Dont forget, we have heard a huge amount of noise over the last few minutes, last few days, i should say from various politicians in germany and on that front, i want to bring in my colleague, anita we have heard again and again and again from analysts, from economies they would like to see fiscal stimulus in germany whats the latest when it comes to government appetite, political appetite for that possibility . Actually the better the Business Indicators are getting the less appetite is there i think the rational in germany among politicians in berlin any way was always a recession in their ideas when they see it already on the labor market. With we see deterioration in unemployment numbers thats the moment when politicians in germany would be willing to act in terms of fiscal spending. The more were getting away from that, the less well likely see a big bang for the stimulus package coming out of germany. What we might actually get is some tax free forms that at least in preparation in Economy Ministry with some tax relief for the Corporate Tax side in order to boost Economic Activity thats at least the plan from the Economy Ministry also we have the big push to get finally a Digital Infrastructure in place and working in germany that could also lead to more spending, but there are no concrete plans as of now to really lose sort of the wallet or open the wallet here in germany to boost the economy, even though the demands and calls from every sort of angle aside of business are getting louder it remains to be seen, though, whats going to happen also with the ecb is getting louder on that topic to actually use the physical space we are still having i guess a lot of that also hinges on the fact that whether the grand coalition will survive or not and that we get to know we have new leadership but from the sbrks d which will be elected at the first weekend of december if those two are getting elected who are actually against the further grand coalition, then germany will any way head into a very unstable political phase, but the highest likelihood is that the current finance minister will be the new Party Minister and he will also be a signal of stability. And if that is going to happen, eguess the discussion of what kind of physical space we can use in germany will be back on the table. But for now, it looks like the index is telling us that things are slightly improving if not at least stabilizing for now. Willem, back to you. Thanks, anita just talking about that stabilization f you listen to what efo is saying this morning, theres a bit of a difference between what theyre saying about manufacturing and the broader picture. Im seeing some of the latest details saying that manufacturing is still stuck in recession but the signs are that business will be very good this christmas. So when it comes to manufacturing and the interplay between the Manufacturing Sector in germany and of course and the politics in germany, how much influence do these big firms and their work force have on the political direction of these Major Political parties . Obviously theres a lot of lobbying going on back and forth over in germany and especially from the exportled backbone of the economy. We have various sort of Association Like of course the industry association, the bdi. We talked often as well. Were a very forthful institution in berlin with very close connection to th political side of course traditionally they do belong to the christian democrats or do have very relations through the christian democrats and the liberals but we also have other Association Like very forceful and association which is representing the family owned businesses which is a huge backbone of the German Economy theyre also lobbying hard for the government to actually make things easier for businesses in germany. I. E. Thats why were having or having at least the start of the debate whether we should not lower taxes for companies to make it easier to do business in germany as such. So, i guess the export industry will be a huge question or a huge question mark over the prospect of the export industry in germany and especially if you talk about manufacturing, such a huge and very influential sector and important sector in germany not only the kind but a lot of that depends on the car industry and they are still very much in contractual territory. You have seen that with the pmis lately that manufacturing still needs to recover and the question is whether we need a trade deal for that or whether its too late because there are already so many uncertainties weighing on the outlook. Back to you. Anita, thank you so much for breaking it all down for us. Im joined by the president of efos institute on the line from munich thank you so much for being with us let me ask you this to begin with, were seeing the business index climate rise from 94. 7, you revised that number from october up to 95, whats driven that slight improvement, do you think . Yes good morning so, whats driving this improvement is mostly the Service Sector and also consumption demand we have strong consumption demand, rising wages in germany. Construction continues to be strong this is the upside and the downside is the manufacturing the german Manufacturing Companies are still stuck in recession so, it continues to be a divided economy, but the overall result is a slight improvement in the index. Come in at 92. 