Hurricane irma cause devastation as it rips through the caribbean islands on a path to florida, where its expected to strike this weekend good morning glad to have you on the show once again its thursday, not just any thursday, its ecb day weve been waiting for the first fall meeting of the ecb, whether or not we get a tapering announcement today, that remains to be seen majority of economists expect more details in the month of october, but an update to growth and Inflation Forecasts today. Lets look at how the markets are faring ahead of that theyre not doing much at all. Were a fraction lower on the stoxx 600, roughly an hour and 50 minutes into the trading session. Lets look at the indices one by one. You can see a bit of a mixed picture. Ftse 100 is flat the xetra dax is higher to 0. 2 . The auto sector is doing well. Its been higher for a fifth day in a row we saw a couple upgrades from jpmorgan and Goldman Sachs, so theres renewed interest in the german auto sector the cac 40 is up by 0. 2 some degree of caution ahead of the ecb, even though we have the slight positive buin the markets by the extension of the u. S. Debt limit when it comes to the euro dollar, were tracking higher to the tune of 0. 3 at 1. 1950 the era of cheap money should come to an end, thats despite the strong euro. Thats the message from Deutsche BankCeo John Cryan ahead of the ecb meeting. Speaking at the banking conference, cryan offered his take on Mario Draghis negative rates policy there were lots of criticism about his policy, but i think it achieved a positive effect but no central banker thinks permanent longterm low Interest Rates are permanent. So its time to change now . I think when the market is anticipating t why not give the market a bit, then try a bit more Goldman SachssCeo Lloyd Blankfein said he is worried by some aspects of the market sector he said when yields on Corporate Bonds are lower than dividends on stocks, that unnerves me. He said it did not feel like tulip mania, but theres a feeling that things have been going up for a long time annette, youve been speaking to many of the heavy hitters in frankfurt. Yeah, indeed. We have been speaking to many of the guests here at the banking conference of course the thoughts are the ramifications of the ecb policy, regulation and all these things, im joined by a special guest who can tackle the questions as well, the president of financial watchdog here in germany thank you very much for your time thank you lets talk about what we heard in the studio, that mr. Cryan, the ceo of Deutsche Bank is concerned about the ultra loose mron teonetary policy how concerned are you when it comes to the german banks. We just completed a major survey together with our colleagues from bundesbank on the impact of low interest policies on all german banks the impact is massive and creeping into the Balance Sheets more and more. The longer it continues, the higher the risk for change of Interest Rates is increasing ten years af s after the onsf the financial crisis, how solid is the german banking scene. Its much more solid compared to ten years ago when the crisis broke out. Both the amount as well as the quality of capital has been massively increased, Risk Management procedures have been improved governance procedures have been improved remuneration has been curbed a wide range of things have been do done, but no regulatory system and no Financial Market in the world is unvulnerable. There can be and there will be new crisis coming up in the future one potential crisis coming up from bubbles in the market, and here at the conference people are talking about bubbles in the market. How concerned are you that we are going to see perhaps a massive price correction in the market we are concerned about the possibility of bubbles most notably real estate we see signs of overheating regional markets what we dont see yet, thats a crucial point, is a spillover of asset prices into the Financial System more broadly speaking we are watching it very closely and are grateful that the legislator introduced a couple of macro instruments which would equip us to step in on a macro level in case we think that a real bubble would emerge and would have to be tackled the digital and revolution technologies, and the advent of cryptocurrencies and their meaning for the Financial System what do you think . Has there been action from your side thats a great question its one of the interesting emerging trends we can see we are still in the Research Mode we try to understand whats going on we observe those many, many cryptocurrencies coming up 600 to 800 are around. However we are indeed prohibited one cryptocurrency in the German Market operating without a license. So we not only observe, we act also its a fairly new phenomenon, chinese investors to the system in germgermany when we hear the talk in berlin when it comes to investment in the industry sphere, its no overly welcomed. Im not sure whether that assessment is entirely correct germany is an open economy were probably one of those countries benefiting the most from a global trade and open borders. Fundamentally we welcome Foreign Investors and foreign capital whether its chinese or any other country. However