Gainers as they see no need for a rights issue, despite worse than expected Third Quarter losses good morning glad youre with us once again on this friday morning roughly one hour into the trading session. Lets look at how were faring on the stoxx 600, modestly higher to the tune of 0. 25 , recovering from yesterdayed losses which took us to the lowest level in october so far it was all about the catalonia fears, and the worse than expected Third Quarter results most results turned out to be better th better than expected this is the picture of european indices. The cac 40, up 0. 25 the ftse 100 up by 0. 26 , and the xetra dax up 0. 42. When it comes to the sectors, financials have been doing well. Banks up by 0. 6 this is on the back of the senate vote yesterday, which will pave the way for tax cuts basic resources also doing well, up by 0. 9 on the back of higher copper prices overnight. All right. We are just getting some news from spain let me bring you that in just a second seeing that the Spanish Government has agreed with the socialist opposition to hold catalan elections in january that is as a part of the article 155 measures the ibex 35 not moving too much because of this. Moving on, the key players are in place for a high stakes brexit talks at an eu leader summit in brussels Jeanclaude Juncker does not think there will be a no deal scenario but still has lots of questions about britains position address Prime Minister theresa may tries to speed up negotiations the copy ive been reading overnight says things are looking more positive for theresa may, especially because of Angela Merkel what happened overnight . Merkel said it was encouraging to move on to the next phase that wouldnt be until december so while there may be some optimism for the British Government, its not a huge amount thats two months behind their initial schedule they opened to wrap up things by this month, have it deemed sufficient progress and have talks. We caught up with Jeanclaude Juncker, he said that the results of the current negotiations will be examined by European Union he doesnt think there will be a miracle. He had some issues with the details coming out of the British Government. We have some details, we dont have all the details we need whats your message to people worried about no deal in the uk . He said its up to the uk to move talks forward, and nothing that theresa may said last night, the dinner where she made a bid to european leaders to move things forward, that nothing said last night would change the dynamic theres at least some focus, but unfortunately we need to come to con cluclusionsonclusio uncertainty is not good for the continent and the economy. Its up to the British Government to propose something that is a good ground for further progress a lot of the 27 european leaders talking about brexit this morning, thats what will be the focus of their discussion the lithuanian president said theyre all stuck in the cage, all these words bandied around are meaningless, both sides need to stop talking and start negotiati negotiating. The Coalition President said they had no choice but to accept a knew dynamic in the talks. Willem, let me have you put on your Spanish Government has the for the time being, or your catalan has the. Just want to bring you back to what socialist spokesperson has been saying just now, thats been quoted by reuters saying the Spanish Government has agreed with the socialist opposition to hold catalan elections in january as part of the article 155 measures probably not a huge surprise, is it no all the spanish m eshgmep that would be the most likely outcome, the question is whether it would have been Carles Puigdemont or the Spanish GovernmentMariano Rajoy has been trying to reach a broader consensus with other political parties, including their opponents, led by Pedro Sanchez so its not a surprise that the socialists have come on board with some measures, and that that main measure there, dissolution of the Catalan Assembly would mean potentially those elections in january would take place the Spanish Senate is controlled by rajoy, and this was seen yesterday as a way out of the current political crisis i know youll keep us updated on everything happens in bar lone that. Lloyd bank fine has gilankfd just left frankfurt, great meetings, great weather, enjoyed it good, because ill be spending more time. There he included the brexit. For more on the Goldman Brexit take, check out the full story at cnbc. Com. That tweet got a lot of attention yesterday. Lets get back to the earnings story volvo beating expectations on truck deliveries in the Third Quarter. The swedish firm said market demand is strong adding that the construction sector was robust and helped volvo post profit ahead of forecasts shares ericsson are rallying despite posting a bigger than expected Third Quarter loss. Shares up by 5. 