1, slightly lower than the reuters, does this manufacture manufacturing in germany has not yet hit a floor . I think it hasnt really. So we saw an improvement in october but now we see the index declining for manufacturing. So the assess of account situation is still getting worse. Expectations are brightening somewhat some Companies Think it is maybe going to be better in a few months, but still, for instance, the account backlog continues to be disappointing most Companies Plan production cutbacks so the overall picture is rather gloomy there. Too early to speak of a turn around just yet, and when it comes to trade that all important issue for such an exportexposed economy, does it get do you get the sense from these surveys that businesses in germany are a bit optimisting about some kind of resolution when it comes to the u. S. And china . I think that is not something coming out of the current surveys. I think as a matter of fact there is hope that there isnt going to be a full blown trade war between the u. S. And china and thats certainly something that may have contributed to these slightly improved expectations, but i think the uncertainty about trade clearly remains. We dont know whats going to happen to brexit we dont know what trump is going to do. Hes so volatile that i think most companies will not trust the current positive signs i think the uncertainty really remains igh. One final question while i have you here, i want to ask you about Christine Lagarde and her presidency of the ecb. We had her first big policy speech last week did you get the sense from what she said there would be a very clear continuation of Mario Draghis policies . Well, thats the impression one gets it seems that the communication is different she tries to communicate more. She does speak a lot of very specific issues outside the realm of Monetary Policy some people have criticized her for that generally i think she will try to communicate more and be less focussed on technical aspects of Monetary Policy, but in general, i would expect her to continue the Monetary Policy of mario draghi. Thanks so much for joining us and sharing your views there. The u. S. And china are, quote, very close to a preliminary trade deal despite reports to the contrary, thats according to the Chinese State newspaper the global times the papers also tweeted that beijing is exited to on going talks for second and even a third phase agreement. The english language newspaper controlled by Chinas Communist Party sited expert close to the Chinese Government as its source for that tweet thousand in now in response, the basic resource gains are up across europe and treasure and leisure. The banks there trading around. 75 higher as well autos not shown there but no doubt they are another tradeexposed sector seeing a positive start to the day. Individual markets in europe to see how theyre fairing against one another. The ftse 100 is up around three fifths of 1 we have been hearing about the German Economy up. 4 of 1 . That tweet there seems to be impacting decision making. They have to digest a weekend of critical rhetoric on both sides of this trade issue. Chinas top diplomat, the biggest source of instability. He accused the Trump Administration of damaging global trade at a g20 Foreign Ministers meeting he insisted that washington has used its domestic legal system to crudely interfere in chinas internal affairs. Meanwhile, President Trump said he does want a trade one phase deal with china but Robert Obrien said the president would not turn a blind eye to the unrest we have seen in hong kong americas top security official telling a conference audience a preliminary agreement is possible by the end of the year but theyre watching the hong kong developments closely. To add another layer of complexity, both the house of representatives and senate have now approved legislation that supportive of that Hong Kong Protest Movement but with a delicate state of trade negotiations its not clear the president will sign the bill into law any time soon. Trump told the fox and friends tv show on friday he had warned chinese president xi jinping against military intervention in hong kong. He insisted hong kong would have been obliterated in 14 minutes im happy to say im joined by cohead of research at goldman in london. How much does the time horizon, or any other kind of deal matter when it comes to asset clauses i think it matters a lot because i think you have to look at this in different stages. I think if you get if all you get is a truce, i think its possible to see the kind of stabilization that you were talking about earlier on the ifo index extend a few months. But i think to really get a proper capx cycle going, for corporates and companies to yield and cfos to be in confidence they can make longcycle investments, i think this has to be a multistage deal that still feels like it is still an optimistic outcome. So even if you get if you get piqued havoc, i they is probably enough for the economy to stabilize, for markets to move up a leg higher, but for that longer run capx cycle i think you need more. You mentioned the tariffs of course, we have seen government action, Central Bank Action to try to mitigate the impact on the tariffs on global trade and what thats meant for economic growth, do you think the efforts by policymakers and politicians in beijing have been designed to