having said that, we have basic rules we observe. So if you take a controlling stake, which we usually define above 10 stock in a particular financial company, we undergo a very extensive owners control procedures and thats sort of basic procedure. If we are not satisfied with the degree of transparency, integrity and validity of investors and owners, we probably wouldnt tolerate it. Let us talk quickly about brexit and where we stand here as well again people say that it will be a great boost for frankfurt, but how long, like really operational would it take for banks to fulfill all the regulatory requirements to shift the hub to the country the challenge is massive. All large banks, whether it be british, american, german, japanese banks have established very complex platforms in london, which now have to be split in a way to secure eu 27 passporting rights going forward. Thats a massive operational challenge which imply a certain degree of risk i doubt whether that task can be entirely performed until march 2019 we have a high interest. Of course both the Senior Management of any particular bank, but we supervisors as well to mitigate Operational Risk as much as possible by the same token, we are supervisors, we are not a marketing agency, so we believe germany or frankfurt in particular are very, very valid places to do business. But thats not our primary concern. Were spelling out conditions under which Financial Institutions are doing business in germany thats what we do very openly. But we engage heavily with all institutions which must make changes. And try to be in a way a good partner from the regulatory side of things. Thank you very much for your time have a good time here. So you see it will be a complicated process. Were talking about brexit, but also new challenges to the banking scene, talking about cryptocurrencies, the new ecb tapering around the corner i think there will be a whole wave of new challenges for the industry with that, back to you very much so. Annette, thank you very much for that interview lets turn our attention back to home uk home prices hit an eightmonth high in august house prices rose 1. 1 from july, and 2. 6 from a year earlier. Last week the bank of england indicated mortgage approvals were much higher than expected and bovis lowered its growth targets after posting declining first half profits the British Housing company now expects to build around 4,000 new homes per year compared to a previous estimate of 5,000 to 6,000. Bovis was subject to two failed takeover bids after issuing a profit warning last december, but investors liked the news this morning shares up 7 on the ftse and this really made headlines overnight. Nordea is moving its head tlins finland to avoid regulatory rules. The move could save the bank around 1 billion euros expect extra costs in the shortterm. In finland, nordea will fall under the supervision of the European Central bank. And Imperial Brands announced it sold 13. 3 million shares of logista. It will continue to own 80 million shares in the Company Following the sale. We will go for a quick break. Coming up, light at the end of the tunnel for greece. Why things may be looking up in europe our exclusive interview is coming up after this short break. Whuuuuuat . Rtgage offer from the bank today. You never just get one offer. Go to lendingtree. Com and shop multiple loan offers for free free . Yeah. Could save thousands. You should probably buy me dinner. No. Go to lendingtree. Com for a new home loan or refinance. Receive up to five free offers and choose the loan thats right for you. Our average customer could lower their monthly bills by over three hundred dollars. Go to lendingtree. Com right now. Investors confident in europes economy recovery are hoping to see clues from ecb president mario draghi that the central bank could begin to wind down its asset purchase program. Annette spoke to the finance minister and asked for his outlook on European Growth gladly agree that we are now in the good times for europe the growth is back and even against many predictions, even only a year ago, europe looks set for a durable, Sustainable Growth for years to come. You have to use the good times to do the reforms. The greek crisis is not finish the, but we have found an agreement on a third bailout program, and this program is being adhered to by greece we see the end of the tunnel what we need to do now in europe is make the european monetary union, the common currency in the eurozone work better and also have stability and growth simplified. I agree with the commissioner, this is the right time do it let us look at concrete proposals on the table, to create a joint treasury and a joint finance minister how likely do you think well see such a big shift in the next four years well, the goals that you have mentioned, a common treasury, a common finance minister, certainly are goals of the medium and longterm we must pave the way and find solutions to step by step approach and so its good to have ambition, but lets also make sure what we have today, the stability and growth is being implemented and abided to by all countries. We are on the right track for that second, lets make sure that we have less risks amongst