outside the bank of england is steve sedgwick.ny official word on this move in the pound an what caused it? >> they'll have a look into this, but i have spoken to at least a dozen of the major banks today, no one has a firm line on what exactly caused it. it could have been a barrier trade or someone searching for stops, it could have been a fat finger. the fact of the matter is all the catalysts there on multiple levels, we heard at the start of the week prime minister may telling the party conference they would be hard ball with negotiations and enact the article 50 for brexit at the start of 2017. added to that overnight, francois hollande, an embattled president if there ever was one, saying how tough he would be on the british and how there will to be risk, almost like a stick and warning to others out there. wloe whoever did this trade did it at thinnest moment of trading. sterling has been pummelled all week. it is the weakest currency in the world all week. many say it will go lower. hsbc downing to 110 at the tail end of

i'm steve sedgwick. these are your headline the. smoke signals. british american tobacco shares buzzing higher after it announces a $47 billion bid to buy the rest of reynolds. tough trucking. shares in volvo and daimler sink after both automakers caution on weaker truck sales. >>> a mixed bag for sap in the third quarter as profit and revenue slightly miss expect takes but the company raises full we're guidance on stronger than expected software sales. >>> and eu leaders keeping up tough talk on brexit telling theresa may to brace for robust negotiations as she attends her first summit as uk prime minister. >>> wait for it. i'm looking at the uk september public sector net borrowing -- gosh. know better. 10.6 billion sterling. of course we have twin deficits in the uk, current account and trade. slightly worse than expected. public sector net borrowing, 10.118 billion pounds. april to september, public sector net borrowing, just a mean 45 billion sterling compared with 47.7 a year earlier. so it's down a bit. 4.8%, still hefty stuff. finance the

we'll go out to steve sedgwick out there talking to the bp ceo bob dudley. there's still more stability here than the back end of last week. nonetheless, 124. unbelievable levels for cable when you consider where it has been recently. we are at 31-year lows in and around them. gold prices, let's have a look quickly at gold in light of recent moves in the dollar. it's up a percent today, 1264. >>> now to today's top story, last night's presidential debate. our john harwood was inside the hall for the firsthand view of last night's debate joining us from st. louis. yes, john, we want to hear about the debate but also the crazy weekend that was in politics. >> reporter: well, that crazy weekend produced the debate we saw. donald trump had a crisis weekend. the release of that tape from his time with billy bush at "access hollywood" had sent much of the republican party abandoning him over the weekend. and what donald trump did was respond in ways that reflected the deep tribal feelings between democrats and republicans in this party. trying to arouse the fighti

steve sedgwick live in istanbul where opec members are trying to get on the same page today. e. >> yeah, absolutely. opec and non-opec members are moderating the panel and the minister of energy, and indeed, with the sector general of opec on board as well. they spoke very clearly about the accord they were building between opec and russia as well. i spoke afterwards with the secretary general of opec as well and asked him if the algiers agreement involved everyone. i mean, everyone, including iran and iraq. let's listen in. >> the call was all inclusive. all 14 member countries of opec committed themselves to the decision. >> so the thing is, is iran really on board as well because iran has been striving very hard to get their production up, and if they're not on board, then any deal within opec could potentially dissolve as well. he assured me -- he said, look, i have phoned to arerahani and spoken to the minister as well. they assured me they would be part of any cohesive action. li listen to his action on this one. >> i was in algiers, and iran participated actively in the

steve sedgwick joins us live from there.t can we expect from leaders and any focus on that opec meeting in late november? >> great to hear from you. i had a terrific run the last couple of days. i've been speaking to the secretary-general of opec, spoke to the russian oil minister, just adding that regardless of what igor sachin says, he is backing his president. he was talking about historic cooperation. i think what is interesting is a contribution i had from the uae oil minister, close ally with saudi arabia. he is talking about a freeze and what it means for the able for a cut as well. listen and i'll explain what i mean after that. >> i think most of the countries have reach their level of production and are at commercial constraints of the price. now it's freezing production, if you freeze production you have natural decline, or you're increasing. >> do you get the point? if you get a freeze, you potentially get a cut. if you freeze and freeze investment, the natural rate of decline means you get less utility out of yo

steve sedgwick joining us live out of istanbul. a lot going on. neil passmore is with us. good morning. what did you greet of what was just said with regards to opec's role, with regard to oil output at the moment? >> look, i think on the face of it, it sounds positive. the markets are clearly enjoying the last two days of extremely constructive, very warm sounding rhetoric from opec and russia, key non-opec, one of thek key non-opec producers. >> i was reading a piece about the problem being that opec is not very well organized. that they get together, they all agree to cut output, then spend time trying to ensure the different members that they don't increase output or produce more than each individual level country has promised to stand by. >> i think you're right. the next month is incredibly important. that rhetoric is important, sounds constructive and better organized. it shows you how jumpy and volatile markets are at the moment in that balance between undersupply and oversupply that they reacted so warmly. having said that, history teaches us that opec, if one is

let's go to steve sedgwick now with more. >>> i spoke to the oil minister in istanbul at the energy congress meeting, and this is part of a process. i think people are hanging too much on one meeting. there's a whole process of building up to the opec meeting at the end of november. now it is highly unlikely there could be a deal. but if they get progress toward a deal, that could keep a prize under $38. still trading over $48. one shouldn't discount the power of verb intervention. >> that can still be enough for the oil market. if opec is producing 28 barrels, or they say they are producing 32, really they are producing 33 or 34. we must be very careful here. the oil market, it has a lot more power than the actually reali reality. it is difficult for saudi and gcc to get a deal. but if they can get a deal, people will worry about it later on and we get the massive over supply. take a look at the chinese economy as well. that's a key factor for the oil price next. >>> steve, quickly as we wait for the big meeting at the end of november, which is the key country oil producer we should be watc

steve sedgwick for us. >>> other major story impacting the market today, the jobs report due out at 8. steve leisman joins us with that. >> the second most jobs report politically because there's one more before the election. but the most important jobs report before the fed because it's the last before the november meeting. we'll be talking about the potential impact of this storm on the jobs data next month. let's see what we're looking for this month. nonfarm payrolls up to 170. unemployment unchanged. that's a big deal. hourly wages up 0.2%. let's look at how the fed is going to view this number. the new issue is why the u.s. economy has steadily added jobs at a rate that most fed officials think is greater than the age of the working age population. but the unemployment has not fallen since october 2015. 2 million jobs added but the unemployment rate barely rose. fed chair janet yellen says there is room to run to bring people off the sidelines without sparking wage inflation. north of 3%. a sign the labor market is tightening. would also point out it's way better than 10% which

steve sedgwick is at a conference in istanbul and joins us with more. steve?rter: yeah, good morning to you. very interesting you should say rather than at the high. they hit the high yesterday on the back of comment from the saudi oil minister. then later on really accelerated with brent above 53 bucks on the back of comments from mr. putin. mr. putin the russian president said russia could join in any output freeze if, indeed, opec were to get its act together. that was a big if. perhaps now maybe the second most powerful man in russia, that's igor sechin on the front says we're not getting involved in this. why should we? we're not going to join any freeze. actually going to cut as well. what has that done to markets? it's taken a little bit of the froth out of the market. of course if igor is saying one thing ear vladimir putin is saying another, what is the russian policy if opec is to act? of course opec's pretty much now on countdown to the key meeting on the 30th of november to see whether they are going to cut at all. i also spoke to the vp of look oi