restimulate goose growth or simply to manage a slow down that at this stage is inevitable. I think it is much more the latter, especially when we look at china its one of the points we make in our sort of outlook pieces for the year ahead i think we as a world as investors have to get used to a world where chinese policymakers are doing just enough to essentially slow the deceleration in the economy. I think there is a recognition that potential longrun growth in china is slowing. I think theyre more comfortable with the slower pace but a healthier mix of growth, one that is less leverageintensive, one that is less sort of infrastructure intensive i think that slow down is taking place regardless of what goes on on the trade side, but as you get these trade and tariff shock, i think policies aimed at limiting the downside in china. We just heard from the ifo president talking about the German Economy and saying essentially he doesnt know whether a floor has been reached. When you think globally in terms of the Macro Economic picture, do you feel that the floor has now been reached yeah. We do think that youre seeing a flaxing out of the Global Manufacturing picture. I think part of it is linked to the easing in financial conditions that you have seen from much of the last year, the actions, the fed, the ecb and other global Central Banks and emerging markets Central Banks and partly i think youre seeing a psych thal is sort of running its course here as well. So i do think i see the Glass Half Full when i look across the data or across the whole world that you are beginning to see a floor, a basing in the deterioration in manufacturing you have seen for the past several months i think the real key question, though, is basing and flattening out is one thing, a real upswing is another for now we are more confident that you see this sort of flattening out and modest upswing in the cycle than we are about the kind of next leg higher which is the capx cycle i mentioned. I want to ask you about emerging markets how do you think Equity Investors should be positioning themselves right now given that we may or may not have this trade deal, preliminary or otherwise at some point in the near or not too near future. So the paradox in emerging markets has been that in a year where you had a lot of these tensions a lot of these stresses to do with trade, tariff and actually where emerging markets as a group are going to record their lowest growth in 2015, that returns in emerging markets have been quite good, especially fixed income returns have been one of the strongest in record because of the tail win of the fed. That is no longer going to be the case but if you see this basing in manufacturing cycle globally, i think its probably going to be a more friendly environment for emerging market Equity Investors. I think youre beginning to see initial signs of that. Theres the macro data, ifo service and pmi but also micro data look at earning sentiment of analyst in sort of the most bell weather equity indexes like the korean kospi, for example, even then youre seeing inflection higher i do think there is sort of window here for i think Equity Investors in emerging markets to do well and may be the best place asset across other emerging markets. One we havent talked about is commodity we have seen some movement in prices over the last 12 months im asking, what do you expect for next year . And what impact do you think that has on the em space in particular i think we have a pretty stable outlook for price in the commodity sector, oil price, for example, we dont expect a large change relative to where we are right now. That has mixed impact. Emerging markets make up commodity producers but also a large part of them when you look at em growth a lot are commodity importers. Stable to low oil prices probably mean somewhat modest tail wind for em growth and keeps inflation benign thats a good outcome for most of the i would say the em complex which are sort of commodity importers. Yeah it is therefore going to be commodity investment standpoint, a lot about the carry and emerging market standpoint somewhat better growth along with carry as well. Thanks so much for all of that analysis. That was cohead of research at Goldman Sachs joining me in london. Coming up on the show, tiffany and co say yes to a proposal takeover from lvmh. Plus a boost with a landslide win in local council elections. Well have more details from hong kong afr isreteth bak tom steyer wall street banks took advantage of millions of americans during the recession. So, my wife kat and i took action. We started a Nonprofit Community bank with a simple theory give people a fair deal and real economic power. Invest in the community, in businesses owned by women and people of color, in affordable housing. The difference between words and actions matters. Thats a lesson politicians in washington could use right now. Im tom steyer, and i approve this message. Well, the prodemocracy camp in hong kong claimed a landslide victory in local elections off the historically high turnout in local council elections. Both of these factors have been claimed boost for antigovernment movement, prodemocracy parties gained control in 17 of the 18 council and rare weekend without demonstrations or indeed violence the hang sang trading up 1. 5 today at the close over the last seven days its 2. 