ourselves. Because if you want to have more solidarity amongst the eurozone countries, the risks must be reduced. Greece was a very good example where the risks were high, and we are now reducing those risks, as are many other countries where issues are nonperforming loan issues. We need to reduce the risks. We are on track to do that, also with the Banking Union but theres still some way to go thats a good example but where do you see the risks in the eurozone currently if you stress that these need to be kind of tackled before we can integrate further . Well, probably things can be done in the parallel manner. At the same time as you reduce risks, you can discuss how to increase solidarity. Nonperforming loans is a critical issue, abiding to the eu stability and growth pack, making sure deficits are under control, creating buffers at European Union 1 1, putting money aside for bad times. Quite a few ideas on the table how we could do that for the eurozone minister for the time being, the setup that we have is that you have one of the 19 finance ministers who is then chairing it. If you want to go to the direction of having an independent one, you have to ask yourself what means does this minister have . What ambition . What goals does he have . Its probably a bit early to give the answers to all these questions. Lets get back to the main story. The ecb is the main act for markets. The central bank will make its latest policy decision as investors await the thoughts of president mario draghi theres been debate about whether mario draghi is caught in a euro trap Inflation Expectations are still on an upward trajectory, on a trade weighted basis most analysts say the euro looks much more moderately valued and should not derail the taper train . A reuters poll of over 60 investment banks shows 70 believe it will be october not december before mario draghi announces adjustments to the asset purchase plan. Nearly a quarter believe it may be at todays meeting. As for the end of qe, most respondents believe it will be in the Third Quarter of next year. The banking index also paints an interesting picture. These are the best performing bank stocks in europe this year. There is a major representation from peripheral nations like italy and spain. The index itself is up nearly 10 in 2017 and could possibly indicate a play on the economic recovery across the region i should say that banking stocks over the last couple trading days have been weaker in part because the market is pricing in a soft tapering. Lets talk more about the outlook for the ecb and the bond markets with david zhan from franklin temple. I should point out to viewers, you are in the minority. You expect tapering to be announced today. Why . I think the ecb will put out the new forecast for growth and inflation. I dont think theyll get more data between now and then, so it will happen now or october so we need to focus on the pace of the ecb taper i think he will say we will be tapering next year, but itaper gradual. If they do it today that would give another shot to the euro, thats something that the ecb would want to avoid now. Were already trading close to 2 1 2 year highs against the u. S. Dollar. Many ecb members have been saying at 1. 18, 1. 19, its not that much of a problem and theres a disconnect between what the euro is telling us and what the bond market is telling us remember the euro is made up of the euro and the dollar, and the dollar has been weak against many currencies. Its not just a pure euro argument, its a bit of both much has been to the underwhelming performance of the dollar over the last couple months because of the absence of reforms by the Trump Administration and the slower pace of the fed. I want to come back to the disconnect you talk about between the fixed income and the currency market. It seems like the euro dollar is priced for perfection when it comes to tapering. Not so much the european bond markets. Why do you think that is i think people in the bond market are waiting to see what will happen, seeing the actual result everybody is pushing for yield in the bond market and keep extending duration and extend nothing riskier asset classes. That will continue until they know for sure theres a change happening. Once you see that change, you will see a modest selloff but the ecb will be accommodative for a long time. Its not like youre heading into a tightening cycle. So were not looking at a taper tantrum akin to the fed a couple years ago were not going to see a huge telloff, bunds selling off by 30 basis points when it comes to yields i guess maybe 30 basis points, yes, but i wouldnt say thats huge. What is huge in your view . Could bund yelleds g yields o 1 in the past year . Yes. Thats moderate in the grand scheme of things what do you want to buy in the space . Were looking at tapering and none of the bond market plays look attractive. Where do you go in the fixed income space one thing weve done is become defensive we probably have the shortest duration in portfolios that weve had for a long time. We still have some european credit, we think that Investment Grade credit will be one of the last things they taper thats been effective at bringing down lending rates across