i'm willem marx. these are your headlines european equity markets follow the strong global lead with the stoxx 600 firmly in the green after a record breaking session on wall street. >>> european leaders deal a blow to uk prime minister theresa may. they reject her latest proposal and give her four weeks to salvage brexit talks >> if there is no agreement on a deal that is acceptable to the united kingdom, we're preparing for no deal. i believe we can get a good deal i believe there's a growing desire to sit down and ensure we can achieve a deal >>> deals on wheels. uber is reportedly in early talks to buy deliveroo for several billion. >>> and let the battle begin the auction for sky opens this afternoon with comcast going head to head with fox in a three-round process to decide the fate of the british broadcaster. >>> just to bring you some flash pmi numbers. the composite pmi is 54.2 against 54.4 that's slightly lower than last month's 54.5 services pmi has come in at 54.7, against a poll of 54.4 s

i'm willem marx in london. iag shares see red after a data breach compromises data belonging to 380,000 british airways customers. the airline says it is investigating the theft of payment details. >>> european stocks avoid the losses seen in asia where equities hit a 14-month low. >>> and president trump uses a campaign rally in montana to double down on his accusation that the author of the "new york times" op-ed has committed treason. >> for the sake of our national security, the "new york times" should publish his name at once. i think their reporters should go and investigate who it is >>> plus here on the shores of lame cuomo, talk is dominated by the upcoming contention italian budget but the former prime minister tells cnbc he believes that rome is being judged too harshly. >> we were able to solve the problems without european money. the big problem is that the consequence was raise of unemployment, budgets, so now today we are paying the consequences of this period. >>> good morning british airways ap

i'm willem marx. it's 9:00 a.m. in london, these are your headlines >>> europe' stoxx 600 falls to the lowest level in almostfi fi months as nafta talks drag on. >>> beijing plans on fighting fire with fire the commerce ministry says china will retaliate even as talks continue. >>> and tech under fire. the department of justice calls for an investigation of political bias as twitter and facebook executives defend themselves on capitol hill >> we think it's the right regulation that supports users, is transparent and doesn't squash things. >>> a senior administration official writes about a plan to contain the president inside his own white house. >> if the failing "new york times" has an anonymous editorial, meaning gutless editorial, we're doing a great job. >>> the u.s. department of ju justice will convene meetings foe see if social media firms are stifling free speech and hurting competition. this after president donald trump claimed social media platforms like facebook and twitter were bias against conservative

i'm willem marx in london. these are your headlines european stocks shrug off the trade war escalation between the u.s. and china as president trump announces 10% tariffs on 2$200 billion worth of chinese goods. beijing says china cannot accept unilateral actions and accuses the u.s. trump administration of insincerity. >>> orlando shares plummet to the bottom of the stoxx 600 and the german group cuts its full-year guidance for the second time in two months. >>> and ferrari looks to return to the fast line as the new boss hopes to convince investors with fresh midterm targets at the italian carmaker's first ever capital markets day. >>> as i mentioned, european markets seeming not to react as negatively as we might expect given those tariff announcements from the white house the stoxx 600 currently trading up more than a fifth of a percent. if we look at the individual markets behind some of those numbers, the major indices, the ftse 100 is down more than a tenth of percent the xetra dax performing well. the c

i'm willem marx. >> i'm joumanna bercetche.e are your headlines >>> shares in bayer fall to the bottom of the stoxx 600 after missing earnings expectations. the ceo defends the monsanto weed killer and insists it's safe to use. >> we are very, very confident about the product, the safety of it >> ultimately the signs will prevail making sure this product which is crucial for farmers around the world will remain available. >>> global stocks struggle as the u.s. and canada prepare to resume tough nafta talks in washington where officials are also preparing fresh tariffs on another 200 billion of chinese goods. >> facebook's sheryl sandberg and twitter's jack dorsey get ready to testify on capitol hill but google owner alphabet declines the request. >>> and amazon joins the trillion dollar club briefly the stock surges to double its value from 15 months ago >>> more data coming out of the uk we had the eurozone services number now we have the uk august services number. that's come in at 54.3, versus the reuters poll of 53.9 slight