5 higher. My colleague has the latest from hong kong. Reporter it was a major win for the democrats in the District Council elections this weekend with the pen democrats opposition securing 17 of 18 District Councils. Now, these were all of which were previously held by the pro establish camp it was a record high turnout of 71. 2 , just under 3 Million People turning out to cast their ballots yesterday. These are lowlevel elections, District Councils normally deal with traffic lights and bus stops and trash cans, but what is more important here is that the d. C. Will hand over 117 to the Election Committee what that means is the Election Committee is the body that chooses hong kongs next chief executive. Now that it has gone pan democrats, pan democrats will have a larger say in choosing hong kongs next leader. Carry lam issued a statement and said that voters were keen to express their views through election the election was held in a difficult environment but was carried out peacefully and in an orderly manner she will respect the Election Results and the government will humbly listen to citizens opinion and seriously reflect on it now the question remains what happens next, how the government is going to be responding and how the protesters will be responding now after Something Like 5 1 2 months of protests. Reporting from hong kong, im emily tan, back to you. Back in the world of corporate news, lvmh struck a deal to buy tiffany co for 135 a share. It values at 16. 2 billion the French Company said the acquisition will boost its position in the Jewelry Market and in the United States my colleague Charlotte Reed is in the studio with more details. Charlotte . We were expecting a deal to come through really. It kind of makes sense we had the first reports at about 120 per share at the end of the october last week we have reports that lvmh sweetened to 130 per share for which then tiffanys accepted to open the books to do Due Diligence and final offer is 135 and 140 would be the maximum now the values the deal at tiffanys 16. 2 billion and they expect the deal to close bied my 2020 so it was interesting last week you and i were talking about this and there was a moment where lvmh shares didnt perform so well and you suggested maybe it was because they were concerned about the price going too high and overpaying but seems like they ended up at a position theyre comfortable with will the tieup between these two firms make sense whats the argument youre hearing from lvmh in particular . Look, it particularly makes sense from both sides from tiffany. They had a new ceo the ceo, is part of lvmh theres a connection the men know each other. And that makes sense for them here also on the lvmh side, two things, one, they want to get bigger in u. S. 24 of the revenue last year and want to get bigger there business is doing well President Trump was there. They want to be there. They want to be seen in that market also the hard luxury the jewelry and watch business its a Small Division but it was up 37 just last year. So its making money for them. This is the Fastest Growing sector within the luxury sector, so lvmh wants a share of that. Lvmh has bulgeti and tiffanys is an iconic brand. On paper makes complete sense for the business to go through and tiffanys shareholders giving the green light for the business they have deep pockets its a lot of money. One player within this consolidation trend that we had within the luxury sector, lvmh was an obvious one. Charlotte, thanks so much for bringing us the details there. My colleague here at cnbc in london. Coming up on the show, the Uk Conservative Party manifesto has been released with a short t exrather predictable slogan gebrit done. Well discuss the tory and labor Party Platforms in just a few moments time. Struggling to clean tough messes with wipes . Try mr. Clean magic eraser sheets. Just wet, squeeze and erase icky messes in microwaves and on stovetops for an amazing clean, get the power of mr. Clean magic eraser in disposable sheets. Rowithout the Commission Fees and account minimums. So, you can start investing wherever you are even on the bus. Download now and get your first stock on us. Robinhood. No coverup spray here. Cheaper aerosols can cover up odors in a flowery fog. But febreze air effects eliminates odors. With a 100 natural propellent. It leaves behind a pleasant scent youll love. [deep inhale] freshen up. Dont cover up. Febreze. Welcome back to street signs im willem marx in london here with some headlines for you. Chinese state media reports that not only is a phase 1 deal very close, but beijing committed to talks on a second and third phrase agreement as well this newfound optimism trading trade higher and pushing every sector into the green, almost every sector, shares in mining firms lead the way lvmh share price sparkles as the Louis Vuitton owner secures the little blue box agrees to buy tiffany co for 16. 