matt: peter schaffrik, global macro strategist/analyst, rbc europe is still with us.hisve been chatting about in-house. it was just tweeted that yesterday's exuberance is repeated over eagerness for whoseve policy outcomes trade case is low. do you think that is the case? first of all, on the market side, i can see that argument clearly. on the broader issue, it is difficult from the outside to see what is really going on. you are seeing stories about meeting, then nothing comes out. now we have a story that this time will be different. it is different for the market to get a good read on that. you also have these volatile movements around any news that suggests something is happening. seemedthe equity market to see it as good news. payrolls today, it might be skewed by employment, but if we get a strong payroll reading, is the equity market going to read , and the bondews market continue to selloff? peter: i think currently it is likely skewed by positioning. it is a cheeky excuse, but currently you see the reaction will likely be in that direction. if we have good n

calvasina of, lori rbc capital markets.tement from the new sally energy minister -- new sally energy-- new saudi minister? >> this is a sign saudi arabia wants to get more serious and they are even more interested than supporting oil prices. i also think they understand -- the market sentiment is negative on the demand side and we see very strong supply from the u.s., so the medicine from opec and saudi arabia has to be even tougher than before. i think this is part of what we are seeing with the shift in control of the oil policy. david: you do not take at face value the statement this will not change policy at all? when you say it has to be serious medicine, that suggests some change in policy. >> i think they will strengthen the policy of supporting oil prices. productionu.s. shale being strong by the second half of the year. medicine, in order to support oil price, could be to go through a cycle by first may be tried to punish the u.s. oil companies and the service providers for the next earning by shocking the market.

just yesterday, rbc lowered its price targets every shot, saying it's too exposed.the upside, this is the company behind gucci. a.h as well, even so for the makeup shot is also getting quite the bounds. and then there are financials and insurance players. hsbc is up nearly 2.5%. standard chartered heavily exposed by 3%. from what we have been seeing in hong kong stocks is jumping the most since 2011. we are this reverberate around the world in europe. thanks very much. annmarie hordern walking through some of the movers, so much affected from that hong kong headline. saying that we should not extrapolate further, but markets are definitely breathing a sigh of relief as carrie lam says she the controversial extradition bill. this is bloomberg. ♪ anna: welcome back to the european open. we are 52 minutes into the trading day and this is the picture of european equity markets, up .8%. seeing a break down in that inverse relationship between the pound and the foot. we will see -- ftse. we will see if that holds them up that bounce is to do with what's going on in hong k

that is the latest call out of rbc, reiterating its outperform rating, out with a new note this morningthe company's one-day shipping plans the analyst behind that call, rbc's mark mahaney, joins me now. mark, good morning >> good morning, jon >> so if i'm reading this correctly, you expect one-day shipping to have a big impact, $100 to $200 worth of spend for the average prime household. also, prime additions. "a," what's the magic of one day that you think will push people in that direction? and "b," who does that come from does that come from the drugstore that people are now running to because they need something within 36 hours? >> okay. so, yeah, look, let's step back on prime they launched this first in 2004 this is the biggest initiative since then, not in terms of price, but in terms of speed of delivery and what we've noticed in seven years of survey work of u.s. online shoppers is that an increasing percentage of people want their products next day or same day so amazon is starting to give it to them. they announced this earlier this year in april. they said it would lead to

tom: you have a jewel at rbc capital markets.ance into your world of economics? tom p.: this picks up on the story, one of the things mike has been pretty clear about is this notion of a standing rp facility. take is the problem with a standing rp facility, while that can alleviate pressures in theory, in practice will not work that way because of the same stigma as the discount window. that is one of the bigger problems for the fed. what mike would tell you is the real problem, and one of the reasons why this stress happened is for a practical reason, regulation. the balance sheet is so expensive and the banks can harp away when the see these dislocations in the market. one way to fix the problem is within the leverage ratio, exempt treasuries. tom: you are so inside baseball. we will come back, tom porcelli with us. the only way we could get ira jersey on this early is to show one of his famous charts. we will do that later in the hour. thank you so much for you and your team. we will explain forward the challenges of central b

