Push out rate hikes, but says he is confident in the eurozones recovery u. S. Equities stage a laterally after House Republicans give their stamp of approval to the tax overhaul, sending it to the senate ecb president mario draghi is still delivering the keynote address in frankfurt lets listen back in moving into positive territory in all major euro area economies. Demand for loans by firms, which at this time last year were still negative in several vulnerable countries, is now positive across the whole euro area the other trend is the growing resilience in the Financial Sector the total capital ratio of banks has increased by more than 170 basis points since early 2015 the return on equity has risen from 4. 4 at end of 2015 to 7. 1 at the start of this year, even as leverage ratios have declined all banks have benefited from the upward trend in returns and assets since the start of our Monetary Policy easing in 2014 though in some cases they were starting from low levels clearly this trend hides some variation among banks, which is largely driven by differences in their Business Models. As in regard to bank profitability, ecb Research Finds little evidence that our monetary policies are doing harm Net Interest Income has remained quite stable over the past two years. If there are any negative effects of low rates on Net Interest Income in the future, they have been and should be largely offset by the positive effects of monetary stimulus on the other main components of profitability. Such as the quality of loans, therefore on Loan Loss Provisions but ultra low Interest Rates might contribute to a build up of financial risk, this certainly has to be carefully monitored. At present, we dont see Systemic Risk emerging at the euro level if there are local pockets of risk, the defense lies in micro prudential and macro prudential policies furthermore, in such an environment, any backtracking on Financial Regulation would be a mistake. Despite this progress on the real side of the economy, from a Monetary Policy perspective, our task is not complete as we have not seen sustained adjustment in the path of inflation. A sustained adjustment is one where the return of headline inflation towards our objective is durable and not just a temporary blip and it can be selfsustained without our Monetary Policy support. We do now see inflation moving steadily away from the very low levels of recent years though progress remains incomplete and partial two indicators are important for gouging the durability of inflation. The first is the outlook for growth, since this helps us assess whether inflation will continue to rise as we expect. The second is underlying inflation. This allows us to assess whether inflation will stabilize once the effects of volatile factors such as oil and food price swings have faded away the Growth Outlook is improving for all the reasons i mentioned, but the underlying inflation trend remains subdued, according to a broad range of measures, underlying inflation ticked up moderately since the start of this year, but still lacks clear upward momentum. A key issue here is wage growth. Since tmid 2015, growth per employee has risen, recovering around half of the gap towards its historical average but overall trends remain subdued. They are not broad based a number of explanations have been put forward for this. One is that the effects of past low inflation are continuing to weigh on wage growth the second explanation is the relationship between wage growth and traditional measures of slack has weakened in post crisis time. There are many reasons why this weakening may have happened. The slack might simply be larger than we thought due to rising labor supply or mismeasurement of socalled traditional employment with slack. The relationship with slack and growth may have changed due to a shift in focus by trade unions towards job security rather than wages in view of higher economic uncertainty. With the continued support of Monetary Policy that we will avoid any unwanted tightening of financing conditions, these factors should slowly fade away. With well anchored inflation expectations, the effects of past low inflation in which formation should not be persistent as the labor market tightens, uncertainty falls, the relationship between slack and wage growth should begin reasserting itself but we have to remain patient. A third explanation is the structural changes due to globalization and digitalization have made it more difficult for Central Banks to stop domestic inflation. But we dont see much evidence to suggest that ecommerce is present in the euro inflation today, at least to an extent that can be measured the same is true for global slack. In fact, as the Global Economy recovers, the foreign output gap is moving the same direction as the euro area output gap in sum, we are not yet at the point where recovery inflation can be selfsustained without our accommodative Monetary Policy a key motor of the recovery is the favorable financing conditions facing firms and households, which are, in turn, heavily contingent on Monetary Policy measures. Ample degree of monetary stimulus remains necessary for underlying inflation pressures to build up and support headline inflation over the medium term this is reflected in the Monetary Policy decisions that we took last month these aim to signal our growing confidence in euro area economy while also acknowledging we must be patient and persistent for inflation to return sustainably to our objective we decided to reduce the pace of our monthly asset purchases from 60 billion to 30 billion euro, while extending the horizon of these purchases until the end of september of 2018, or beyond if necessary. And in any case, until we see a sustained adjustment in the part of inflation this recalibration of asset purchases, supported by the sizable stock of acquired assets and the forthcoming reinvestments