2 billion and german business moral gets a boost in november. It says its too early to speak of a turn around manufacturing remaining in the dull drums welcome back to the program. Michael bloomberg, has formally announced his dndsy for the 020 u. S. President ial election my colleague from nbc news tracie potts joins me now from washington this has been quite a long will he or wont he, tracie what do you think seems to be the deciding factor for him . Well, bloomberg thinks that he can win hes pinning his campaign on beating President Trump, who he called an existential threat to america and its core values, saying if he gets another term, america may never be able to recover. So hes rolled out this campaign pretty late in the game after many of the debates have already been under way he will miss some of the early contests to nominate the president ial, at least the democrats running for president. But Michael Bloomberg has a couple of things that some of the other many of the other candidates do not. He has name recognition as the former mayor of new york thats part of his platform. He wants to talk about that and gun control. And also he has a lot of money to throw into this race. Money bias advertising and advertising buys recognition in a crowded field like this. He purchased 31 million off the bat in tv advertising, according to one firm, is the biggest oneweek purchase that we have ever seen just slightly larger than president obama when he ran for president. So bloomberg is jumping in late. But hes jumping in feet first with all he has and all he has includes a lot of money. Tracie, thanks so much for joining us this morning. Tracie potts from nbc news in washington im now joined by mary jo, former u. S. Secretary of commerce and assistant former president Ronald Reagan. Money cant buy you happiness. Can it buy you the name recognition that tracie was talking to and can that lead to success in an election i think it can. Bloomberg because of his tenure as may or of new york, he has a tremendous amount of name recognition any way. A 31 million ad buy is serious. It is more than the other Democratic Candidates in the field have spent collectively and doing it in one pop. The question i think we have to be aware of with mayor bloomberg is two questions actually. Number one, to get a spot on the democrat debate platform it is based on your Campaign Contributions and your poll ratings. He should do okay in the polls, but if hes not accepting campaign money, which hes not, hes going to self finance which President Trump did in 2016, its unclear how those who govern those things will qualify him. And then the second thing is he is going to skip over or initially indicated he would skip over some of the primaries, iowa, New Hampshire, south carolina, skip directly to super tuesday in march no one has ever done that. And therefore were not sure if it will work then you have the Democrat Party loyalists and these are the people who pick the nominee. And how upset will they be about someone jumping in so late and hes not the only one who just jumped in Deval Patrick the former governor of massachusetts also declared his candidacy, so the field was wide, it narrowed by a couple of folks, its widening again. Its not like Mike Bloomberg is a loyal democrat going back decades either thats a point worth making. Can i ask, you mentioned gun control and Climate Change, two issues close to his heart, in the past when a candidate has done well but not ended up winning the candidacy for the presidency of the party, their campaign, if it had very specific issues attached it to, has often seen those issues included in the platform of the winning candidate. Is that a possibility with say Climate Change that because he spends money, makes a huge amount of noise about it, whoever ends up winning thats not him would adopt those policies absolutely. He is not the only candidate in the field who has been talking about Climate Change or about gun control. In fact, some candidates have actually talked about gun confiscation so he does have he will have some influence on the platform regardless of whether hes successful or not, but he has not so far, and its one day in, really articulated how what he wants to do is very different from what the other 17 or so want to do except they all have one thing in common and number one for all of them is to defeat donald trump. For those people watching from slightly further afield than washington, you mentioned the Iowa Caucuses and super tuesday, around what time should this pretty massive Democrat Field get whittled down . It will start after New Hampshire. New hampshire is the second prior mare iowa is caucus, New Hampshire is primary. Certainly by super tuesday which is 18 or 19 states, it will really winnow them out and moving through the rest of the calendar the important thing about super tuesday this year is california is in. The california primary is a really big deal and really expensive deal is in on super tuesday in march. I want to ask you about impeachment, democrats seem to have made the decision they will push ahead for this well ahead of next novembers president ial election do you, as a former assistant to a republican president , think that the democrats have made the right choice by pushing ahead with this now . I dont i dont think that through the private hearings and the public hearings they really made a case, a compelling case. And what you see in the polls is people are sick of it. They dont want to impeach the president. They dont want to remove the president. They just want to get on with doing the business of the country. And unless theres some really new compelling evidence that the president committed crimes, i think theres a really good chance he will be acquitted if it goes to the senate. Well leave it there. Thank you so much for joining us mary jo jacoby, former special