Report the two hotel groups could be creating a tie up the dax reshuffles members to remove the Payment Company. We are going to speak to the ceo and cofounder at 10 45 cet Kamala Harris accepts the nomination of Vice President telling the Democratic National convention that the incompetence of the Trump Administration has left people afraid lets fight withconviction. Lets fight with hope. Lets fight with confidence in ourselves and a commitment to each other to the america we know is possible welcome back as we come back, let me tell you the Norwegian Central Bank has come to a unanimous decision should we move on . They decided to keep policy rates unchanged. The hold onraits doesnt give too much direction at this point. There was speculation as to the commentary we might get to the Norwegian Central Bank around the decision and continue to say the prospects for low wage growth continue to put pressure. It is unlikely well see more moderation and inflationary pressures later out here the assessment of risks continue to give weight to the considerable uncertainty that remains around the norwegian economy. The norwegian economy is in the midst of a deep down turn. Activity has picked up and remains subdued at this point. I think thats probably enough already as the central bank is concerned at this point. We did have the Federal Reserve also with minutes out overnight. Fed officials expect the pandemic to weigh on nearterm growth and employment in several minutes. Policymakers were concerned that they make considerable risks for the outlook for the economy adding that the fiscal need is created and would be appropriate and did not provide a specific timetable. There are those who interpreted those comments as down beat. There is a reason for equities to be subdued. Depending on how Glass Half Full or half empty you are, the fed takes a largely negative bias on the economy suggests that the central bank is very much focused on keeping Interest Rates low and they want to continue to support even though they argue it is down to the fiscal authorities to provide the stimulus at this stage having said all of that, we are off about 1 across all the major markets. We are struggling to find a second gear for the story. Lets look at asia largely, the lack of real direction out of asia didnt really help either the legacy from the Asian Session is weak at this stage and not a lot of pointers in terms of real drivers coming out of the strength. I will say one thing, the Commerce Energy flash is important and perhaps too late on the session the fact that the Commerce Ministry said look, we didnt have trade talks in the weekend and they should have in the coming days, should it have some comfort on those that are worried in the headlines of the u. S. china relationship. Geoff, thank you so much lets bring in our first guest this morning thank you for being with us to share your thoughts. It being looks as though sentiments have soured on both sides. What was your interpretation of those minutes . And has anything changed the global narrative in your view . Good morning. We think the environment remains unchanged and that it would be very much ongoing. There is nothing in the minutes that changes the narratives for us the risks are in the medium term and growth rates picking up. They are the medium term only and not shortterm risk. Weve increased to four and a half percent and increased waiting in European Equity in large and midcaps. Is that predicated on the view that short term we see cyclical stocks outperform shortterm stocks . Explain to us what that means. Firstly, we look at cyclicals verses covid defenses Like Health Care and technology we thinks it covid cyclicals that will now show more strength and europe is more represented in that area we also thinks it is going to e well represented in value but there are other reasons why we think European Markets are further upside there is less eurozone breakup risk because of the impact of the recovery fund. That is supporting in flows into the euro and also added to that, weve got ongoing ecb buying in the bond market and that is fuelling the Corporate Bonds fuelling the in flows as well. Weve got in flows that will include equity there are some very interesting things going on below the surface that you are possibly seeing and perhaps could share with us. Woe spoke to Global Fashion group this morning in a business that operates in a lot of developing markets the numbers werent half bad perhaps there are other opportunities. Some of these businesses are doing quite well i wonder if you could help us breakthrough some of the static of the story and what you are seeing in the small to midcap space. Some are doing a lot better than the overall consensus would suggest. We agree, the guidance is markedly better across the board than it was previously one of the things covid19 is doing is accelerating trends that were already in space one of those were in the Retail Sector where we have the gradual demice demise of retailers and Companies Selling online doing well because their Business Models are wellsuited to the current environment. We think when the pandemic is behind us, these new Business Models that are capitalizing on the technology will continue to do very well those companies exposed in this area are the midcap space within europe it is an area where we are finding a lot of value and cyclicals. Areas we like at the global level. Geoffrejeff, in terms of dri, the link between europe and asia is very strong and the dependence on that recovery. Is that going to be one of the primary drivers here we dont think that is going to be a primary driver we have got domestic drivers gathering momentum and perception change of how they perceive durability. The drivers will add to the up turn as we move towards year end to next year we think theyll come out of the pandemic first and the growth for next year is going to exceed the Global Forecast of 4. 