europe. So i think they will focus on tapering the governments but still continue to buy in the corporate space. Its interesting, we heard comments from the ceo of Goldman Sachs, he said what makes him uneasy is the fact that yields and Corporate Bonds are lore than yields and dividend stocks. You are concerned with that mismatch i think weve been in that arena for quite some time. I dont think im that concerned about it now i think there are opportunities there. It comes down to company by company as opposed to a generalization all right when tapering is announced, most likely in october, even though if youre in the right that might happen today, what will it look like . When do we see an end . Do we see an end date from the ecb . I think the ecb will not give an end date. They will bring us down to 40 in the first half of 2018, 40 billion per month. Then see how that works. Theyll gradually bring it down. I wouldnt be surprised that we still have qe being done into 2019 also remember, theyll continue to reinvest all the maturities the bigger maturity block starts in 2019. It could fit nicely that you finish tapering almost in 2017 a bit into 19 and then maturities pick up to keep that yield lower. All right reinvestment pretty important too. Yes thank you very much for that. David zahn from franklin templeton. Decision time, well bring you the latest from the ecb. Expect analysis and Market Reaction starting at 13 30 cet with the decision at 13 45 cet. During the show, well have an interview with the managing director of lazard, thats jorjorg Jorg Asmussen and well bring you live coverage of Mario Draghis press conference from 14 30 cet. See you in two. Hello. Welcome back to street signs. Im carolin roth these are your hud lines President Trump makes a surprise deal with democrats to raise the debt ceiling, sparking a relief rally in the u. S. , asia and europe is mario draghi caught in a euro trap . Investors wait for any tapering signals from the ecb, the Central Banks president is expected to hold off on announcing a major policy shift. Hurricane irma causes devastation as it rips through the caribbean islands on a path to florida, where it is expected to strike this weekend we saw modest gains across u. S. Averages yesterday on the back of the unexpected news of a threemonth extension to the debt ceiling we saw the dow up by a quarter of a percent the s p rising by 0. 3 lets see if we can continue those gains today. Nope, the dow jones seen off by 30 points. The s p off by 3, and the nasdaq could fall by 4 points in the european markets, were in a wait and see mode the ftse 100 is eking out a modest gain of 0. 1 . The xetra dax is flying high, thanks to the auto sector which has seen a resurgence over the last five days, up 0. 6 . The cac 40 is up by 0. 3 fx looks like this its all about the euro dollar today. We are inching higher ahead of that ecb meeting up by 0. 4 just short of that 1. 20 handle. Were waiting for clues on tapering from mario draghi today. Of course well also be getting an upgrade to the growth forecast, most likely downgrade to the inflation forecast. The other big story were watching today is this President Trump has struck a deal with democrats to extend the u. S. Debt limit by three months in a move which caught fellow republicans by surprise they preferred a longer Term Agreement and were harshly critical of the democratic plan. After trump sided with democrats, Mitch Mcconnell said he would bring the shortterm deal up for a vote the move comes as trump pushed his tax reform plans at a rally in north dakota. Kristen welker has more. Reporter in north dakota tonight President Trump vowed to unveil new details about his tax reform plan over the next two weeks as Political Drama erupted within his own party the president met with congressional leaders this morning where he broke with the gop and sided with democrats on a bill that provides hurricane relief, raises the debt limit and funds the government for three months at issue, republicans wanted a longer deal on the debt limit. 18 months through the midterm elections, but democrats refused. Some republicans on capitol hill say he defied the party by striking a deal with democrats that is just false. Theres no deal struck with democrats. This is a deal on behalf of the american people. Reporter so why did the president do it . Tonight a Senior Administration official tells nbc news the president wanted to move quickly on hurricane relief, and after healthcare reform failed, realized he may need democrats to get things done in washington today claiming victory. Everybody was happy not too happy because you can never be too happy. Reporter one senior republican congressional source privately tells nbc news they felt blind sided and even before the deal was struck, House Speaker paul ryan lashed out at democrats. I think its ridiculous and disgraceful that they want to play politics with the debt ceiling at this moment. Reporter looming over all of it, the president s controversial decision to end daca in six months unless congress can come up with a fix. After fierce backlash, the president tweeting, if congress doesnt legalize daca, i will revisit the issue. Did you mean you wanted to