as we have announced and by our Forward Guidance on Interest Rates helps to maintain the necessary degree of accommodation and thereby to accompany the economic recovery in an appropriate way. In this sense, the recent decisions follow the same logic as those in december of last year, when we reduced the pace of purchases from 80 to 60 billion euro our Monetary Policy influences longterm yields through both its main components, but compressing the term premium and by anchoring the expected path of policy rates in the future. By accumulating a portfolio of Long Duration assets, the central bank can compress premium by extracting Duration Risk from private investors. Via this duration extraction effect, the central bank frees up riskbearing capacity markets, spurs a rebalancing of private portfolios towards the remaining securities, and thus lowers term premium and across a range of financial assets. In the past, since the crisis had heightened Risk Perceptions, the euro system had to purchase very sizable amounts per month to foster a certain impart on the term premium and on longterm yields but as Market Conditions have normalized, and Economic Outlook has improved, Risk Perceptions have declined and the capacity to absorb risk in private portfolio has risen. This explains why we reduce the pace of monthly purchases. But asset purchases are also about the signals they entail about the future of policy rates, the socalled signaling effect in the euro area this signal is reinforced by the instruments where ordered. Specifically the length of the horizon of our net asset purchases and the statement that our policy Interest Rates are expected to remain at their present levels well past the end of those net purchases mechanically effect the time of the first expected rate hike, anchoring the path of expected policy rates over the life span of the net Asset Purchase Program and beyond the signaling effect of asset purchases is therefore naturally increased in prominence relative to the duration effect this explains why our decisions three weeks ago toreduce the pace of purchases while extending the horizon left on impact financial conditions largely unchanged. Let me conclude, the ecbs mandate is framed in terms of price stability. As this is the best contribution we can make to the welfare of citizens ensuring price stability is a precondition for the economy to be able to grow along a balanced path that can be sustained in the long run this is the guiding principle of all our Monetary Policy decisions. Its a good time now, with the recovery ongoing, now is the right moment for the euro area to address further challenges to stabili stability. This means actively putting our fess c fiscal houses in order and building buffers for the put picture, not just waiting for growth to gradually reduce debt. It means implementing Structural Reforms that will allow our economy to grow at higher speeds over the longterm and as just observed in the introduction t means addressing progress in european integration and the remaining gaps in the institutional architecture of our Monetary Union thank you. That was mario draghi the ecb president speaking in frankfurt. And you have to look very hard to find any Market Reaction to this, whether its in the euro dollar or in the tenyear bund yields. They ticked up ever so slightly. Lets get out to reaction and annette standing by in frankfurt. What were the major takeaways . To me it seemed like classic draghi, a bit of dovishness in there as well. Yes thats right i think the main take away is that he went out explaining why they actually think inflation is below target, and why they, despite the strong recovery, are not confident enough to restore more monetary stimulus he was saying essentially the attention is moving to the signaling effect of the asset purchases, and the effect they extended the asset purchases until september 2018 or beyond has actually prevented monetary conditions from tightening he was saying that the tightening of monetary conditions is not warranted at the moment, of course, because that would be, again, another headwind to inflation. Essentially hes saying that theyre looking at two factors gauging the durability of inflation and durability here is the key sentence they dont want to see a blip of inflation moving or etching towards the target, they want it on a durable basis there are two factors. First, of course, its the outlook for growth this looks a lot better than previously expected. This is also looking better in terms of the sustainability of the Growth Outlook for the eurozone so thats a net positive it could actually mean that they also could raise their Growth Outlook in december this year. I was told that yesterday in our exclusive interview with mersch. This is the crucial one, this is underlying inflation trends, and those seem to be stubbornly low. Mario draghi was saying once again this is mainly on wage growth wage growth and inflation. That is the classic taylor rule, seems to have no connection these days anymore, at least not the same connection as they had in the past before the financial crisis so they look into different factors. Now why that is the case, theres slack in the system, theres the notion that ecommerce and the digitalization and globalization may have led to a generally lower inflation environment. But they have come to the conclusion that this is not the case so, for the moment, everything is the same as before. Mario draghi is defending his policy saying that theyre doing the right thing to ensure inflation is coming back to target back to you. Thank you very much for that wrap up and analysis i want to take you back to the European Banking Congress taking place in frankfurt now some Top Bank Executives including john cryan of Deutsche Bank are speaking on a panel of sector competitiveness number two, a slender candle. Number three, a person who