6 . The company attributed the move deeper into the red to writedowns associated with its restructuring, however the company also reassured investors that a new share issue wont be needed, and that its cost cutting efforts are starting to bear fruit on a programming note, i will speak to the ceo, borje ekholm at 11 05. And accor is trading near the bottom of the stoxx 600 this morning despite a strong outlook for 2017 europes Biggest Hotel group increased revenues by more than 6 in the Third Quarter and said fullyear operating profit would be at the higher end of a previously forecasted range. The company, which runs chains such as raffles saw Strong Demand in europe we have a lot of things to talk about with edward park, investment director who joins me now around the desk. Earnings in the u expected e expected to grow 6 . What do you think . If you look at the incremental change from q2 to q3, theres not much expectation of an increase in the u. S. And europe in terms of headline earnings we think thats relatively easy for companies to beat. Not Many Companies have issued earnings yet in the u. S. Clearly there is room still to beat those estimates is there room for margin improvement, cost cutting, or have we reached the peak margin cycle here. One of the key questions is wage growth. Were not seeing huge pressure coming through on that a few numbers in the uk and u. S. Pointed to a slight increase in wages. Theres a huge amount of investment in technology thats the future for further margin growth and one of our preferred themes, technology to try to get on that as Companies Want to invest in that you like technology, you also like financials and healthcare financials have had a good run in the u. S. , some of that translated into europe, primarily on the steeper yield curve that weve been seeing how much further can that run . At some point this will be priced in. Also the tax reform hopes, thats been fully priced in in a way. A lot of this is about our best case inflation stays low, Interest Rates highly accommodative for some time. Its more holding banks, a bit of protection if inflation comes through, Interest Rates go up more than expected, banks should do well. We have the question mark of deregulation, whether trump does anything there and any of that positive particularly for the investment banks. Why healthcare . Theres so much uncertainty, lack of clarity about what obamacare will end up looking like or what the trump proposal of repeal and replace will look like fwhefr thoug we never thought it would happen in the first place, now its been changed three times here and there. Why that sector. Its about the longterm demographic theme. When were in a lowgrowth world, were looking at secula we mentioned technology, but healthcare, diets, aging populations, those are the longterm themes we wanted to be on we do get paid in the interim. Trump has talked about looking at healthcare again after the tax reforms, but again quite tricky to address last time around we might have more time. When it comes to overall asset classes, i know youre an equity bull. Theres little to find fault with at this point give than were sort of in this goldilocks scenario low inflation, pretty strong growth, but within equities you want to be more selective. Where do you want to go . At the moment we like the u. S. , trading on 18 times forward earnings, but its high quality growth the Earnings Growth for next year is around 11 some say thats expensive, 18 times. Definitely more than average, but further on in the Economic Cycle than europe or uk. Europe and uk trading around 14, 15 times earnings. But theres more uncertainty from a political aspect and the Economic Growth is less positive when we talked about themes earlier, technology is clearly a major constituent of the s p 500 as well. Valuations there tend to be higher what about europe . Its being held back by the currency, at least for the better part of the summer, now the currency is easing does that make you incrementally more positive about european stocks we cut our positive outlook to neutral we held unhedged european equities, as a result we got a good return year to date we thought we would pare that back slightly. For every 10 in the euro, 4 comes off eps. If the euro weakened from here that might be a good entry point. Okay. You will stick around for a little bit longer. Lets get you up to speed with some of the other earnings. Daimler posting a decline in Third Quarter profit as rising mercedes luxury sales failed to offset the costs of fixing diesel models. The automaker reported a 14 drop in core earnings in line with expectations. Swiss re is expecting a 3 36 billion hit during the Third Quarter from hurricanes harvey, irma and maria and the two earthquakes in mexico. The worlds second largiest insurer expected totals to be 5 95 billion. Shares are up by roughly 1 in swiss trade. Ihg blamed hurricanes irma and harvey on a slowdown in Revenue Growth in its americas business the hotel chain said while the disasters prompted a rise in cancellations, displacement activity along with relief and construction efforts did benefit the franchise. Email the show, streetsignseurope cnbc. Com you can find us on twitter, streetsignseurope cnbc and tweet me carolincnbc. Coming up, the nikkei is in the midst of its longest winning streak since 1961, by could this weekends snap election in japan spell the end of that rally . A report from tokyo after this short break. Zar one of our investors was in his late 50s right in the heart of the financial crisis, and saw his portfolio drop by double digits. It really scared him out of the markets. His advisor ran the numbers and showed that he wouldnt be able to retire until he was 68. The client realized, i need to get back into the markets i need to get back on track with my plan. The Financial Advisor was able to work with this client. Hes now on track to retire when hes 65. Having someone coach you through it is really the value of a Financial Advisor. Welcome back to the show top chinese officials are praising president xis political