assistant to president Ronald Reagan. Just to bring you a breaking news about unilever, you may have remember story breaking over the course of the weekend about it looking to off load its tea businesses, now in a statement, saying it is not exploring a sale of its tea business you can see the share price down around a fifth of 1 this morning and of course over the last six months down almost 8 so some challenges there shareholders lets check in on european markets. The ftse 100 trading up. Frankfur is up around two fifths of 1 . European up around 3 4 of 1 a lot of businesses across europe with exposure to trade performing relatively well on the back of the single tweet the global times lets check out the u. S. Futures as well. Lets look at the markets. The euro slightly weaker against the dollar the dollar stronger against the yen. Again, weaker against the pound. That conservative party manifest toe seems to have helped strengthen the resolve of currently traded in favor of the pound at the moment and the dollar very slightly stronger against the swiss franc. We had the interesting week where the dow and s p both broke a threeday losing streak on friday but still ended the week down the nasdaq breaking that twoday losing streak on friday but also ended the week down after seven successive positive weeks. All three of those major indexes at this stage of the morning being called higher. And i mentioned the conservative party manifesto. Both parties had their manifestos out in the uk over the last week, the major parties. They can compare all of the various policy promises with two weeks until election day labor wants to increase day to day spending around 80 billion pounds a lot will be focus tond Health Care Budget here and looking to renationalize Key Industries like energy, water, mail, rail, parts of the broadband business belonging to bt, labor leader Jeremy Corbyn talked about a second brexit referendum meanwhile, on the conservative side of the equation, they promised to get brexit done by the end of january Boris Johnson talking about bringing the Withdrawal Agreement back to parliament once it is resat before christmas. Theyre looking at a points base integration overall with some exceptions for Health Care Worker they shelved plans and talked about quite some time of reducing Corporation Tax from 19 to 17 but they also made massive commitments to Infrastructure Spending when it comes to rail and the uk road network. Boris johnson said he would be able to deliver all of these policy commitments without raising taxes. We can do all these things, we can do all these things, heres the kicker, we can do all things without raising our income tax, v. A. T. Or National Insurance contributions. Thats our guarantee uber could lose its london license which expires today at midnight gmt according to sky news the citys transport regulator tfl or trance fort for london is actively considering a ban on the ride hailing giant tfl first suspended ubers license in 2017 over concerns of public safety. It has twice granted the company temporary license expenses. Elon musk says the cyber truck received 200,000 orders. The electric car maker ceo boastfully tweeted a number of figures following the vehicles botched unveiling last week. The launch involved his top design engineer twice shattering the trucks side window while masked with attempting to display quite how durable the materials involved were. Shares in tesla dropped more than 6 after that event the vehicle starting price is 39,900 u. S. Dollars. You want to get in touch on any of the subjects we talked about or follow us on twitter. You can tweet me directly. Coming up on the show, after scrapping the road shows in u. S. And london, saudi aramco is looking to attract investors who are closer to home well go out live to my colleague hadley gamble in abu dhabi for the latest at cdw we get there are threats wherever your people go. So we create a customized solution using the hp elite book with built in security features that will help protect your people and your data. Spy, spy, spy theyre actually very nice people. You need it orchestration by cdw and hp featuring the intel 8th generation core processor. My mom washes the dishes. Before she puts them in the dishwasher. So what does the dishwasher do . Cascade platinum does the work for you, prewashing and removing stuckon foods, the first time. Wow, thats clean cascade platinum. No coverup spray here. Cheaper aerosols can cover up odors in a flowery fog. But febreze air effects eliminates odors. With a 100 natural propellent. It leaves behind a pleasant scent youll love. [deep inhale] freshen up. Dont cover up. Febreze. Welcome back to street signs. Another big news, nevada agreed to acquire the Medicine Company for 9. 8 billion and roughly 24 preem dwroum the closing share price on friday. Use the u. S. Firm cholesterol lowering drug to expand its range of cardiovascular treatment. Ceo forecasts there would be significant up take of the drug after several years of slower ramp up. And Deutsche Bank moved down in a Key International ranking of the systemic risk. The Financial Stability board dropped the german lender from its socalled third bucket down to its socalled second bucket that will likely mean a lower leverage ratio requirement on the back of huge cost cutting efforts at deutsche. Its the middle of a sweeping 7. 