revisit the issue in six months . I want to see what happens in congress i have a feeling thats not going to be necessary. Theyre going to make a deal. Reporter the president taking heat on all sides from democrats. President trumps decision to end daca is a despicable act of political cowardice. Reporter and those on the far right they came here to live in the shadows, and were not denying them that opportunity to live in the shadows. Reporter kristen welker, nbc news, the white house. Lets talk about this issue with inderjeet parmar. Thank you very much for your time why did we see this surprise deal with democrats yesterday . The president so far has not been known for this, do you think it was simply about scoring a win . I think its about scoring a win in the end i think weve seen up to now he hasnt displayed a great deal of royalty to the Republican Party, certainly not the Republican Party in congress. This doesnt come as a major shock it shows that effectively President Trump is willing now to kind of work with anybody that he can use in order to try to save his presidency he has a few months ahead which will define what this presidency can achieve. Up to now, not much. Certainly not in terms of legislation. Shes always been oppose to the leadership of the Republican Party. I think hes now gone around them the big danger is this crisis in the party system, where nobody knows what any particular party wants, thats the big thing that this particular move appears to show i think theres going to be a number of compromises on health care, Immigration Reform and tax reform as well in the next few months i suspect that President Trump will get some of his agenda through with democratic elp. That was going to be my question do you think he will really just have to rely on the Democratic Party now to push his reform agenda forward do you think he can no longer count on some of the votes from his fellow republicans now that hes taken revenge at the party for what has been a stormy and unproductive summer . Right thats an interesting question, its difficult to answer definitively, but i think there seems to be a move over a longer period of time within President Trump and his kind of broader support base on the right which really doesnt care about the Republican Party as it stands. And either they want to build some sort of faction large faction within it, around an identity program, and therefore they dont really care what happens to the rest of it, or they want to build some sort of movement outside of it to push them even further. So i suspect that this means that he will be much more pragmatic and the democrats have a chance to leverage certain advantages, but i think if i look at the democrats program, a better way or whatever its called, its not a radical program. I suspect their own support base will not be too overly enthusiastic about it. And i think this further muddies the whole picture in the way in which Party Politics has been working the last few years and what the 2016 election showed theres not much loyalty along the ele the electorate my next question is about tax reform yesterday we heard from President Trump saying over the next two weeks he will give us a great deal more detail about the tax reform, which has been pretty elusive over the past couple months. We were hoping it would come in august a lot of people say when it comes to tax reform theres Less Division on both sides of th aisle as opposed to healthcare reform do you think it will be easier to push it through i agree the character of the Democratic Party is one of compromise, the whole idea of the tax reform is to cut corporate taxes they may successfully negotiate something between 25 and 5 , which is from the current 35 , im not sure that that the theory behind that tax cut isust money from offshore into the United States and there will be a trickle down from the economy and the creation of jobs, and the jobs will be achieved. But previous attempts, for example, out of george w. Bushs presidency of this type, they didnt work out. People basically corporations bought back the stock, which was as a result of the extra money coming back in, they invested hardly anything when the tax holiday was over, they put it back outside so you may get tax reform, but what effect it will have on the high levels of inequality and so on in american society, i think that remains to be seen. At the moment id be September Cal that skeptical it will have any positive effect on it. There is very little loyalty to party leaderships within the american electorate. A deal which ends doing what i would fear is going to damage that linkage more, and it will make the american political environment more volatile than it already is. Inderjeet parmar, thank you very much for your insight in other news, Hurricane Irma is barrelling through the caribbean on a path to strike florida next multiple islands are reporting stormrelated deaths as the category 5 hurricane batters the region with wind and water the dutch navy reported enormous damage to the dutch side of st. Martin with several hotels under water. Florida is bracing for a hit this weekend morgan rat foford has the lates from puerto rico reporter irma roared into the