vision following his opening speech at the party congress, he will be enshrining a new ideology into the partys Constitution Day three of the Chinese Communist partys 19th congress, and outgoing central banker raising a lot of eyebrows and making markets sit up and Pay Attention with comments warning about the high level of corporate debt in china, the high level of Household Debt in china and what Alan Greenspan several years ago would have described as irrational exuberance, overconfidence leading to a minsky moment when asset bubbles pop. It could be in the chinese stock market or in the chinese property market, but commenting that china will do its utmost to make sure that does not happen these comments from him as the outgoing chief are important these are part of an exit interview, as it will were he is seen as a reformer and xi is suggesting a much more active hand of the state in the economy, and in markets. Part of his bid to consolidate power and control over china hes considered the most powerful leader chinas seen in more than 40 years, some people describe him as a dictator we had a chance to talk to max baucus, the democratic senator from montana, and former u. S. Ambassador to china about this situation, where the u. S. Under President Trump is looking isolationist and china under xi is starting to look like a dictatorship, a situation that nobody in the world really wants, but which they are likely, apparently, to get we asked mr. Bachus how he felt about that President Trump is just he seems not to have a Foreign Policy yet, generally. He seems not to have a Foreign Policy with respect to china he hasnt figured china out yet. He has no clue what to do. Its a problem i believe the United States government, the congress, others who care about this, everyone does, has to buckle down and find a way to Start Talking with china. So what if president xi is becoming more of a coronated dictator, thats what is going on in china. You have to deal with it. Max baucus the former democratic senator from montana and the former u. S. Ambassador china. The next thing to watch is President Trumps trip to asia that swings through this part of the world. He already mentioned it, that minsky moment, chinas Central Government warned of the risks of spending. He said the country could face a socalled minsky moment we had ch occwe which occurs when hidden risks lead to collapse and defaults. Staying in the region, japan goes to the polls this weekend after the countrys Prime Minister called a snap election, in a move designed to strength his parliamentary majority polls show abe is on course to have a decisive victory. Japanese markets have rallied quite a bit over the last two weeks, theyre up 5 as far as the nikkei is concerned. The nikkei currently in the midst of its longest consecutive winning streak since 1961. A divided opposition could deliver a big victory to Prime Minister shinzo abe and his ldp party come sunday, despite having an unpopular leader the latest polls from the nikkei show 48 of the japanese public, roughly half, disapprove of the job Prime Minister abe has done. Yet here we are two days before election day, with the ldp and its Coalition Partners poised to take roughly 300 seats in the lower house. The number is key here because the ldp and its Coalition Partners need 310 seats to maintain the super majority, they need that majority to push forward the constitutional reform, something Prime Minister abe has been aggressive about, trying to change that passivist clause and revoking article nine, so the Japanese Military can take on a more active role the consumption tax hike, the 2 hike scheduled for 2019. This was already delayed before meant to pay down japans massive debt, more than 250 of gdp. Prime minister abe pushed forward saying that tax hike needs to go forward, though he said he would divert some that revenue towards preschool and Free High School tuition if the economy looks very good, it may be okay to go ahead with it, but we have to be careful to look at the way this fiscal reform debate is going. Japans deft levels are extremely high no one in the country thinks we have a sustainable fiscal situation. Were spending 90 of our social budget on the elderly, not so much on the young. Thats why Prime Minister abe wants to push more spending towards the young for education, things like that its a solid policy. The question is do you fund that with higher taxes or with cutting other spending and that, unfortunately, is not a debate thats happened in this election was so much excitement at the start of this campaign about an energized opposition the tokyo governor, koike, announcing her party of hope support for that party fizzled out over the last few weeks. Theres another opposition party, the Constitutional Democratic Party emerged as the strongest opposition going into sunday this party founded just over 15 days ago, led by the former chief cabinet secretary, the only liberal party in this election any one of those oppositions could play a bigger role if the ldp fails to secure an outright majority come sunday if the ldp comes out bad in this election, that could raise questions on whether Prime Minister could push forward with a third term as Prime Minister when the leadership votes for their next leader september of next year. Back to you. Edward park, investment director at brooks mcdonald is still with us. Lets talk about japan in that report we heard question marks around the fiscal