i'm willem marx. >> i'm joumanna bercetche. these are your headlines >>> russian president vladimir putin and chinese president xi jinping speak out against protectionism as the two countries strengthen ties. >> in order for our region to continue t achieve high growth rates it should retain the spirit of economic freedom, to be the space of business initiative without sanctions, bans, and political bias. >>> european commissioner president jean-claude juncker talks up multilateralism in his state of the union and says a united europe is an unavoidable force in world trade >>> anticipation over apple's product event takes the bite out of trade concerns sending the stock into the green >>> and the worst storm to hit the carolinas in over 60 years emergency officials warn hurricane florence will be extremely dangerous with life threatening storm surges and fierce winds >>> let's check in on how markets fared. you talked about apple and how that worked out yesterday. you can see the picture in europe this morning is pretty firm we

i'm willem marx. >> i'm joumanna bercetche.e are your headlines shares in wpp plunge to the bottom of the stoxx 600 after the ad firm cuts its profit margin guidance. the ceo says he will update the strategy by the end of the year. >>> danske bank shares drop after a money laundering investigation reportedly finds the bank handled up to $30 billion worth of nonresidents money a year through its estonia branch. >>> the emerging markets selloff intensifies with currencies across southeast asia and latin america bearing the brunt of the pain colombia's central bank governor tells cnbc he's watching developments closely >> so far in these financial markets, it's been good and bad for latin america. peru, chile, colombia very stable others are volatile. >>> and italian banks open higher as yields come off three-month highs. the economy minister calls on ruling mps to keep next year's budget deficit below 2% of gdp >>> all right. we have more data coming out of the uk yesterday we had weak manufacturing data, about a two-year low we

willem marx has more on the negotiations >> yes so we have less than seven months now, just over sixonths until the uk is expected to formally leave the european union. time is running out. we're hearing that again and again from leaders across the continent. one thorny issue remaining between the two sides is about ireland, northern ireland and the irish sea. this is how goods are transiting between the two countries, the uk and the republic of ireland there's been a lot of disagreement over that over the year, essentially since negotiations began we heard from the irish prime minister this morning that he's not seen a huge amount of development since march. this is difficult for theresa may, because if she leans too far in favor of the european union's ideas around northern island she could upset some of her partners in government who don't want there to be a difference between northern ireland and the uk i won't get into the complexities of that, but this is proving challenging for theresa may going in as we spoke to a number of european leaders who have said this is her problem,

i'm willem marx. >> i'm joumanna bercetche.are your headlines >>> hurricane florence is just moments away from making landfall on the u.s. east coast pounding north carolina with a life threatening storm surge and heavy winds. >>> european stocks gain on hopes of renewed trade talks between china and the u.s., but billionaire hedge fund manager david tepper warns it could lead to a market selloff amid the late stages of the bull run. >> if you ask me, i think it's late-inning game i'll say it a different way than the sixth, seventh inning. i don't play the way those other guys play. i could say it's the eighth inning, but sometimes baseball goes extra innings. >>> mark carney reportedly says a no-deal brexit could lead to economic chaos and a property crash. but jd whetherspoon's chief says the bank of england governor is exaggerating the effects >> i'm someone who thinks, and a lot of people do, thinks we're better off with no deal. poor old mark has not had much to do, he had to put interest rates up once and down twice in th

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willem marx is live in london with more. >> yes essentially the labour party now and the congress upe city of liverpool are talking about a motion, they'll debate and vote on it in the next couple of hours which could reopen the possibility of an eu membership referendum if they as the opposition party are unable to force a general election their leadership said though they would prefer to have a general election as a way of trying to solve what theresa may has called an impasse over brexit negotiations, they would be willing to allow a second vote that could either be a straight up or down vote on whatever deal theresa may's government brings back from brussels, it could be a rerun of eu membership, something that6% of labour party members say they're interested in. this makes life complicated for theresa may. the labour party have made it clear they're not happy with the way negotiations have been going. they say they have not met the tst tests they set if they are joined by a few rebels from her own party they could vote down any deal in the parliament so we could end up with anot