alphabet is feeling the love from rbc thanks to google maps.nalyst mark mahaney says google maps is one of the greatest under and on monetized platforms. maps could generate up to $3.6 billion in incremental revenue 2021. now, australian tech entrepreneur up mike cannon-brookes is using his platform to fight climate change. the cofounder and co-ceo of enterprise software company atlassian sat down with ed hammond to discuss climate, tech and why the future needs to be ready for more disruption. complicatede a very business sector when it comes to this because in finance and insurance and lots of other areas, australia is very progressive about this tough and very worried about climate change. even in the mining sector, if you look at the opportunities for australia, in a green world, what are we going to make? rare earth minerals, lithium, nickel. we have a phenomenal amount of opportunities before we get to sun and wind. that does not mean the fossil fuel part of mining is incompatible with future climate. we don't have to transition out of. e

rbc's helima croft is here and will break down all that we need to know, plus, wall street on recordch does fed chairman jay powell have what it takes to push us over the edge back towards records. >>> more head winds for china. the world's second largest economy hits new multiple year lows >>> and violence once again overtakes hong kong in its 15th straight weekend of demonstrations a very busy hour still ahead when "worldwide exchange" returns after this commercial break. so servicenow put your workflows in the cloud, huh? mm-hm. your employees must love you. thank you. ah, you could say that. so how are things with you guys? great. thank you. thank you, sir. lunch next week? terrific. say hi to the team. will do. call my office, i will. -sounds good. alrighty. servicenow. works for you. you should be mad at leaf blowers. [beep] you should be mad your neighbor always wants to hang out. and you should be mad your smart fridge is unnecessarily complicated. but you're not mad, because you have e*trade which isn't complicated. their tools make trading quicker and simpler. so you can ta

they had an investment strategy at rbc wealth management.much, it has been a pleasure. i am here at the auto show. don't miss more -- ♪ >> good morning, welcome to the european open. we are live this morning from westminster. i am alongside matt miller in frankfurt. >> good morning. can this be a coincidence? , and the feds rrr next week. futures are on the rise ahead of the cash trade, less than 30 minutes away. ♪

with me still is amy wu silverman of rbc capital markets.lty with higher -- amy: the difficulty with higher inflation is it is a much more gradual thing. when we look at different timelines of when this can happen, you have a fed meeting coming up in october, and you have that october 31 date where supposedly, there's going to be a brexit. if i was playing something, i would be owning the on timber -- the november volatility bucket in terms of looking at those data points. alix: what we continue to hear from the fed is a lot of split on do we want a rate cut or not. vice chair rich clarida talked about a potential inflation overshoot. when does that start factoring into traders? amy: i hear you on that -- alix: she's like, i hear you, but no. [laughter] amy: i think the reality is the more these impeachment headlines go on, powell is going to have to make a decision incorporating that. alix: how? amy: it's just a question of turmoil in the markets, which we've seen. we seen, i think, the last three months or more that the fed is not really b

rbc has raised the home repairs company to an outperform, calling it a strong defense of pick.loomberg. ♪ matt: welcome back to the european open, currently 45 minutes into the trading session, looking at red arrows across europe, with the exception of the ftse, currently unchanged. the cac is unchanged, as well. the dax and the ftse mid in milan are down 1/10 of 1%. let's get individual stock stories. we go to an recorder in london. annmarie: a lot of and -- we go to annmarie hordern in london. annmarie: one of the biggest gainers on the stoxx 600, rbc upgraded to a performance, one of the best defensive growth stocks in the business service sector you could be picking. to the downside, marks and spencer down about 2%. a lot of issues right now facing the month -- the company's closing and home division. it is far from fixed. sound a to the downside, down more than two by 5%. morgan stanley says growth story remains intact, but it starts to x andprofit from cellne following strong gains. all these analysts up and down calls. thank you very much, annmarie hordern, with the late

