joining us is james bevan, chief investment officer at ccla investment management.o be here, what fun. i went to expand ona be here, what fun. i went to expand on a story we mentioned earlier, the news hot on the heels of donald trump's visit to beijing, china now pledging to open up its financial sector to more foreign ownership. how big a movie this? it is significant, it will not happen overnight, we should expect this to happen over a period of years and the early announcements made by china talk about a five—year transition. however, when one thinks about what lies behind it, it is about what lies behind it, it is about china wanting to be part of the global economy in a very real sense. i think a number of the huge us players that have been injoint ventures will now come back. let's talk about the markets in general, another bumper week, it would seem? asia yesterday, at one point vindicate to do five at 821 year high. give us your take on the markets? it goes back to the china story a game, china has been exporting around $600 billion, they have been buying u

that's returned to james bevan, our guest this morning.ll keep an eye on those pictures but going back to the pound and the volatility. i almost feel as if there is a catharsis, that if there was an election in this country, you might see a different brexit platform put forward and perhaps confidence might change. the telegraph did a poll, for the first time since they brexit, 40% ofg people in the u.k. feel like they will be worse off post-brexit. 26% support the prime minister, down from 34%. james: brexit is a huge unknown. we know what people wanted from brexit is simply not deliverable. cannot get cessation of movement of people and still maintain free movement of goods and services. access to capital opportunities and absence of regulation. it just cannot be done. can have some of them, but not all of them. the softerit might under a labour party but they're still talking about ruling out any second referendum on brexit. so it won't change all that much even if we do get to the polls again. james: people say soft brexit and hard brex

james bevan is still with us. i don't know what you make of what we learned last night. it was always going to be how you view inflation. there would always be dissenters saying i want to see the whites of inflation's eyes before we rise. inflation data was stronger than expectations. one could make two observations. i share the market's opinion we will get a december rate hike. that is all about what happens to 2018. i think the market is expecting half of what the fed is expecting. the u.s. economy continues if donald trump can get through the tax changes. the fed will tighten. francine: do you believe it is more dangerous to keep monetary policy loose for longer than to tighten too quickly? james: it depends on which economy you are talking about. francine: the u.s. james: i just wanted to make that statement. i think the federal reserve needs to tighten and we will see more and 2018. germany, the u.s. and i will show you the flattening yield curve in the u.s. what needs to happen for that to stop flattening? j

let‘s speak to james bevan, the chief investment officer at ccla investment management.. the government are saying they should be seen as a vote of confidence. how do you read them? i think they are hugely important for the british economy. we will see large companies investing in knowledge—based industries within the uk. that's got to be good news for the long—term shift up in productivity. i know the loss of the commentary has been about well, this an antidote for brexit. far from it, about well, this an antidote for brexit. farfrom it, the productivity problems have been there for years and became apparent after the global financial crisis. whether it will be sufficient to turn the dial enough to drive the economy back up to the levels of growth that we require, i don't know, but it is a step in the right direction. james, let's talk about time magazine being sold. as ijust mentioned briefly earlier with simon, it is a controversial sale for many particularly over in the states because of the billionaire brothers that back the company that support it. can you just exp

let's talk to james bevan, chief investment officer at ccla investment management.dustry. it has terrible implications for the high street. next is one of the winners but they need to invest substantially in the online offer to continue to be competitive. and the high street, if we are seeing such growth in online sales, what can people running shops up sales, what can people running shops up and down the country do to fight back? it is tricky, what they have said is there is high dependency on the weather and so we will need to be dependent on shoppers who want to go out and shot but the proposition within the shop needs to be attractive and there is evidence that people look in shops and order online because it is more convenient. and another story to talk about that has caused a bit of a stir, the proposal by link, the atm network people, to change how they operate which could impact on they operate which could impact on the number of free atms that we have? it's a tricky issue for the atm world. link runs about 55,000 machines and they are proposing to cut the a