strategies is mr. Abes plan, is that fiscally irresponsible i wouldnt say physically irresponsible, however he has committed to bouncing the deficit by 2020 that will be more difficult if some of the actual tax hikes are actually spent on fiscal spending that said that seems to be the path of things globally. The nikkei is on a tear we are trading close to 21year highs, on track for a sixth consecutive weekly gain on the back of a weaker yen and on the back of hopes for decisive wins against the ldp party. Do you think there will be some profit taking after this or could this rally continue . One thing were looking at is the correlation between the weaker yen and the stronger stock market i think for us to get more positive on a longer term basis, we need to see Structural Reforms around corporate governance, leading through to domestic earnings in small to mid cap companies. We would be waiting a bit to see how that progresses before going from neutral to overweight. Dont you think would be missing a trick by jumping on the bandwagon . Now momentum is in favor of the nikkei i hear your concerns about spending i hear concerns about profitability and about capex, but now might be the time to go long it might well be how the currency reacting, and a bit of fiscal certainty or political certainty might lead to a bout of slight strength in the yen if that were to be seen given the correlation of the nikkei if it were to level off edward, thanks for that coming up on the show, singapore and china remain good friends. Well have an exclusive interview after this short break. Comfortable you are in it. So find a venus smooth that contours to curves, flexes for comfort, and has a disposable made for you. Skin smoothing venus razors. Ca yes you can can i kick it . Yes you can can i kick it . Yes you can well im gone can i kick it . To all the people who can quest like a tribe does. Hello. Welcome back to street signs im carolin roth these are your headlines eu leaders arrive for a brexit showdown in brussels as uk Prime Minister theresa may hopes to move negotiations to the next stage but eu president Jeanclaude Juncker says more details are needed theres a deal in place for new elections in catalonia the Spanish Socialist Party says the ibex lags as theres a boiling point ahead of the emergency Cabinet Meeting on saturday. Keep on trucking volvo shares drive to the top of the stoxx 600, daimler accelerates as both deliver strong sales ericsson among the top gainers as they see no need for a rights issue, despite worse than expected Third Quarter losses we will speak to the co exclusively after 11 00 cet. Quick look at u. S. Futures we are still a few hours away from the start of the trading session but looking positive the dow jones seen up by roughly 83 points. The s p 500 up by eight. The nasdaq up higher by 15 points the dow up by 5 or 6 points, the s p up by less than one point, but the dow and the s p eking out another record close and the first straight day of gains. The nasdaq had its worse day since september 25th it was down 3 on concernsover iphone demand. When it comes to european markets, we are broadly higher the xetra dax close to another record high, up by 0. 2 . The ibex 35 lagging. We have a date for new elections, new Regional Elections in catalonia, that could be in january. The ibex 35 down by roughly 8 or 9 points overall we are supported by betterthanexpected earnings coming from european corporates. In terms of the fx markets, the dollar has been up and down. We saw it up on the back of the u. S. Senate passing the budget blueprint, which is key to trumps tax plan, then down as we got the new that trump seems to be favoring mr. Powell for the next fed chair currently the u. S. Dollar up by 0. 8 against the japanese yen as we head into those elections in japan over the weekend euro dollar 118. 03, down by 0. 4 on the day just want to bring you some comments coming from the Russian Foreign minister, mr. Lavrov as usual those are pretty strong he says the breakup of the Iran Nuclear Deal would be an alarming signal for the entire International Security system, including the situation on the Korean Peninsula he also says there is no alternative to the political dialogue on north Korea Nuclear problem, and hes calling for the support of the russian chinese road map on settling the north Korea Nuclear crisis shares in a krshker solutior higher despite a fall in new orders aker says conditions were improving and it was in the market for several key projects. With you are joined by loui louis arojo, where do you see bright spots coming from despite the drop in volume, we also see underlying markets in the Third Quarter this was due to strong execution in our global improvement. In terms of bright spots, its a global trend, especially when it comes to brown field, and thats where we have one of the largest capabilities what do you think this is down to . Because weve seen that move higher when it comes to oil prices, particularly in brent over the last couple of weeks or because of break even costs are lower because of efficient and productivity gains or a combination of the two we have seen the industry wide programs and improvements are having a greater effect and the costs for short projects are coming down. We are currently bidding at about 55 billion krona we expect several of those projects to be awarded in the next six months. Is there a magic safe zone when it comes to oil prices, currently brent trading