s amazrice target was raised to $2600 from 2250 by rbc capital markets. shipping shinitiative.e one day the firm has an outperform rating on the stock and amazon rose a fraction to 1789.84. >>> coming up, open house. some millennials are jumping into the real estate mrkt a sar itwing up in h >>> google may be the next target. according to the "washington post," m the nation's attney general cou announce an investition next week. many states have been critical of google for its handling o user's personal information and its searches. over the summer, the department of justi t announced its own broad review int big tech. >> walmart is scaling back its firearms sales. world's larnlest retailer said today it's going t stop selling handguns and certain types of ammunition and it will no longer allow customers to ope ly carry firearms in its stores while they shop. doug mcmill p said the shift was aesponse to the fatal shootings in two of his stars last month and he admitted walmart will likely lower its market sre from 20% to 6%. shares of walmart rose slightl

earlier i spoke to also leave notes from rbc capital mararts about just how low the pound might go. and whwhether. or no deal briggs it is still the worst case scenario. so t the moments markets are currently pricing roughly 40% of an ideal breaks that we use bookmakers odds as the- best and i clearly proxy we have for it. and it's really a very uncertain situation we were actually just having a conversation here on the trading floor and wide range of opinions with somome people thinking and do breaks it's extremely like october thirty first. another still thinking there is some chance of a lost cause. deal to have heard some people say well at least let's get it over and done with so we can move on. and i think it's a bit of a fallacy because november first doesn't bring any clarity. the new has also made it very clear that if the u. k. wanted to return to the negotiation table alternative breaks that. they would have to re discuss the same things i've been sticking points all along the irish backstop. as well as the divorce bill and of course it's since right so i don't think that

rbc has r long, been saying the lima is broken. the market completely move to be focused on the supply side. the whole summer the market has been obsessed with the demand side, the global growth concerns. supply-sider is going to be front and center for weeks if not months. guy: thank you. the headline now, royal dsm trading in the midlands exploring a bid for dupont. the price tag would be $25 billion. havet is said to approached potential bidders. sm while is among the dupont fording for $25 billion. dsm is down about 1%. for more on the events of the to the ever's get more global manager fund. we have to ask you about the events of the weekend. is very big news. the jury is out on how meaningful this will be in the long run. we don't know how long this will last. they might be able to get some of the production back online. it will be interesting to see how this evolves and the ramifications for the other players. it is such a big number. vonnie: is it something that would have you reconsidering some of your holdings? we own ste

joining me on the phone from that meeting is rbc analyst zach schwartzman.or joining me bright and early over there in china. let me start with the basics. it is all about e-commerce. makes up 86% revenue for alibaba. what do you need to hear from the company about their e-commerce? zach, let me know you can hear me on alibaba. we do know have their investor meeting that is coming up. it was really interesting, 70% is expected to come from those lower tier cities. what do you need to see in terms of growth? with these strategic investments alibaba has made. some of those investors are the logistics platform, others in local consumer services. update -- we think this is going to allow them to gain more market share, 1.3 trillion dollar opportunity. upi love that you brought delivery. what do you need to hear from the company about food delivery? what is interesting and what is that it is one of the largest payment platforms. they have the off-line transaction data so they can have great targeting for new people ordering and consumers ordering food and can pro

join me on the phone from that meeting is rbc analyst zach schwartzman.ou for joining me bright and early over there in china. let me start with the basics. it is all about e-commerce. makes up 86 of revenue for alibaba. what do you need to hear from the company about their e-commerce? zach, let me know you can hear me on alibaba. their investor meeting that is coming up. zach, do we have you? that alibaba has their investor meeting -- we will keep talking until we get some technical difficulties figured out over there with zach who is joining us on all things china. we know this is expected to be day two of the analyst meeting. we had day one today. of course, we do know as we take a look at the company's revenue breakdown -- 86% of the revenue does come from e-commerce. you have some other parts of innovation, for example, which makes up 1% to 2% of their total revenue. let's get to some other stories. twitter and facebook say they have removed 365 fake accounts linked to things of the conservative popular party. the accounts were used to influence publ

impact for general motors, it is the estimate of rbc capital that it's now 75 to $100 per day at theink it's going to be about $50 million a day. in the note the analyst writes we are getting to the point where it will be difficult to recover the lost production this year and a big concern is with supplierings we're talking about american axle, tentacle look at these stocks since the strike began they're all down anywhere between 10% and 15%. as for general motors, if you take a look at that stock, it heal raent be really hasn't been a whole lot of reaction. the dealers are going to be okay for a couple more weeks. if you go two or three weeks more and the strike has not been resolved, then you might start to see shares of general motors really feel some pressure. >> we have seen some stories sighing the big issues are at the main table, so to speak suggesting that they could put this to bed relatively soon. do you tbbelieve it >> no. yeah, they're at the main table, but if you talk to people familiar with the negotiations, you get no sense they're close to a deal. it wasn't eminent