caribbean at daylight. She was relentless maybe the strongest hurricane to ever hit the region. Category 5 this is what 185mileperhour winds sound like irma knocked out power throughout the islands st. Martin, a tropical paradise. Now part under water and buildings splinterred. Puerto rico is the next target the governor warning everyone to get inside why have you decided to leave and go to another persons house . Well, here, in fact, with the winds that we are expecting and so close to the sea. Reporter construction dotting the island, but some refusing to leave. This man says hes lived beside the water for more than 50 years and never had a problem, but most see irma as an emergency, coming to shelters like this Jonathan Torres is one of the more than 500 people staying in this coliseum turned emergency shelter. Everyone is worried i feel kind of safe here when the storm starts roaming, i dont know if it will be the same. Reporter here in puerto rico the storm is moving to our north. The outer bands bringing howling winds and waves crashing on to the streets and sidewalk this as people hunker down in shelters across the island the worst expected to continue through midnight im morgan ratford. Those are worrying images, do stay safe if youre in that area. Federal reserve vice chair stanley fish ser resicher is re citing personal reasons. Reporter stanley fischer, abruptly announcing his resignation today that compounds a growing vacancy problem on the federal reserve. Fischer said he was leaving for personal reasons, leaving as soon as october 13th this could leave va cant foka the seven board seats. President trump had one nomination so far, randa Randal Quarles the bigger issue amid the vacancies, Janet Yellens term expires in january, for a term that begins in february. Among the possible replacements are janet yellen along with john taylor, and gary cohn, now the nec director heres what Goldman Sachs chair Lloyd Blankfein says today about his former employee. He said garys very, very capable. Hes not an academic, but theres no one who has a sbernts of mark better sense of market if gary got the job, he would do a different job, but a great job. On stan fischer, he was the vice chairman at citi group, he had top jobs at the imf and at the world bank when he was a professor at m. I. T. He taught the central bankers of the world including ben bernanke and mario draghi counted among his students, along with Larry Summers and christine romer. That was Steve Liesman there. Related, staying with the fed, the wall street journal reports that white house economic adviser gary cohn is unlikely to be President Trumps pick as the next chair of the fed. The journal says the president is thing about cohn seems to have changed after he criticized trumps response to the violence in charlottesville in an ft interview. Steve liesman will talk to William Dudley tomorrow at 1600 cet. That article also says that maybe janet yellen is back in the running. It seems like trump likes her after heavily criticizing her on the campaign trail for keeping Interest Rates too low well see. Facebook turned over information about u. S. Election ads to investigators probing russian meddling in american politics the Company Revealed it found an operation likely based in russia spent 100,000 on political ads with what it called divisive social and political messages. Facebook says thousands of ads and hundreds of fake accounts were active around the u. S. President ial campaign. South korea deployed more thaad antimissile systems in ab attempt to protect itself against growing threats from north korea, in a move which has angered china. Russian president Vladimir Putin says the north korea problem can be solved through diplomatic channels and says what he calls military hysteria is counterproductive. That as pressure rises on president xi to do more on the tensions chery kang has the latest. Reporter reporter iim l defense dialogue, what a timing and back drop for Security Experts and defense policymakers to gather in seoul, south korea given north koreas latest missile and nuclear tests, giving her keynote speech this morning the Australian Defense minister said australia unequivocally condemns north Koreas Nuclear and icbm program and called for stronger sanctions and pressure we heard from countries like china and russia this week again that they want dialogue with north korea and they do not want to push the regime too much. I asked that very question to Australian Defense minister, would harsher sanctions corner north korea too much we all have to be consistent in our messaging to the regime the United States is not seeking regime change. The United States is not seeking the annihilation of the regime they are seeking, however, a responsible approach to the exercise of power and to the development of weapons in this context, both nuclear and blirs ballistic. We support that. The sanctions regime in which the United NationsSecurity Council and likeminded countries are pursue, that sanctions mentioned are part of that the leaders of south korea and japan managed to put aside their thorny historical issues at least today and agreed that its time for more pressure than dialogue back to you. That was chery kang out of seoul. Qantas changes its path shifting its hub from dubai back to singapore we speak to the ceo coming up after this break your brain is an amazing thing. 