applies tape to try to bind two objects. A taperer. And number four, whatever the ecb says it is please vote now. You have nine seconds. Must be interesting, how some people vote there. [ laughter ] so they knew you wanted to hear that, president draghi i will pass this on to miriam webster, the new definition. The other ones i took from the dictionary, that one is not in the dictionary i would like to stay with Monetary Policy and go right to the audience with the second question as know, mr. Draghi was praised as a master of guidance. Hes given us some guidance once again. He has announced the very gentlest of exits from the taperer, perhaps the gentlest of recalibrations of asset purchases. Yet many would say hes not yet off the hook and the question is whether the taper which is not a taper may provoke tantrums or other adverse consequences in the future Deutsche Bank has said the great unwind could trigger the next crisis ladies and gentlemen, heres our question what do you think is most likely to trigger the next crisis could it be the great unwind, the phasing out of accommodative Monetary Policy, whether you think its too short, too long, too gentle number two, high levels of global imbalances. Number three, price correction, four, high corporate debt. Five, chinese slowdowns. Six, protectionist measures. Seven, the black swan. Please vote now. All right. Some people say the germans dont have a sense of humor. I think they do. Lets get Francesco Caselli in here, Portfolio Manager from boehner capital. How competitive is the european Banking Sector now, visavi the u. S. , for example . Because it seems like in europe were incredibly overbet yes, of course. The big problem, as mario draghi remarked, the main task for the ecb or the ssm, which is not under draghis provision, the ssm was given the task of making banks in europe much stronger, much safer, not necessarily more competitive. Thats a key point what we saw with increasing regulation over the last few years was a concentration in sector but not necessarily better banks for the system this is probably the the discussion we might here in the next half hour, it will revolve around whats the future for european banks can i ask you, has regulation been a good thing for the european Banking Sector . Mario draghi just said now that rolling back of regulation would actually be a mistake. But all we hear from the banks is theyre being worn down by too much red tape and too much regulation whats your view the big issue, i think, every european banker will say mario draghi is right. Lets keep these regulations were seeing every six months were seeing new regulation. Whereas in the united states, the regulatory tightening more or less has come to an end, probably last year, and probably President Trump is a good reference point. After President Trump we have not seen any particular tightening in regulation in europe we are seeing every six months a new tightening regulation this means that for banks, the benchmark is moving continuously its making their life harder every six months probably making european banks less competitive let me interrupt you here lets get out to mr. Cryan speaking in europe the reduction of policy rates will increase the prices that commodity, and its largely been in manifesting itself in debt of equity and securities. The issue related to Debt Securities, those are finite terms, so a change in Interest Rates will lead to a reduction in Debt Securities we need to make shoure those ar managed very good. We need to transfer that Price Inflation that weve seen in securities more broadly into a modest amount of price and wage inflation. That will achieve the targeted price stability. It has to be calibrated carefully. I think there is a theres a map to how to get there. Its to do it relatively gently. So i think this messaging about doing it carefully, over a longer period of time, not doing it abruptly will allow the market to accommodate those changes in asset prices, which will lead to the ultimate manifestation and demonstration of the success of this Monetary Policy which will be the achievement of a more optimized price stability. Then its Mission Accomplished so far i think so very good. I think the fed having charted a path allows us to understand and learn from that and try to transfer that understanding and that learning to the european markets, which are a little bit different. Liquidity is different in europe to use that learning to inform ourselves how to do that more carefully. So the fed got the taper tantrum problem out of the system you have said in the past negative side effects of ultra loose Monetary Policy are making themselves manifest. You said you increasingly see them coming to the fore. Would you join the audience in saying that is perhaps the greatest risk of the great unwind we heard from mr. Draghi, he sees if at all isolated bubbles, but not necessarily anything that should be a systemic concern and that well be just fine with macro prudential regulation to be honest, i would have had a chance to vote there my vote would be the black swan, by the way coming back to the question on Monetary Policy, i think mario draghi mentioned and showed and underlined that the policy of the ecb after the financial crisis was really successful ecb and egulators, we heard of that this morning as well, made a good job to stabilize this not easy situation that is unquestionable, i think. The real question is it is, i dont know, seven, eight years now since the financial crisis as usual, if you have a medicine for a problem, you need to find the way out. Thats the challenge, ecb and actors in the financial industry are having to cope with it the right way out in a very, very, not homogenous situation in europe is very, very challenging. If you ask part of the financial industry, if you ask the representative of the financial industry in germany i would say