close to 57 is that the level that you need to keep the backlog going . What level would you be comfortable with i think that depends on the projects we know the lower cost oil will be produced first. Thats why its important for us to be working after been sharp and laser focused on our improvement across the industry. Were up front on that fight against costs. Subsidy development usually comes at a much later stage in the industry upturn. How confident are you that were getting closer to that later stage . Weve seen the beginning and the bright spots here and there, what is the longer term outlook . Is offshore bouncing back sustainably . I think so. The industry is working hard to make those projects accessible we see a huge focus on gas gas will be a transition fuel for the economy. We believe those will be first wherever the economics are viable, i think there will start to be sanctions. Financilly earlier this yearo made the acquisition of another Oil Services Company in norway, an offshore maintenance firm do you plan on making more sort of acquisitiontype deals that you think will propel your growth further or do you think organic growth is the way to go . Weve seen both the two acquisitions weve made have been consolidating a market and obtaining more expertise, the other was to penetrate a new market, and it was quite large in brown fields. So i think we have multiple opportunities. We are growing internationally half of our backlog today is for International Growth we also are protecting our local markets, which is one of the markets recovering first luis, thank you very much for your time. Luis araujo of aker solutions. The ons is saying that uk Public Sector barring ex banks was the lowest since september of 2008. Showing a smaller than expected deficit in the month of september. A rare piece of good news for the uk economy. The bank of englands john cunliff says there is no casetor a rate hike soon he argued there was little sign of sustained pay increases and inflation pressure despite higher growth and lower unemployment in the british economy. He said slow and gradual rate hikes were needed, but when that process should start is an open question sterling extended losses against the u. S. Dollar following his comments, but the majority of market commentators believe the rate hike in november will be on track despite one of the dissenters and one of those dissenters will be the deputy governor. To President Trumps predecessors return to the spotlight yesterday. Barack obama hit the campaign trail for the First Time Since leaving office, while george w. Bush delivered a rare speech in new york the former republican president who has kept a low profile since trump was elected, appeared to criticize the administrations leadership Kristen Welker has the story [ applause ] thank you reporter tonight a pair of past president s raising concerns about the direction of the country they once led. Are you fired up reporter former president obama campaigning for new jerseys democratic candidate for governor we are rejecting a politics of fear. That we are embracing a politics that says everybody counts reporter but the former republican president spoke with a sharper edge today this is a unique moment reporter delivering clear condemnation of the current president without mentioning him by name weve seen nationalism distorted into nativism. Weve forgotten the dynamism that immigration has always brought to america reporter and he warned bigotry seems emboldened. Our politics seems vulnerable to conspiracy theories. Reporter in 2000, bush won the white house on a promise of compassionate conservatism today taking a not so subtle swipe at the current climate we have seen discourse degraded by casual cruelty reporter in a bruising primary, President Trump defeated former president bushs brother, former governor jeb bush the World Trade Center came down during your brothers reign, remember that reporter today, mr. Bush calling for an end to angry words. Bullying and prejudice in our public life sets a national tone, provides permission for cruelty and bigotry. Reporter two former leaders making their voices heard once again. Kristen welker, nbc news, the white house. The dollar and the tenyear treasury yields edged higher after the u. S. Senate approved a budget opening the doctor for republic door for republicans to pursue their tax plans. Senate leaders on both sides of the political spectrum give their reaction to the vote the middle class families across america, we have a very simple message we want to take more money out of washingtons pockets and put more in yours. Now with this budget were on a path to delivering much needed relief to american individuals and families who have borne the burdens of an infair tunfair ta for too long this is not a bad budget bill, its a horrific budget bill, extremely cruel bill and the most unfair budget ever presented in the modern history of our country at a time of massive income and wealth inequality this budget provides 1 1. 9 trillion in tax breaks for the top 1 . As always, Edward Lawrence is in washington for us. Give us the reaction coming from the democrat side. Theyre not too happy about it does trump need those votes in order to continue with this . The answer to the second part is trump does not need the votes from democrats to go forward senator rand paul a republican, was the only one to vote against this, thats because he1 1. 