rbc said just the fact that bolton was gone could add 7000 barrels of oil a day to the market. another prong, which is the u.s. had granted waivers to many countries like india and china and south

rbc said just the fact that bolton was gone could add 7000 barrels of oil a day to the market. there is also another prong, which is the u.s. had granted waivers to many countries like india and china and south korea to enable them to buy iranian oil. those waivers went away. those countries had to diversify. those waivers might be given. that could be a potential rollback but not a full rollback. nick inet's turn to washington. how likely is it the president might be changing his position on iran? is whate big question the president's position was in the first place. he has always wanted a meeting with the iranian president because that plays into his brand of personal diplomacy and believing inserting himself into these negotiations and looking a foreign leader in the eye can produce breakthroughs. what you are seeing is in expectations that have sanctions are eased it would be the waivers that alix steel mentioned. allowing some oil exports as part of a french proposal to grant iran a $15 billion credit line to buy some goods. i do not think what you will be seeing is a whol

we are also keeping and i am gold stocks after rbc said they offer attractive upside to the long-term for gold established at $1400. prices raised its outlook. we are also watching fonterra after the company deferred its reporting date for results to no later than november 30. the company also confirmed it expects a loss for fiscal 2019. fortescue is on the radar after pricing its 600 million dollar high-yield bond offer as they seek a wrap up in corporate debt issuance, particularly in the ig space with asian sales set for the best start to september on record. joining them, the lot of issuance adding to the upside pressure on bond yields. get more on what you should be watching is trading gets under way in asia. adam, is there enough juice in this rally to sustain moves through friday in asia, or will it peter out like so many before it? adam: it pick up in the middle of the week and it is setting us up for a reasonably positive end to the week, but of course, we had a decent rally in equities pretty much across the whole region of asia on thursday. we have had the additional data,

concerned with iea projections, i would probably be in prozac all the time >> halima croft is with rbc markets and joins us now. great to have you with us. this is a first time a member of the ruling party has been appointed to this position what is the significance in relationship to the aramco ipo >> well, i think it's really important, first, to specify the fact that while prince abdula z abdulaziz, he is a long-standing politician he is the expert in the room in terms of the saudi aramco ipo, i think it's full steam ahead with the ipo i think there had been some question markets about the previous oil minister's commitment to the ipo. and i think we're in a situation right now where mohammad bin salman has the team in place he thinks he needs to get this ipo off the ground >> when you say questions about the commitment to the ipo, do you mean questions to saudi arabia's commitment to opec's promises to cut production and therefore the commitment to the ipo? >> no, i think, actually, he did a masterful job as oil minister, steering saudi arabia and the rest of the opec producers thr

. >> scott, to your point about amazon, last night rbc came out with that comment on amazon. last night at 30 minutes past midnight the stock opened down and is now $45 off the lows of the day. people had plenty of time to react to that if they wanted to. they chose not to. they chose to sell wrong move not as exposed to the china trade issue. here it is back over 1,800 -- >> i think the stock gets pushed down at every index other than the dow. >> just like apple >> it's xlk, s&p 500, so the big guys come in and want to sell the whole market the fundamental guys that are actually looking to the futures are buying amazon. >> you're right. >> that explains why some of the yielding stocks have come back >> the editor of this china global times, which we talk about a lot to on the show, whether you want to say it's the propaganda machine for china orb just how they reach us, that editor said i don't know whether the president is offering us an olive branch or threatening us he said we won't cave to pressure or bullying, but we are there to negotiate that's out there people have n