2 europe as of trade and those respectively we think europe will be the early beneficiary. Countries like germany which has performed better than any European Market because of the significant exposure of the industrial exporters that will benefit from asian demand. Let me pick up on that. How full verable are those exporters to further weakness of the dollar we do think the dollar is going to weaken further. We do think the euro is going to continue to be one of the key beneficiaries on that. We think the euro will move to 120 and 122 towards year end driven by real yields for the first time in five years and better growth defifferential. Those coming off a very low level. I love the fact lets give you the credit for these covid defensive, covid cyclicals. Two baskets we can think about should there be a spike in cases going forward. How worried are you about the increase in cases in Continental Europe and the effectiveness of policies taken we dont think the virus will be eradicated anytime soon but it will be better contained. What we are seeing will be regional for example in catalonia and spain. We think there will be lockdowns. So there will be pressure going forward. Currently, we are in an upward growth we think looking forward, that pace will decline slidely. First there will be a need for ongoing social distancing. Rebuilding their confidence levels slowly. Thirdly, manufacturing supply changes will be rebuilt. Those will be legacies of the covid virus. That said, we do think over the next 12 months, we are likely to see a better outlook for a vaccine. Possibly a cob contain of several that would help to suppress the vie res thank you for joining us. U. S. Secretary of state mike pompeo has threatened sanctions on russia and china. Threatened to reinstate penalties on tehran. It will be difficult with the legality of the move due to the u. S. And russia says that imposition by the u. S. Is absurd those comments coming from interfax at this point talking opec and its allies. Concerns over Global Demand levels lets get out to dan for more on the meeting and perhaps the round of applause that the russian leader received. Thats right. Alexander novak attended this meeting and received a round of applause he was recently diagnosed with the coronavirus and said hes in high spirits and feeling fine. What we heard was that they are quite optimistic from the outlook from here. Over the past three months, market fundamentals have improved they are very encouraged by the draw downs this market remains extremely frag ill. It was the soundy minister that said producers in that group like iraq, nigeria and afghanistan will have to do more under this agreement we have to take satisfaction from our achievements. But work still needs to be done. I urge you all not to relax the efforts of the past three months because this endeavor will be with us for until the april 22 and maybe more no policy decision was made at this meeting. That is likely to become later on the Production Cut accord that was at 97 in july. Its clear saudi arabia and others would like to see that higher in the future as this deal progresses into the oil markets which had been mostly flat over the past eight weeks well squeeze in a quick break and be back to spend a lit more time talking small or Medium Sized Companies a new Study Suggests that smes have outperformed their expectations well talk about some of the challenges ahead for the sector. Evony top five troops arab archers eagle guards dragon cavalries ninja warriors champion cavalries who will you choose . Make friends and conquer the world. Evony the kings return download now evony the kings return lookentertainmentour experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Welcome back, Hotel Group Accor working. In favor of a deal but the ceo so far has held back making contact. A merger which would create the Biggest Hotel group ahead of marriott Frasers Group has reported a 20 drop the owner of the British Retail Group such as Sports Direct and house of fraser says it is now focused on offline offerings they say they are oopt mystic with respect to the pandemic the Scientific Community are important to combat the affect we have to look out the window to see people running and biking all the time we feel confident. Barclays say the business fairs better during the pandemic, forecasting a return to normal. The founder of a Small Business support Group Enterprise nation. Good morning to you. I dont want to understate the degree of pain of the Small Business community we have felt here yesterday, we talked about the risk now to the significant financial distress what is your reading of how well the smas are negotiating the period yes everything we are hearing is that they are greiowing. Barclay card are in quarter three. These quarter three results are looking pretty good. As you say, Small Businesses have outperformed. Down by 14 . It is still not going up or down asanticipated. That optimism is bring back that confidence to spend and keep that growing in trading . How do they keep that capital growing in this sector according to how exposed they are to the lockdown absolutely. Weve seen that businesses that were selling online before the lockdown have done well. Those in hospitality have had to shut up shop and not done well youll notice 50 billion in funding have gone out quickly. Theyve led to 22 million alone so there is a lot of businesses to rapid cash. The