5 tre deficit. Democrats tried to block this by adding a series of amendments to this it took six hours to vote those amendments down. The president tweeting out early this morning, Congratulating SenateMajority Leader Mitch Mcconnell saying this is the first step to deliver those massive tax cuts to the American People thats because within the budget it allows a procedural vote to pass those tax cuts, which means republicans only need a simple majority of 50 senators or more. There are 52 republican senators in the senate. So republicans unified on this this is where where they also need a major win it will be the first major win in the legislative battle for this president edward, thank you very much for that. Staying with President Trump, he met with Federal Reserve chair janet yellen as part of his search for the next boss of the central bank yesterday. Yellen is the fifth and final candidate on trumps list, which includes his chief economic adviser, gary cohn, former and current fed governors, Jerome Powell and john pay lortaylor trump is said to be leaning towards powell for the job on recommendation from steve mnuchin. The president will announce his nomination by november 3rd on the back of those news from politico, we saw the dollar down a bit along with u. S. Treasury yields, they later rebounded that keeps the fx markets on edge email the show, streetsignseurope cnbc. Com find us on twitter, streetsignseurope cnbc and tweet me at carolincnbc. As we head to break, speaker of the house paul ryan trumped fun at President Trump at the al smith dinner. Enough with the mrauapplausel right . You sound like the cabinet when President Trump walks in the room i know last year donald trump offended some people i know his comments, according to critics, went too far some said it was unbecoming of a public figure. And they said that his comments were offensive well, thank god hes learn ted s lesson when you read the papers tomorrow, breitbart will lead with ryan slams the president amongst liberal elites new york time also report, ryan defends the president in a state hillary won. And President Trump will write 300,000 at l. Smith cheer my name i got a copy of the new book she took eight months writing ten hours a day to explain what happened in 512 pages. The president explained it in a tweet. Iwon. honking beeping were on to you, diabetes. Times up, insufficient prenatal care. And administrative paperwork, your days of drowning people are numbered. Same goes for you, budget overruns. And rising costs, wipe that smile off your face. Were coming for you too. At optum, were partnering across the Health System to tackle its biggest challenges. At optum, were partnering across the Health System i just saved thousands in less than a minute, i found out how much home i can afford. I like how you shop for loans the same way you shop for flights online. I didnt realize at lendingtree you can save money on almost any sort of loan. I consolidated my Credit Card Debt with a personal loan. I found a new credit card with 0 interest for 15 months. You just shop, compare, and save. And its all free. Go to lendingtree right now and start saving. Singapores Prime Minister exclusively told cnbc that the country will be asked to pick a side if u. S. china tensions escalate ahead of his trip to washington, Christine Tan sat down with Prime Minister lee and asked what he hopes to accomplish during his meeting with President Trump. Take a listen. I hope to develop our relationship with the Trump Administration and with the United States. Its a very sound relationship its based on a basic strategic congruence of views and the region deep cooperation over many years in the economic sphere, security and defense area, we trained in the u. S. , u. S. Forces use our facilities, we fought together in desert storm and now in the coalition against isis its a deep and multifaceted relationship i met President Trump also in the g20 in hamburg this is an opportunity to call on him in the white house, meet him formally, and to also meet the officials as well as people in congress on the hill. Any new deals youre hoping to do with the u. S. During your visit . We hope to sign an agreement with boeing buying more airplanes. Is that a done deal i think thats a done deal. You met President Trump on the sidelines of the g20 earlier this year. Yes you and i know he has been called many things how would describe him in his own words. I think hes confident with himself. There are things he wants to do. He has a set view of the world and of people, and we will work with him he has been elected. He has a mandate from the american voters, he represents the United States of america his election promise of america first, do you get a sense hes back the down a little from his Campaign Rhetoric now that he had time to settle in . I think every administration has a settling in process. And theres always an adjustment between what you can say during a spain and what you find are the possibilities and imperatives when you win the election and enter the oval office the Trump Administration is not different. Perhaps the adjustment is bigger in this case because trump represented such a radically different rethink to so many things which the american policy intelligence had considered to be shared conventional wisdom. But reality is and series of events press down on every president. Do you worry about america turning inwards . We long depended on an america which has a clear sense of its stakes in the world and