i'm willem marx. >> i'm joumanna bercetche.e are your headlines >>> president trump uses his speech at the u.n. to slam iran and opec but his comments about achievements in the white house draws a mixed response >> my administration accomplished more than almost any administration in the history of our country america's -- so true didn't expect that reaction, but that's okay. >> european equities trend lower let down by autos ahead of the fed policy decision where a third rate hike has largely been priced in. >>> and italian deputy prime minister luigi dimaio warns his five-star party will pull from the budget if his demands are not met. >>> and a loss for ubs but a gain for santander the spanish bank names andrea orcel its new ceo in what coul mark a shift in strategy for the retail lender. >>> the italian government will announce its 2019 spending deficit and debt targets tomorrow, this is after weeks of disagreement inside the coalition. the liga and five-star parties have been pushing for the things they campaigned on, univ

i'm willem marx. >> i'm joumanna bercetche.r headlines >>> a relationship built on trust. president vladimir putin heralds the bilateral meetings here in russia's far east with the chinese president, xi jinping. >>> $100 billion worth of deals are put on the table between the two countries with russia's sovereign wealth fund leading the way with an alibaba joint venture. >>> and arcelormittal drops to the bottom of the stoxx 600. this after it raises its offer for india's sr steel to beat out potential competitors. >>> over 1 million people are ordered to evacuate the carolina coast as hurricane florence prepares to make landfall as a category 4 storm. >>> all right. we're getting some uk employment data out of course we had that nfp number on friday where the wage number surprised to the upside. what we're getting in the uk is the average weekly earnings coming in at 2.6% in the three months versus a poll of 2.4% again, a beat on expectation there's similar to what we had in the u.s. last friday. wage numbers beginning to move

i'm willem marx.de exchange" coming up next >>> we are following three major developing stories for you at this 5:00 a.m. hour. first, rescue and recovery operations are underway in wilmington, north carolina flood waters continue to rise in the wake of hurricane florence we are live on the ground with the latest. >>> incredible pictures and video out of southeast asia. typhoon slamming into hong kong. you are looking live at washington, d.c., where today the president could announce tariffs on $200 billion worth of imported

meeting right now to discuss the possibility of brexit talks collapsing with the eu let's get now to willem marx leave outside of 10 downing street with the latest >>> thank you very much. there's been a lot of criticism of this current government they have not done enough planning in case these talks do collapse and britain ends up with what's called a no-deal brexit with the european union these cabinet ministers are discussing some plans they'll put in place to try to get ready for that distinct possibility. we heard from moody's this morning, they see it increasingly likely. they talked about the potential impact that would have on the british economy. it would weaken britain's financial, economic and institutional strength it talks about the impact on certain sectors, that's auto, airlines, chemicals. i talked to michael o'leary yesterday, the ceo of ryanair, he's concerned about the impact on businesses like his that operate between the uk and europe the other challenge for theresa may is she's facing criticism from within her own party saying her proposals she made to the european union a

reforms we need to intervene to invest in infrastructure, material and immaterial >> let's get out to willem marx for more on rome we have moved a long way because as the market tallied up some of the pledges from the coalition, initially one of the scenarios is that you would see 7%, and we've come back down to closer to 2%. what do you think the market wants to hear from the coalition? >> the key point is about stability long-term and having clarity over what the budget plans are for the future to be clear, we'll get a target for deposit debt and spending. quite how the mix fits into that one once the budget is released in draft form. not entirely clear we heard yesterday from tria, the finance minister in rome, he talked about the fact that the universal basic income in some form would be included in the budget as would the able fility people to retire slightly earlier. la lega doesn't seem like they're quite so urgent in their demands being made of mr. tria for that lower tax rate to kick in he said again he expected a lore tax rate for businesses, but the ones for italy would not start until

however, the party's leadership says it prefers a second election over a referendum let's get up to willem marx. it's all well and good to say that theresa may's brexit plan is the only credible one on the table. now labor will have a second vote on brexit where do we go from here what's the most likely outcome at this point? >> reporter: i would never, ever, ever presume to know what the most likely outcome is when it comes to brexit, karen. we've had so many twists and turns over the last 1 months in terms of the checkers proposal, that's what it's called, theresa may's proposal, that encompasses things like northern ireland and the future trade agreement, that was something that was very publicly criticized in solsburg she said last week in a fiery statement that the e.u. would try to offer up a fresh proposal on that. there is a chance she will try to make some tweets that will keep her european counterparts happier than they seemed to be last week. this cabinet meeting is going to be a challenge it seems like some of the british newspapers that a number of her cabinet colleagues are not ha