rbc saying these attacks are a game changer.ll summer, she's been saying the oil barometer has been wrong in terms of gauging risk in the region. today, looks like the market is pricing in geopolitical factors and the trade is taking a backseat. the second thing, if you had money in the market, you are making a goldmine. some of these options, 62 million barrels worth, were supposed to be worthless tomorrow. now wti calls are more in demand since 2018 as the skew just searches. -- surges. anna: the impact we're seeing. talk us through the near-term response. we see the iranians denying involvement. >> yes, that's not a surprise. what we're still waiting for is saudi arabia assigning blame, which is taking a long time. we expect today, this announcement will come. from there, we have to look and see what the u.s. response will be. president trump says it depends on verification. that's pretty strong and could prove difficult if it's not a straightforward case of the rebels in yemen turning out to be really behind those attacks. t

was initiated at outperforming rbc and the shares are up nearly 20%. michaels is on pace for its best week ever. up more than 34% since tuesday it's source sales where we talked about earlier and it's adding nearly 7% again today shares of zumiez are popping this afternoon and better than expected quarterly and full year guidance that retailer plans to open approximately 16 more new stores this fiscal year the shares are up nearly 9%. let's get out to sue for a cnbc news update. >> thanks so much, kelly here's what's happening at this hour, everyone north carolina's governor roy cooper says hundreds of people may be trapped by floodwaters from hurricane dorian on north carolina's outer banks this after the storm made landfall this morning. >> there is significant concern about hundreds of people trapped on okracoke island there are rescue teams ready as soon as they can get in. >> harley-davidson unveiling prototypes of electric bikes it plans to sell. the bikes have small battery powered motors that assist in pedaling the company has not yet revealed

they're bucking the broader markets after rbc raised price target, are you ready for this, $2600 a sharepates that jeff bezos behemoth will gobble up more of e marketplace due to rollout. one day shipping initiative set to be available nationwide next year. globally two or three years. amazon delivering this game, 1% gain as we head into the close. not only retail giant. walmart is taking action in rise of shootings in the united states. gerri willis on what the story is doing. reporter: liz, this is a fascinating development by walmart in a letter to associates by ceo doug mcmillan. he described it as the next step in response to tragedies in el paso and southaven of the essentially boils down to cutting back on sales of ammunition, specifically. discontinuing sales of short barrel rifles ammunition. while some of this is commonly used in hunting rifles it can also be used in large capacity clips, military-style weapons. walmart will also sell through and discontinue handgun ammunition. they will discontinue handgun sales in alaska. marking a complete exit from handguns. big move by wal

vonnie: the chief strategist at rbc saying, "the odds of the president leaving before his first term is over have jumped from 22% to 40%." i would urge you to keep a look stocks.price let's get back to the bloomberg level business forum, where ardern and michael corbett of citigroup are speaking. >> how much would be financial flows change if you ardern actut rid of subsidies? if you got rid of fossil fuel subsidies? if you made serious progress there, would that are medically affect the allocation of capital you would give to those industries? >> so, he limited fossil fuel subsidies on trade? i think that process is underway anyway. the world economy is moving. sector where that dialogue is now at the level of how to transition from the model efficient andore cleaner model. there's a lot of work being done on that. i thing we are moving in the right directing. it is difficult to predict. i think overall, it is going to produce better quality growth and better economic growth, that will lead to better quality trade, if you wish. if using about the passive climate trends, particularly

rbc bases the call on optimism surrounding amazon's new prime one day shipping initiatives shares areorning, but up almost 18% this year. and a long way from where some people want to be short at $1,000 because of government regulations. >> and steve liesman is here so welcome to september, folks otherwise known as a huge month for some of the biggest central banks around the world and 34r leamr. liesman is joini with the latest. >> it is a global downdraft in interest rates expected to pick up speed this month. september 12th european central bank meets their expected to ease in one way or another and followed by the fed, followed by doj and bank of england, bank of japan with the european central bank and fed, it could boost the yen and that could pressure a cut. mark carney will likely hold fire until he knows how the uk ends up exiting the european union. and at jackson hole, carney talked about the impact of brexit >> business investment is actually running almost 25 percentage points below its previous trend businesses in the uk have quite reasonably said wait a minute, i'm goin