lockdown in the Small Businesses saying, where do i get my money from. A move back to business. The businesses now saying i took on that loan and debt. Ive got to pay it back and those payments start later this year and next year i need to get my customers back and start to get the pay back. Businesses are aware of what theyve borrowed to get back to the need talking about the risk from the second round that may be consumption slowing as people continued to lose their jobs how well positioned are there from higher levels of unemployment or a second wave of the coronavirus later in the year not what anybody wants but one thing you can say is many of them have very quickly adapted if they did have to shut up shop, theyve quickly gone online to make sure they are still in touch and can get product and still take customers money if they were further restrictions on trade. Further businesses have gotten themselves in a better shape they are in a better position and said theyll do more on line so hopefully theyll be able to deal those people who have lost their jobs and looking to the year and thinking about a profound lifestyle change is this a good time to think about starting up a business im glad you asked the question we are seeing what we think could be a startup boom. In june, it was a record month for the formation. Reporting the highest number of companies being performed. The companies that lend to startup have seen a couple of months starting a business are up 75 so absolutely, people are thinking if im going to be made unemployed, is this the time to get going and is this a good time to start . Recessions are amazing times to start businesses there can be gaps in the market. They can be cheaper to get assets people are clearly taking on board that, yes, this is a good time to start. They are starting out slowly and seeing there could be record startup rates in the next couple of months. Thank you, emma jones. We wish you the best if you are one of those people starting down the entrepreneurial path. Still to come, alibaba earnings amid the rising tensions we have a preview when we come back im Geoff Cutmore with Julianna Tatelbaum we need to tell you about the headlines. Steep declines in european headlines. Following asia into the red after issuing a gloomy forecast and action in september. Wire card is out and delivery hero is in shuffling members to remove the Payment Company in favor of a takeaway business that has seen a surge in sales amid the lockdown well speak to the cofounder and ceo. Apple becomes the First American company to reach a 2 trillion market cap and now makes up more than 7 of the s ps total value after its massive rally this year. Kamala harris accepts the nomination for Vice President telling the convention that income tension of trumps presidency has left people feeling afraid lets fight with conviction lets fight with hope. Lets fight with confidence in ourselves and a commitment to each other to the america we know is possible lets get a check on European Markets and trading session. We saw a softer close in Meeting Minutes where they were published. The main benchmark trading lower. Every region, every sector is trading down so far, ba hit down about 2. 8 . We yesterday saw a rally in the bank a little catch up trade happening today with the banks giving up more recent gains than other parts of the market. Lets look at treasuries and how we are trading today yield caps were not on the target horizon a bit of a wobble with the s p and the nasdaq highs it looks as though the selling pressure is down side and weaker trading we are seeing in europe. Apple has become the first u. S. Company to hit a market cap of 2 trillion doubled its valuation in just over two years having already passed saudi aramco as the worlds most valuable company back in july ali baby is to release results before the bell. Revenue boosted by an increase of Online Shopping amid the pandemic but the chinese tech giants outlook could be weighed down by rising trade tensions. Lets get the latest alibaba is widely expected to benefit from Online Shopping during the pandemic. The online giant is expected to have generated 21 billion u. S. Dollars, up around 30 on year analysts point to a midyear Promotion Event in june. And an analyst said the company was already seeing volume growth similar to precovid19 levels there are concerns, the usual suspect of u. S. china tensions President Trump has hinted that more Chinese Companies such as alibaba, tiktok, bytedance or wechat might come under washington bans or business limitations. There are questions over chinese retail consumption power the retail sales dipped when a growth was expected. That was the seventh straight month of decline alibaba shares are up this year. World trade organizations outgoing president has told cnbc that wto is currently looking to find solutions for e commerce regulation but that u. S. china trade tensions make it difficult to avoid fragmentation in the internet space we cannot ignore a lot of these tensions are political in nature it is not economic it is not about trade or geopolitics. Sticking with the topic of trade, Commerce Ministry has announced trade talks with the u. S. Is due in coming days after negotiations were postponed. Inexisting this was due to a scheduling conflict rather than rising tensions. President trump to block any deals from china in the deal with tiktok in the u. S i think he probably would like to deny china some of the proceeds of the tiktok sale. It is not something that has been done in the past. It could be done now ill leave it to secretary mnuchin who will be running the books on that deal well see. Tiktoks manager in the