4 billion euro restructure my colleague spoke with the ceo at the European Banking Congress last week and asked him whether Christine Lagardes call for more fiscal will eventually happen. I dont know whether we get it, but i think its worth the debate sometimes i think its not only about the fiscal stimulus itself i think we should first look at the composition where the investments are going. Thats number one. Nevertheless, we need to invest into Digital Infrastructure. We need to invest into education. I think we have now the strength to do something more i think that is also where madame legarde is hinting for. I would support it if its rightly sized, if its going into those areas where we really need the investments and i think she is right. Talking about her and her potential role, not role, but her potential influence on the ecb, what are you expecting Going Forward . Well, she said in a very nice way that they are doing a Strategic Review of the Monetary Policy i think you cannot expect more we never expected from Christine Lagarde and the new administration an immediate change in Monetary Policy. There is one thing clear and thats price stability there is the clear goal which the ecb has. They stick to that but that she was openly talking about review or straenlic review of the Monetary Policy is again a good message you see openness you see transparency i think they are listening to a lot of arguments and thats exactly what we want. Well hear more from Deutsche Bank later on today when we speak to the treasurer of the firm that interview at 13 30, 1 30 Central European time, 12 30 in london. Meanwhile, saudi aramco looking to attract investors in the gulf region ahead of its ipo expected next month. Executives meeting potential shareholders in abu dhabi today following meetings in dubai over the weekend. Aramco says its focussing on middle eastern institutions and canceling its International Road show my colleague hadley gamble joins me now with more from abu dhabi and now investors in the region are reacting to pitch from saudi aramco what are you hearing on that front . Excellent question. I think there are still questions about this company there are questions about transparency there are questions about valuation. Theres a question obviously about the dividends that they are planning to give its also part of the broader narrative the fact think saudi arabia have such a vested interest in what happens in the rest of the gulf arab countries. They have come to abu dhabi and they were in dubai and prior to that in kuwait trying to give it the sell for the aramco ipo which is so very different from what the crown prince of saudi arabia set out to do, talking about the potential listing of as much of 5 of this company, talking about a valuation that was going to be upwards of 2 trillion dollars and now something in the range of 1. 6 to 1. 7 trillion, slightly higher. Lots of questions, of course, continue about whats really going to happen here with this company, 1. 5 to be listed on the local Stock Exchange we now hear that will probably be around the 10th or 11th or 12th of december of course were talking about a pricing thats going to happen in just a few days from now when all of us will be focussed on whats going to happen with oil markets really with the opec plus meeting and jmmc meetings in vienna. Is a lot of questions going into the next couple weeks and all eyes no doubt on what happens next with this aramco ipo. Willem thank you for breaking that down, hadley huge amount of uncertainty. Meanwhile, the trump impeachment hearings wrapped up on friday after an eventful week of testimony the house expected to vote on articles of impeachment at some point before christmas that would set up a trial in the Republican Majority Senate in 2020 still very happy to say im joined by mary jo jacobi, former special assistant to president Ronald Reagan. The threshold for evidentiary proof at an impeachment trial is very different to that of a criminal trial in the United States and im just wondering whether you feel that so far what the House Intelligence Committee has managed to do is show probable cause. I have not seen it, but what i think people have seen through this process is that both sides have just reenforced their positions. So, those who believe the president has committed criminal acts, high crimes and misdemeanors under the constitution, went into it believing it, have come out believing it those on the other side who believe that he may have done some stupid things but nothing that rises to the level of removal from office have hardened their positions as well and today, not one republican in the house or the senate favored impeachment. None zero and the threshold in the senate for conviction is 67 votes with 53 republicans all of whom are solid right now you dont get there unless there is some new evidence trust me on this, new evidence seems to arrive everyday overnight, there are some emails involving mick mulvaney, the acting chief of staff and others about ukraine and the aid package that was with held so, its a very fluid situation. But keep in mind, the house only has eight legislative days remaining this year. If theyre going to do it, along with Everything Else that they say theyre going to do, they better get on with it quickly. Do you think that President Trump despite his up ending of norms, provocations, whatever