for us, for this reason, it would be helpful if it would come sooner rather than later to increase a bit or normalize financial situations i understand its easier to say that from this seat than, for example, other seats its a complicated situation Financial Markets overall need orientation. It would be helpful if we have clear orientation what is the way out, even if we have to be care tful to do that its fully understood. Thank you very much president draghi mentioned an increasing willingness to take risk, thats the thing that causes many people to worry about bubble bubbles, that we ho much money chasing too few opportunities that there is perhaps too much exuberance about risk how does this influence the credit standards that you apply in pnb paribas i tend to rephrase your point. I think investors take risks, but they dont see them. Thats the difficulty. When you achieve money, you invest you buy at a high price, you dont get so much about the go yo political risk, and when i see the way many countries, many investors are raising money, the cost of it, and say sometimes the price of the risk is not emb embedded in the market so i would say that investors do take risks the real question is how much, what does if mean . What could be the impact when there is attention we need to be mindful of this. If we look at the opposite way, then we make a mistake i understand the point of the ecb, which is slightly different. Which is there is capacity of the private sector investors to buy bonds and to invest. This is fair this is true they have capacity to do it. I go back to your initial question what about the risk and how to mitigate the risks you have mentioned. Notably the fact that investors begin to overreact to what could be Monetary Policy if i may say so in this room in front of mr. Draghi, listening to his speech, its a marvelous mix of certainties and vagueness. Isnt that the definition of guidance which is perfect guidance what does it mean . What is my understanding you speak about our reaction the way we react in risk policy. What does it mean . For me it means, hey, be careful. If you think cheap money will continue forever, and that you buy assets at too high a price, and you think that a refunding of the asset will be cheap, you make a mistake be careful at the same time, dont panic. On the other side of the balance sheet, dont panic, i dont tell you when i do it the main difference when i listen to Mario Draghis speech, and the speech we heard in washington some years ago, is that theres no timing thats the vague part, which is great. Thats absolutely great. Its to be pragmatic its to manage the situation as it is. And im very reassured when i see that Central Banks keep their powder dry, to be ibl abl adapt their reaction, their decision to real life, not the way they would like to see it. Going back to your specific question, you understand we listen carefully to central bankers. Try to see what it means we try not to take risks we dont see. Thats my main point very good. Thank you. Were hearing lots of warm words for president draghi so far we have very pleasant, warm degree of consensus let me see if i can stir things up a bit more. Mr. Draghi said he doesnt see much evidence of low Interest Rates undermining bank profitabilities, last week in his own house, speaking to a conference of the srb, he said if, in fact, one does want to increase bank profitablilitprofe should cut costs would you say you do see signs of low interest cutting into your profits in our case they do, we have such a big pool of deposits. We are running a deliberate risk not hedging in our deposit books. Thats because we havent been able to convince ourselves that paying somebody else to hedge off the deposit Interest Rate risk exposure makes sense. We are exposed to Interest Rates falling further, becoming more negative we are equally exposed to Interest Rates going up and creating a considerable degree of income. We disclosed in our own investor disclosures roughly how much that would be. Its a considerable sum. For the scenario we model, which is a parallel shift in Interest Rates across the curve which never happens, but its on the order of 1. 5 billion euros in the first year, and almost 2 billion in the second year that comes for free. No additional cost other than taxation were positively exposed, exposed to duration. We deliberate i will have taken that risk and were exposed to profits and revenues falling if Interest Rates were to become more negative. When you talk about competitiveness, thats the theme of today, that term is obviously relative if you were absolute and single, there would be nothing with which to compete the question is how do we raise competitiveness with respect to what i think there are two or three interesting things with which we can compare or current competitiveness. The first is to other markets. European banks are not as competitive in terms of profit decretion, as, for example, the american banks, because theres a significant pricing difference in pricing between american banks and european banks, particularly american banks and german banks thats just the way it is. We have to be super efficient to accommodate a low growth market. We could be competitive versus how we were. I think weve all changed our Business Models. We were making profits ten years ago in ways that were not sustainable. That was proven to be the case we changed our Business Models probably the most interesting one, the one we spend most time is can we be competitive against companies that are not banks can we be competitive in payments ver versus companies t purport to make payments but are not regulated. Can we be competitive against parabanks or Credit Institutions not regulated. Can we ultimately be competitive in even taking deposits, which is the core reason why banks are regulated. Against the likes of starbucks, which takes a huge volume