how much it depends on the world as much as how much the world and its allies and friends depend on the United States of america we hope this will continue since he took office, one of the first things dewas to pull the u. S. Out of tpp. You expressed disappointment at the move, where is tpp minus the u. S. Now is it still going forward. Were still talking the 11 remaining members are discussing how we can take it forward. Is there anything happening behind the scenes whether its singapore, the asean region that is convincing the u. S. To rejoin the multilateral trade pack . I think the president made his decision clear its a form decision, we leave it at that i dont think its the time yet to start new initiatives multilaterally with the United States, perhaps one day the time will come. Tune in to the full conversation this weekend for more from our exclusive interview with singapores Prime Minister, including his thought on china, north korea and the future of singapore. Lets recap some of the biggest moves in europe. One more stock worth mentioning is accor it is trading near the bottom of the stoxx 600 this morning despite a strong outlook for 2017 europes Biggest Hotel group increased revenues by more than 6 in the Third Quarter and said fullyear operating profit would be at the higher end of a previously forecasted range. The company, which runs chains such as raffles saw Strong Demand in europe volvo beat expectations on truck deliveries in the Third Quarter. The swedish firm said market demand is strong adding that the construction sector was robust and helped volvo post profit ahead of forecasts shares ericsson are rallying to the tune of 3. 2 , despite posting a bigger than expected Third Quarter loss of 4. 8 swedish krona. The company attributed the moves due to restructuring however they said a new share issue wont be needed, and that its cost cutting efforts are starting to bear fruit i will speak to the ceo at 11 05 cet, just a few minutes away stay tuned for that. You dont want to miss that conversation weve had so many earnings out this morning, they helped prop european markets higher. The xetra dax added any record high, the only laggard, once again, is the ibex 35. It is flat on the day after a fall of 0. 7 yesterday there is still a lot of uncertainty about what will happen to what extent article 155 will be triggered what that will look like there will be a special Cabinet Meeting by the madrid government which is happening on saturday so maybe after that well get more decisive news on that we heard this morning that new catalan elections will be held in the month of january. When it comes to sectors, finals have been doing well, this is on the back of the report that the u. S. Senate passed a budget blueprint which is key to Donald Trumps tax efforts. Thats why you see banks outperforming, up by 0. 77 basic resources also doing well, up by 0. 2 why . Because we saw higher copper prices in the asian trading session. On the down side, healthcare, real estate, Household Goods slightly underperforming i want to tell you about the fx markets. While we have seen seesaw trading when it came to the u. S. Dollar, it was down on reports that Jerome Powell is the frontrunner that put pressure on yields, then we saw the dollar move higher as the Senate Passed that budget blueprint with renewed hopes for the reflation trade under trump. Euro dollar at 1. 18. The dollar is higher against the yen, up by 0. 7 . We have the crucial snap elections in japan over the weekend. Shares in apple fell almost 3 on speculation of weak iphone 8 sales. One canadian wireless carrier described demand as anemic it raises further questions over the companys staggered release strategy for the latest phones with the iphone 10 set to go on sale in november verizons cfo, matt ellis, says he expects an upgrade surge when the new apple product is released lyft raised another 1 billion in funding led by capital g, the investment arm of alphabet this values the Ridesharing Service at 11 billion. This might pave the way for an eventual ipo the uber rival says it is available to 95 of the u. S. Population from 54 at the start of the year. Lyft said capital g partner david lowrie will be joining the board. Paypal shares rose sharply in afterhours trading after posting a beat in the Third Quarter. Growth and mobile payments helped reach new customers, added by acquisitions and partnerships beginning to pay off. On the analyst call, dan schulman said it was one of the best quarters the company has had since splitting from ebay in 2015 quick look at u. S. Futures, looking positive this morning after we saw another record high for the dow and the s p in yesterdays trading session. The dow up by 80 points. Thats it for u. S. Viewers well head over to Worldwide Exchange for our european viewers, stay with us. Looking from a fresh perspective can make all the difference. It can provide what we call an unlock a realization that often reveals a better path forward. At wells fargo, its our expertise in finding this kind of insight that has lead us to become one of the largest investment and Wealth Management firms in the country. Discover how we can help find your unlock. You wont see these folks they have businesses to run. They have passions to pursue. How do they avoid trips to the post office . Stamps. Com mail letters, ship packages, all the services of the post office right on your computer. 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