decision, let's bring in david zervos, paul mccauley and chief economist at grant thornton and lori rbc capital markets. good afternoon to you all. paul, what's why your takeaway from the decision? >> it was very animated. >> i know. >> i think chair powell did a really good job. it was a difficult thing for him to do. the fact that the market hasn't moved much at all today, a sign of communication, the fed had to ease today because the market was prepped for it in every regard and i think he explained it very well but the fundamental issue at the fed right now is they're making policy without a robust reaction function that is the real difficult thing. and they're doing the strategic review it's wonderful to see him highlighting it, coming out at the end of the year try to inform what their algorethm is from the standpoint of incoming data he's making policy without a reaction function. i thought he did a very good job and said it is a mid-course correction, except if it isn't so he left a great deal of optionality on the table that's a good thing. >> even when asked when are you going

herman miller, intel, kc mg, oracle, rbc capital markets are finance tracks sponsored. also want to thank our other partners jen packs, ida garland, new york stock exchange, and trip actions. [applause] thank you last december our next guest was appointed as executive assistant director of criminal cyber service. she's the fifth highest ranking at the fbi. top ranking woman on the agenda. she oversees all in the eye criminal cyber investigations worldwide and works to protect critical digital infrastructure. most of it controls and runs by private companies. please welcome amy hess. >> good morning everyone. i think we all had a little is it too much fun last night. amy i am so happy they are here it's us. let's scare everyone shelley. recent polls say americans are more afraid of malicious cyber activity than economic problems, nuclear weapons, and terrorism. should we be afraid. short answer. yes. amy: i don't see those things as mutually exclusive. what, i mean, by that is cyber involves other things. all of those threats and stress over time, terrorism espionage, mu

that is out of rbc we suggest perhaps the direction of revision is still going to be lower until ism turns as it did here, multiple places. let's look at morgan stanley's leadings earnings indicator, using macro variables. trend for realized earnings growth going towards zero. this is clear that probably we're going to see pressure on the earnings outlook the question i would have is whether the market has already figured this out if you look at global exposed companies, cyclical, stocks have already been punished. the big question is maybe we've already gotten here in terms of pricing and accounting for this coming week. >> mike, thank you very much we're going to continue along that topic chief investment strategist. sam, earnings recession, where do you stand on that, likely or unlikely >> unlikely right now. the beginning of the year there was that concern because we had forecast for two successive quarters of earnings declines that the definition of an earnings recession also what you find is that 75% of economic recessions since world war ii were preceded by earnings recessions

. >> as we go to break, take a look at shares of amazon rbc took to 2200 from 2250 we'll talk about thein the next hour on "squawk alley." meantime down, "squawk on the street" back in a moment - stand up if you are first generation college student. stand up if you're a mother. if you are actively deployed, a veteran, or you're in a military family, please stand. i will tell you this, southern new hampshire university can change the whole trajectory of your life. . >>> are we in for a september surprise one strategist sees a bubble forming that could make or break ndut orket fi on trading nation on cnbc.com more "squawk on the street" is coming up. through the at&t network, edge-to-edge intelligence gives you the power to see every corner of your growing business. from using feedback to innovate... to introducing products faster... to managing website inventory... and network bandwidth. giving you a nice big edge over your competition. that's the power of edge-to-edge intelligence. >>> now let's get to cme group in chicago where rick santelli is bonds moving on ism data, rick. >> they a

. >> joining us now, jp morgan funds strategist david kelly and rbc capital strategist lori calvisinari, was this good enough for a market craving fed cuts? >> i don't think so. >> bad enough, i should say. >> if you were bullish, you are still bullish. if you were bearish, you are still bearish. we have defensives doing well and industrials. that's odd we have some of the areas that have been the hoot exist ttest e market like tech, riske in software i don't think it's clear what the markets is telling you it thinks of this. >> david, what's your take >> well, i think this is weaker than it looks. steve actually made a lot of great points there first of all, you have to take out the 25,000 temporary census workers. these jobs won't be around in the long run now you are at 105,000 and then also that benchmark adjustment the labor department has been overestimating job growth from new companies all along. this reflects an underlying trend of less than 100,000 jobs being added. and we have a lot of pent-up jobs there may be some of that where companies are filling job openings even thou