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Because at lendingtree, when banks compete, you win. Downing street reportedly sent letters to executive of ftse 100 companies ufrrging them to back the brexit strategy. They praise the commitment for trying to secure a transition period after leaving the eu. The letter was met by anger by some bosses who are refusing to endorse it. The uks brexit secretary believes there is a good prospect for negotiating agreements or arrangements with the eu annette spoke to the finance minister of luxembourg and asked how his country could benefit from firms leaving london in the wake of brexit its not about taking things away from london its more having a new setup, that being said n my coushgsaid quite a few Insurance Companies and Asset Managers decided to set up a substantial presence in my country to be on the safe side but in a nutshell, its important for europe as a continent that the eu and the uk Work Together to stay the number one place for Financial Services a new nbc wall street journal poll asks American Consumers which technology is good for the country ridesharing is hot, Online Shopping is not. Reporter a new nbc wall street journal poll asked american consume chers which new technology is good for the country. Ride sharing is in, Online Shopping is out. Online shopping by amazon and other retailers has been bad, while uber and lyft had been good in terms of Grocery Shopping specifically, it turns out people still like to pick their own produce and shop the physical aisles. 23 of respondents say the trend of buying groceries online instead of at the supermarket has been positive versus 25 who say its been negative another 50 are mixed. Amazons havent recent acquisi whole foods may have been a nod to the trend as online Grocery Shopping has yet to take off in the u. S. Consumers are also split on airbnb with less than half of respondents saying its been good for the country deidre bosa, cnbc business news. Qantas airlines has shifted its headlines back to singapore from dubai Sri Jegarajah is at the aviation festival in north london what have you been finding out yes this strategy by qantas, as you said, is part of a broader strategy and a plan to try to capture more of that asian demand, and the alinliance with emirates helps qantas do that. You have to bear in mind a lot of these legacy carriers are under pressure qantas is no exception it had a tough time a few years ago, but profitability has turned around under the turnaround campaign. All of this rerouting and the new route is part of that earlier on today at aviation festival, we caught up with garrett evans, ceo of the qantas Freight Division i asked what kind of demand he saw on the new routes and asked him to give us a line on passenger yield. Demand will be strong people have said nobody wants to be on an aircraft for 20 hours, but 30 years ago people said they didnt want to be on an aircraft for 14 hours flying direct from sydney to los angeles. We know how much that has changed. Once those aircraft are available and in market, the demand will be strong because it will be a unique offering, and it will be the quickest way to get from our part of the world up to europe or for people who want to come and visit australia and see australia, the quickest way to get down there. When you look at yields, the outlook for yields,especially front of cabin what are they looking like as i said, demand is pretty good out there yields are all a function of demand economic strength and also the capacity that is out there in the marketplace. We expect to see maybe about 4 , 5 capacity growth, International Capacity growth in and out of australia over the next 12 months thats probably going to mean a yield environment thats similar to the second half of the last Financial Year for us. Thats probably capacity slightly ahead of demand but probably resulting in a yield environment pretty consistent to what we have just seen sri, thank noors ints for tht interview. We are a couple hours away from the start of trading in the itself, looking for a pullback the dow jones seen off by 30 points after rising 54 points yesterday. That was on the back of trump agreeing to a threemonth debt limit extension. Decision time, well bring you the latest from the ecb, expert analysis and Market Reaction from 13 30 cet with the decision at 13 45 cet. Livestream your favorite sport at the airport. Binge dvrd shows while painting your toes. On demand laughs during long bubble baths. Tv on every screen is awesome. The Xfinity Stream app. All your tv at home. The most on demand your entire dvr. Top networks. And live sports on the go. Included with xfinity tv. Xfinity, the future of awesome. An historic hurricane, irma turning deadly leaving a trail of destruction as the storm roars across the caribbean. Dumped by trump . The president sours on choosing gary cohn for fed chair. The potential market implications coming up. And peltz versus Procter Gamble its thursday, september 7, 2017 and Worldwide Exchange begins right now