of deposits, it just doesnt look as though theyre taking deposits because theyre taking prepayments. Can we be competitive against Technology Companies in a world thats becoming more and more based on smart technology. When i think of competitiveness, i dont just think of competitiveness in the current Interest Rate environment, its a much broader definition, compared with other sectors than the Banking Sector thank you very much i dont want to move to finteches quite yet. I want to save that for the Business Model section of the panel. Lets move on to regulation. There, i would like to ask about the did he grow to which the Regulatory Framework as a whole is shaping your strategy and your ability to compete in a larger sense, not only with regard to finteches, but generally. I would say yes, it affects our regulatory infrastructure, regulatory environment, affects the Business Model of banks for sure if im looking at the overall situati situation, that goes to the statement of john as well, were talking about the Interest Rate environment, the regulatory environment, thats important and crucial for us we are talking on these sessions always about these topics. If you ask me what is the highest priority for management of banks, thinking about future Business Models, i think its coming to the topic of this this conference here, coming to find opportunities of the Technology Change we are facing in our industry and all over the world. I think that is a very important thing that we focus on those topics where we can use adva advantages for us if were fast hrl to develop our Business Models yes, we can debate about the effects of regulatory environment. We can debate a lot on Interest Rate environments. We have impacts there. Unquestionable the biggest thing for me is to focus on the influences of Business Models coming from technological change and underlining this topic of our conference, there is a huge opportunity for us i promise were going there i will stay with regulation a moment longer. John brought up the question of international competitiveness. It is certainly an issue that is on many, many peoples minds. As they look across the atlantic and ask themselves whether the u. S. May wind up going in a different direction than europe on regulation. We have an audience question on that if i could get the next question up on the screen the Playing Field is likely to tilt against european banks in coming years, yes, as brexit induces the uk to loosen regulation, number two, yes, as trump does a big number on doddfrank, number three, both of the above number four, neither of the above. Please vote now. Both of the above. 42. 5 . Quite a large share of the audience is worried about a tilting Playing Field. Whats your take maybe remark on this and your previous question. We always have a long discussion which is useful but we know it well about the impact on Monetary Policy, on banks. We may not agree, but im not sure its crucial because Monetary Policy is not designed for banks, its designed for the economy, we have to adapt from the start. This is our job to adapt we can regret, but this is life. Second, we need to make sure we have the proper Business Model, Cost Management structure to address the question of per s persistibility, but its a question of Business Model a few years ago there were a lot of criticisms about universal banking. Now universal banking is welcome. We need to be careful about this, to follow our path to do well our job, and it will do well we need to be careful picking up these questions about two points on which i may have some degree of concerns. The first one is there are areas in which european banks and american banks do compete. Mainly it has to do with market activities there we have to be careful. The question at the end of the day is will european banks be able to offer a service to the corporate sector in europe, competing with american banks. Its about competition its about freedom of choice for the clients. Thats key this is a key question it has a lot to do with the capacity of europe to offer on the level of Playing Field the same service i did not say quality. Qualify is about competition but the same economic terms, when i see a decision about trading books, then an american paper published in june saying we will review this, i would not . Im not against this or for this i simply say we need to be careful, we need to watch to see whats happening and supervisors need to engage, to understand what may happen. This is a crucial part of the competition. A second example is more a concern for me we have no Capital Market in the eurozone we need a Capital Market i know this is a controversial debate, but we cannot have banks with a higher Capital Requirements and no possibility or limited possibility to sell assets securitization to investors. We need this theres an obvious conflict of vision we speak about regulation. I will speak maybe about lawmakers. We need to move on in the eurozone and quickly if we dont do it, there will be a blow to the way banks work and the economies are financed these are points for action quickly. Many thanks a couple of topics out there i want to come back to let me first ask you, john cryan, looking at the u. S. , looking at the uk, to what degree you do see a real well to move back to a status quo antirace to the bottom, whatever you want to call it are you concerned . I dont see any evidence of it, especially in the uk in the u. S. There was a bill published last night that doesnt really impact large banks. It addresses some of the burden imposed by doddfrank in particular on Smaller Community banks, but theres not a proposal to modify the way in which large banks have been regulated since the crisis but the Trump Administration has certainly made clear that it doesnt take a systemic view when it looks at essentially any aspect of Foreign Policy its very much america