the it should take two or so what the germans and french agreed in mezzeh burke was a first step that was interesting it is in our own interest as italians there are many difficulties and i'm not i'm not sure that all these reforms can be approved because of the differences and also because of the fact that the main problem in the next months will be breaks it if you ask me what is the biggest warrior you have today it is not. all we talk about it is breaks because we are growing towards blacks it towards the cliff edge as we see the worst of disaster there is no plan a. even no plan b. and there are even no plan c. there's just.

wants to convince that growth will allow italy to repay debt dimaio says he is confident that italy'sill fall unfortunately even though he's confident of the numbers moving in the right direction, everything, all of the analysts material has shown a deficit above 2% or 2.1%, 2.2%, will set the debt trajectory on a higher path that's not the path the european commission would be looking for and is the reason they set that target at 2% or below in the first place. those are the comments coming out of dimaio. >>> coming up, president trump praises brett kavanaugh and calls for him to be confirmed for the supreme court following hours of questioning over sexual assault claims stay with us (john foley) i was there in chicago when bob barnett made the first commercial wireless phone call in 1983. yes, this is bob barnett in chicago. (john) we were both working on that first network that would eventually become verizon's. back then, the idea of a nationwide wireless network was completely unreasonable. but think about how important that first call was to our lives. it opened the door to the

. >> of course, italy is a big economy in the european union and should be a focus of concern. >> italy is still on a knife edge situation from an economic point of view. >> this has clearly been something which has been pressuring the markets for months, it seems now. but even if you get the budget problem out of the way now, it has not been resolved. we'll come back to this question in the next few months. >> there is something of a showdown that has still got to be followed through, vis-a-vis the italian government and the european union. >> this is happening right as the ecb is dialing down qe. it is going from $30 billion to $15 billion and then likely zero in january. so we are all wondering who is going to be supporting italian debt going forward. jonathan: joining me around the table here in london is diana amoa of jpmorgan, and scott thiel, deputy cio at blackrock. plus, coming to us from chicago is colin robertson, head of fixed-income at northern trust asset management. diana, i want to begin with you and talk about what is happening in italy. how big a risk is a budget defic

we have no interest in triggering a crisis between the commission and italy italy is an important eurozone country but neither do we want rome to disrespect the rules and not reduce its debt which is explosive so the order of whether the truckers that i am very worried about what is happening in italy this economic maneuver is not for the people but against the people. it will create problems in the north without solving those of the south it will not increase employment but will put italian savings in trouble and will increasingly put our country in the hands of creditors not only internal but also external. because their. plans new debt of two point four percent of g.d.p. was pushed through by the leaders of the two governing parties while italy's more cautious finance minister found himself overruled he had pushed for a lower deficit to bring down the country's public debt. the mood on the streets of rome is mixed. because of it because i'm confident because i feel for the first time we're doing something new. i'm very concerned you just need to look at the market this morning it's losi

to try to hide the problem solve the carpet but the problem is still there but it was a problem in italy it's of you happy with the way migrants were kept for days on a boat in august as the interior minister mr refused to let them. this is heard that the terrible consequence of the fact that the use nots not want to solve the problem for all many years the different governments asked for a joint solution to reform the system there is not what about his decision to keep certain members of your party were very upset by this deal the sporty said the decision not to allow the rescue ship to disembark is not shared by me it cannot belong to my any of us we express concerns and we say this is not the solution but i can also understand that out of the many blame by the or it may i answer on some the standard after many years of silence silence by our power barnett's of the pop received by mr mccraw on that is blaming on us but at the same time to militarize the border with the valley invented media militarize or the west board of italy and is trying in there also massive reports from the human

i think italy and its budget don'tnow, even if they very from eu rules significantly , italy is a particular problem because the ecb is closer to the end of outright transactions rather than the beginning of them. what you have is this situation where, once again, we see economic policy in the eurozone is incongruous with all of the needs of the different member hawkishnessce ecb -- at once. ecb hawkishness is a catch-22. this could exacerbate the move in spreads. , and potentially inflames political tension in the northern portion of the bloc. the marketthat what is reacting to come up eventually that this is the whole european project that risk? >> in a way, yes. in a way, no. we still have a very long way to go, and there are going to be many twists and turns. but if you look at the eurozone and analyze it structurally, two structuresy here. over the will break up long-term or sit in a perpetual state of crisis where it can not get to grips with solving the fixrlying problems to what's wrong, and can't fight the crisis efficiently. there have been writers that have described the eurozone

very worried about what is happening in italy this economic maneuver is not for the people but against the people it will create many problems in the north without solving those of the south. it will not increase employment but will put in trouble they tell you in savings and will increasingly put our country in the hands of creditors not only internal but also external. is the. economy minister giovanni three who is against releasing a budget with a higher deficit target who will now have to explain his government's spending plan in brussels there he will have to address fears that italy's debt could once again spiral out of control. more than two hundred ryanair flights have been struck from departure boards across europe on friday staff in belgium portugal the netherlands spain italy and germany have walked off the job they want better pay and improved working conditions the budget airline has seen repeated strike action in recent months ryanair is continuing negotiations but the unions say the offer put forward is not acceptable with no ticket prices right here has overtaken establ

is italy and italy problem or a european problem, or a global problem?abriela: currently a big italy problem. figure wasdeficit set much higher than expectations, and it is about the details of what it is being spent on. measures, noterm any sort of big reform measures that could boost long-term growth potential. it is about the deficit target and the actual spending makes. as a result, more risk needs to be priced into italian assets for longer. it beingwe talk about a global problem, for it to escalate to that point, we'd have to escalate to italy -- the euro. vonnie: so many creative names. gabriela: then it will become a global problem. vonnie: did it boost growth at all? term.la: in the short fiscal spending certainly helps boost growth in the short-term. you are getting things like the -- tax and some subsidies, but then what? big structural problems remain. guy: where does the ecb go with this? mario draghi knows the game unfolding. he's trying to get, as his term comes to an end, and exit to the extraordinary measures. can he do that with a deter

let's start with investor sentiment in italy.ian stock index is spread over the german government. it's reaching for points again. outlook on the rating was cut late last week. i think they're looking at what the government will do. the end of september, there's a big focus on whether or not they will be able to match the promises made to the voter. if they will be able to stay in the parameters that they have been asked to stay. from a deal perspective, italy has been quite this year. there have only been three large deals. and one need -- one ipo. anna: is that because of the politics? partly because of the politics. >> we are seeing some hesitancy whether that's because of high valuations, geopolitical rifts in turkey are other markets area looking ahead for the rest of the year and going into 2009, what do you see in the pipeline? pier: indeed it has been a record year. 1 1.15 trillion in volume in europe alone. a couple of sectors have required growth and scale. both on debt financing but also equity financing. supportedesto

troubled economic waters correspondent max hoffman is in northern italy. think. the side of the show is about to start after hours of waiting such enthusiasm begs the question is this really the interior minister of italy or pop star. the lego was founded close to where we are right now and it's been hosting this first of all many years now so this is classic home turf for my to your side of the unit and you can tell people here absolutely adore him. and his fans appear satisfied with what he's done in the first one hundred days in office especially on migration why why should be supportive he's trying to protect the police try to give us a better politic compart on before i need to get it. we believe in solving any and what he's doing it this can be a revolution for italy. but a lot of things are moving for i went and he's keeping his promises to diplomats think it's. even mean that it's time and. no surprise that his promises on migration are a big part of the solving the show but outside the populist bubble many are getting nervous about what the new go