intel.miller, markets.d rbc capital ourso want to thank partners. thank you. last september, our next guest was appointed as executive director of the criminal cyber response and services branch. she is the fifth highest ranking member of the fbi and top ranking woman on the agenda. she oversees all cyber investigations worldwide and works to protect digital infrastructure, most of it controlled and run by private companies. [applause] ♪ >> good morning, everyone. good morning. bitink we all had a little too much fun last night. amy, i am so glad right here with us. say that americans are more afraid of malicious cyber activity than economic problems, nuclear weapons and terrorism. should we be afraid? >> short answer, yes. i do not see those things as mutually exclusive. cyber involves all of those things. threatshose traditional , terrorism, espionage, intellectual property theft, it takes on a new path in the sense of cyber capabilities and the exponential increase to enable those things to be a lot scarier. you about thek specifics, tell me about your role

analyst nick mody from rbc, juul and sarah is having a look at nike trading at new highs today. eamon, let's start with you. >> a source familiar with the matter, "washington post" reporting, breaking within the past couple of minutes, "washington post" reporting acting director joseph maguire threatened to resign if the white house didn't allow him to testify freely before congress about this ukraine situation "the washington post" reporting in the past couple of minutes here that he feared the white house might attempt to force him to stonewall when he provides testimony on thursday. that sets up a dramatic confrontation between democrats on capitol hill, republicans on capitol hill and the white house with the director, acting director of national intelligence right in the center of that on thursday. so what we've seen throughout the day today is a president very much denying these allegations, saying it's inappropriate for democrats to criticize him for this we just saw president trump side by side with president zelensky of ukraine, president zelensky saying there that the

today it is rbc. >> the shipping, the change in shipping to be more positive is good i like the factlso -- something millennials care about, try to be neutral in packaging in terms of what carbon neutral -- a lot of companies are trying to be carbon neutral not green washing. >> a lot of kids are going to be protesting or not -- >> it is a big thing. >> taking a stand against climate change is amazon. that was a big -- >> didn't you think that was huge >> want to be carbon neutral and want to move toward it fairly quickly at amazon. to jim's point, make a lot of delivery vehicles electric that was an interesting announcement i think. >> i thought it was overlooked that can drive the whole industry you have to make 100,000 vehicles for them gorkts -- >> this goes to the larger conversation we have been having at this desk about the changing nature of what business sees as responsibility or whether it does or, you know, does amazon -- is it friendlier with the millennials as a result of doing something like this. >> right. >> does it change the perception of the company does it then th

and rbc capital markets. i also want to thank our partners, three pollute global, jen pack, ida ireland, new york stock exchange, and trip actions. thank you. [applause] ok, last september, our next guest was appointed executive assistant director of the fbi's criminal cyber and response and services branch. she is the fifth highest ranking official at the fbi and the top ranking woman on the agenda. she oversees all fbi criminal and cyber investigations worldwide and works to protect critical digital infrastructure, most of it controlled and run by private companies. please welcome amy hess with fortune's andrew neska. andrew: good morning, everyone. come on. give me another one. good morning. i think we all had a little too much fun last night. amy, i'm so happy you are here with us. amy: thanks for the invitation. andrew: let's scare everyone, shall we. recent poll say americans are more afraid of cyber activity of malicious cyber activity then an economic problems, nuclear weapons, and terrorism. should w

. >>> and rbc capital markets is raising its price target for alphabet from $1,500 to $1425 per shareiterating its outperform rating on that stock. the firm says google maps remains one of its greatest underutilized platforms, estimating that maps could generate up to $1.6 billion in revenue by 2021. says it's not a thesis changer, but actually, it is the basis for this upgrade, and says it will help google maintain that 20% revenue growth that they've seen for nine years on a big scale. google maps seems kind of quaint >> it's kind of weird, but we all use it, right? so it is something that if they can monetize that, then, obviously, it's going to be a tailwind but google has been at the bull's-eye for the eu, for the u.s., for a lot of regulatory measures and i think the stock price reflects that and the performance reflects that there's some sort of a headwind that still is ongoing. >> which is not really an area that this note in particular covers in depth, because this is more kind of the incremental note on the maps but they've put maps alongside whatsapp as the two parts of the