first, transactional. Is that something where you would say in future were likely to see the u. S. Less interested than ever in bazell, for example . I dont see much evidence of that i dont see why having a safe and sound wall street is not compatible with putting america first. Im not sure the two are necessarily linked martin, what would you say are lets come out of this Panel Discussion really interesting comment theres from all the executives that were on that panel. Want to get back to francesco costelli one thing i want to pick up on is mr. Cryans comments on maybe the lack of competitiveness when it comes to Fintech Companies or fintech ideas. I think you make the point that banks that will be larger will have a better edge of being competitive. Is it the likes of commerzbank and Deutsche Bank that will win here i think that what the bank ceo was mentioning is that theyll see a lot of competition in a number of businesses. Regulation is making banks bigger but is allowing banks to do less things he was mentioning Payment Systems now are more and more managed by companies which are not regulateded by the Financial Sector mentioning starbucks, which is a large collector of deposits in the form of early payments from customers. So certainly banks are probably today, large banks today, they have warned against competition with Smaller Banks in their own countries. But in the future there are forces emerging aided by technology, supported by new regulation, and a large part of the businesses will be eroded by those fen tech compaintech comps all right thank you very much for your insights francesco costelli clearly a lot more to focus on when it comes to european banking. Well be back after the break. My friend susie cracks me up. But one laugh, and hello sensitive bladder. Ring a bell . Then you have to try always discreet. I didnt think protection this thin could work. 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Hidden inside is a super absorbent core that quickly turns liquid to gel. For incredible protection. So i feel protected. And pretty. New always discreet boutique. Welcome back deal activity in the uk, specifically london has driven european commercial property growth this year transaction volume in the british capital was greater than paris, berlin and frankfurt combined brian mooar, i find that statisc interesting, given the talks about brexit and the impact on the property market, yet london commercial market hangs in there. How much is that driven by the weakness of the pound . As we discussed in the last show, i would say there was almost dollar denominated pent up demand. When brexit was announced, we had a major weakening in sterling we kept waiting for demand to increase as a result of that didnt happen. Didnt happen. We got to the Third Quarterer, we saw this significant rebound. It was mostly from dollar denominated Foreign Investment out of hong kong and the americas as you mentioned, for Third Quarter 2017 versus Third Quarter 2016, we are up 50 . The uk market up 5 overall for the year also interestingly, Central London for the first time in five years surpassed manhattan in terms of dollar volume transaction activity so massive increase. In terms of whether this is a sign that brexit doesnt matter, i do think its too soon to say. There are other indications which suggest some concerns about declining prices in the smaller market, in the housing market, in the like. Im not yet ready to make a call in terms of longer term implications about brexit. I will say to you, any time you have uncertainty in the economy, that does have adverse impacts on transaction activity. Lets switch to the u. S. A bit. I know your headquarters are in atlanta and new york big focuses there. One of the main topics is tax reform one provision in the u. S. House version was to eliminate the type of tax exempt bonds which would allow for the creation of more affordable housing. Do you think that will have an impact on the market that youre focused on there whiletrimont is not involve in affordable housing, i will say its a concern just from the social policy standpoint housing in general, whether youre in the u. S. Or uk, its affo a real concern there are other components of that tax bill that are of great concern. Potentially the elimination of deductions for state and local taxes, changes in property taxes all of which could, if ultimately passed, could have material impacts on particularly residential properties, commercial real estate perhaps more immune to the changes, but something that we need to watch and be concerned about were running out of time we have to leave it here brian ward, the ceo of trimont u. S. Futures at this point, you have got a fairly negative start to the trading day dow jones seen off by 30 points. The nasdaq off by. 5, the nasdaq off 3 or 4 points. This after a nice bounce back in yesterdays trading session. Thats it for us. Im Joumanna Bercetche im carolin roth. Worldwide exchange is up next. Have a fantastic weekend [vo] progress is an unstoppable force. The season of audi sales event is here. Audi will cover your first months lease payment on select models during the season of audi sales event. My friend susie cracks and hello sensitive bladder. Ring a bell . Then you have to try always discreet. I didnt think protection this thin could work. But the super absorbent core turns liquid to gel. For incredible protection. Thats surprisingly thin. So its out of sight. And out of mind. Always discreet. For bladder leaks. Also in liners. Stocks looking to end the week on a high note after the nasdaq hit a fresh record. Media madness. Two more corporate titans reportedly expressing interest in 21st century fox. Full details coming up. Tesla blew everyones mind by unveiling a surprise new car. Full details ahead its friday, november 17, 2017 Worldwide Exchange begins now. Good morning warm welcome to worldwide