you want to call them, has successfully managed to exhaust the american voting public about all of these kinds of issues that would potentially normally make people pay more attention you talk about both sides of the political spectrum entrenching, hardening their positions. What about all the independents . How do they react to these proceedings . New polling data came out last week shows the independence have moved considerably from october to november from supporting itch peachment to opposing it. Thats the real key voting block are the independents and i think they have said that they dont think that the democrats should pursue this they wish the democrats would just get on with the business of the nation and they dont support pursuing it any further more hearings, more investigations, people are just tired of it. And that seems to be one of the reasons potentially why the democrats are pushing ahead as quickly as they are and that theyre not waiting for some of the potential litigation around subpoena power over members of the white house to go through the courts given that, what do you think the impact is on next years election if we end up having a senate trial whether hes convicted or not, impeached or not, what happens next november . Does any of this matter do you think voters turn against democrats in some reason because theyre fed up with this i think they could. What matters is if theres new evidence, new compelling evidence to convict the president. And right now there isnt. The other thing to keep in mind is that there are five sitting democrat senators who are running for president right now. And those five senators will be expected to fulfill their constitutional duty by sitting as jurors in the senate during this proceeding, which means they wont be on the campaign trail. And that could occur around the time of super tuesday and some of the other critical primaries. They wont be on the trail biden, buttigieg, bloomberg will very interesting point there. Lets talk about the eight legislative days left in the house of representatives we got thanksgiving this week and then the Christmas Holiday break as well. In the past when congress and the administration were futsing around with spending, National Spending priorities, you end up with these slightly odd nonstopgap measures to try to keep fund going for two, three, four weeks at a time we have another three and a half weeks until funding runs out in the past, investors would be tearing their hair out about this why are they not because we have kicked the can down the road so many times that people take it as red i cant remember the last time the federal government of the United States had a fully approved cleared budget and that the agencies of the government had fully approved, cleared appropriations based on that budget the process has been completely up ended not since trump this started a long time ago. We keep saying, investors keep saying bier going to run out of road but we never seem to run out of road. We kick the can. Given your previous role in the commerce department, how important is a trade deal with china for the president s reelection chances . I think its crucial. I think its absolutely crucial. He has made it the centerpiece of his presidency. He has made it a centerpiece so far of his campaign for next year and i think he will get some kind of a deal hell get something thats called a deal. It might have 50 phases, but he will go into november 2nd next year with some sort of deal. Mary jo, thank you for coming in i really appreciate your time. Mary jo jacobi, former special assistant to president Ronald Reagan well check in on the u. S. Futures market we were talking about the chances of a new trade deal between now and november and of course we had this tweet from the stateowned newspaper in china the global times talking about the fact that china is despite reports to the contrary interested in a phase 1 deal and potentially open to a phase 2 and phase 3 deal you can see the three major markets there all being called higher the dow jones up by 86 points a in the stage. That is it for our show today here in london im willem marx. Worldwide exchange will be coming up in just a few moments time when you shop small you help support your community from after School Programs to the arts so become a regular, more regularly. Because for every dollar you spend at a Small Business, an average of 67 cents stays in the community. Join me and American Express on Small Business saturday, november 30th, and see how shopping small adds up. danny s voice of course you donte because you didnt . Your job isnt doing hard work. Its making them do hard work. And getting paid for it. vo snap and sort your expenses to save over 4,600 at tax time. Quickbooks. Backing you. Introducing a razor that works differently. The Gillette Skinguard has a guard between the blades that helps protect skin. The Gillette Skinguard. It is 5 00 a. M. At cnbc global headquarters. Here is your 5 at five the rally returns. Stock futures pointing to strong gains after stocks snapped a sixweek winning streak. Its just another merger monday more than 56 billion in deals to talk about as we kick off a shortened week for the overall markets. Now included in that number, lvmh finally inking that deal that will get that little blue box in their collection to the tune of 16 billion transaction and call i