our global macro strategist at rbc capital markets. thank you for coming on.e have this boig oil shock. they have kind of stabilized somewhat but could this be the thing that tips us over the edge? peter: i'm not quite certain about that. you have to assess clearly which regions are more vulnerable. the european economy is more vulnerable than the u.s. or north americans are because we are essentially net importers of oil, so oil prices go up. initially, that is very bad for us. again, if you look at the broader picture, and i was just saying to your radio colleagues as well, i think the market has been priced for a relatively bad outcome to begin with. relatively speaking for us in the market, it is probably not going to be as bad as we initially thought. getting: we are also the energy secretary of the united states speaking in vienna, saying the u.s. is approaching the saudi's on how to proceed. he saying he is confident that will market will remain well supplied. when talk about a bad outcome, are you talking about a recession? peter: a outcome that warran

oracle. .nd rbc capital markets i also want to thank our pack, ida ireland, new york stock exchange, and trip auctions. thank you. >> ok last september our next guest was appointed executive assistant director of the fbi's criminal cyber and services branch. she is the fifth highest ranking official at the fbi and the top ranking agenda -- woman on the agenda. she oversees all fbi criminal and cyber investigations worldwide and works to protect rigell digital infra structure, most of it controlled and run by private companies. please welcome amy hess with fortunes andrew ness got. andrew: good morning. shelley?re everyone, -- shall we. recent poll say americans are more afraid of cyber activity then new clear weapons and terrorism. should we be afraid? amy: short answer, yes. but i do not see those things as we usually exclusive. cyber mean by that is involves all of those things all of those traditional threats we have seen over time, terrorism, espionage, intellectual property theft, crime, now takes on a whole new path in the sense of cyber capabilities. the x financial increase i

rbc people are just heard what dominic cummings said last night, saying that this was a walk in the park last night at a book launch. are you causing chaos in the country? that is what is happening on the conservative side of the house. beyond that the opposition parties are looking to their way between now and october the 31st. there has been discussion about some sort of caretaker government as one possible option if borisjohnson was to be removed from the position of prime minister. we are hearing some suggestions that nicola sturgeon has been talking about whether or not she would backjeremy corbyn in that situation, what can you tell us? nicola sturgeon, the snp leader, sent a tweet in the elastomer that she agrees with the idea of putting forward a vote of no confidence, it needs opposition party to unite around a single person for the sole purpose of —— she was courting another tweet which names jeremy corbyn as the leader of that ca reta ker corbyn as the leader of that caretaker government. i think it is important to say that the snp have been clear this week that they are very

this year joining us to tell us some top names in the field right now is mark mahaney, lead analyst at rbcts. tell us something unusual, provocative, novel >> you just ran a story yesterday about wearable devices. not in the next three to five years, but in the next five to ten years. the idea is there long term. that's the next frontier for internet interactivity. >> you had fitbit, that was a device company. >> yeah. >> go pro, i don't want to say it was a device company. >> people don't love hardware companies. >> they don't. >> apple is a unicorn on a relative basis. >> people want to be able to interact with their apps, with voice recognition, voice activation technology where it is, i think it's just a matter of time before somebody gets it right. there are going to be a lot of write-offs, products that didn't work out well. the idea that you can use something seamlessly, that's how we went to mobile devices. this is the next step. it will take a long time. >> given the run that tech's already taken. >> yeah. >> what would you buy still in this environment. >> the most contrarian lon

joining us is mark mahaney with rbc capital markets. amazon right now, $1820 a share. you say it's going to $2600 in 12 months. make your case. >> yeah. amazon is pretty well-known. of the large cap tech stocks, it may be the most consensus long on wall street. there's still a couple of things we think are underappreciated about the company, however, and one is the impact of this one-day initiative. they announced this back in april, weie accelerating revenue growth in the june quarter because of it. we think it's about a third of u.s. households and they will roll it out, taking the prime service all of us are familiar with and making it one-day guaranteed delivery. we think what's going to happen is that's going to cause an increase in adoption rate for prime. there will be more prime households and the prime households will spend more with amazon with that accelerating revenue growth and eventually expanding margins, call it two to three years, materially expanding margins. i think that sets up the company to generate cash flows that would support $2600 price. stuar