u. S. And canada has told the today show the company is confident after the longterm future in the u. S. After being asked if it possesses a security risk. No. We are not a National Security threat weve said that time and game. We have a Security Team in the u. S. Which is world class. It matters less what i have to say and more what the experts have to say. We saw the cia come out that did their report and said we are not a National Security threat and australia came out and said we are also not a National Security threat and they are not doing a ban. I still find it interesting that larry kudlow suggesting here that the u. S. Government should be a side player on any transaction that they force tiktok to get involved in. At what basis should the u. S. Be taking a slice of the action i totally agree with you. Pushing back saying this doesnt sound like a tactic or setup you would see in the United States it is more like something youd see in venezuela he didnt take the bait there. He reframed from giving a strong view it would be unprecedented. It is interesting to see this is becoming a twohorse race of potential acquirers with oracle getting in the mix alongside microsoft. We know the ceo of oracle has expressed support for President Trump and President Trump has stressed oracle saying it is a great company. A lot of politics here and it will be an interesting 80 days now until september 15 Kamala Harris has accepted a nomination being the first black and asian woman. She accused President Trump of failing to address the pandemic. Donald trumps failure of leadership has cost lives and livelihoods. If you are a parent struggling with your childs Remote Learning or if you are a teacher struggling on the other side of that screen, you know what we are doing right now is not working. And, we are a nation that is grieving grieving the loss of life, the loss of jobs, the loss of opportunities, the loss of normalcy and, yes, the also of certainty. Joe biden will headline the last night of the dnc today where hes expected to formally accept the democratic nomination for president. Getting to tracie potts who joins us from washington there is a lot riding on this. What does joe biden need to show potential voters today well, he needs to do a couple of things. We heard the allout attack on President Trump from president obama and others yesterday joe biden is going to have to go beyond that. Yes, he can certainly point out the failures of the Trump Administration but what weve been hearing is that people need a clear vision with details of where he wants to go how he wants to fix the economy. How he wants to deal with the coronavirus pandemic what he wants to do to restore faith in america worldwide the thinking here is that he has to do more than say the Trump Presidency has to work and has to be more details and inspirational about how a biden presidency would go beyond that. Some of the themes weve heard were more progressive themes on issues you heard Kamala Harris talking civil rights and women sufferage. Tonight, the focus is on joe biden accepting that nomination and beginning to lay a path for his candidacy for his team between now and november 3 thank you so much let me point out that tracie is in dell, not washington. Coming up, when frankfurt needed a hero, they delivered. Delivery hero. Well be speaking to the ceo after the break. Stay tuned look here, its your very own allinone Entertainment Experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. Chancellor Angela Merkel says germany must reinstate debt break rules as soon as possible saying the limit of borrowing should be suspending already dropped it this year amid the pandemic. Reuters said there was still no agreement on the budget or debt policy shares in Global Fashion group are lower despite the online retailer posing positive earnings the singapore based company told cnbc the virus has encouraged many customers to try Online Shopping for the first time. We are going through the influks of e commerce shopping around the world our market in terms of 300 million annually last year were only at 6 online penetration. So that is very different. We are at early stages about 10 years behind those more developed markets. So we really see this current period which is driven by the pandemic as a period where a lot of customers try out e Commerce Services for the first time. We are benefitting from that trend now being accelerated. Delivery hero has been included in germanys blue chip dax. Benefitting from a surge in orders from a lockdown, prompting it to raise the fullyear revenue guidance it has been a strong run relative to the market since the beginning of the year. Major beneficiary for trends we are seeing from the lockdown the ceo and cofounder joins us now. Great to have you on the show again, a big day for your company. What does this mean for you . What opportunities do you see now . It is an honor to be part of it but it doesnt schang our strategy of course, it is very honorable to be part of that index i hope there are more Tech Companies coming in. Now some would say your in collusion to the dax is a bit controversial because you have yet to turn a profit what would you say to these critics and what can we expect you to turn out a profit we have already proven we can drive profitability. We have invented in europe and asia to the markets and population where we cover. We invest significant amount of money and the return the positive thing is if you look at the size now of the market, we start to go closer and closer to 100 million orders a month. We are growing at 100 we are at the size and scale when we return whenever we decide to. How exactly does scale benefit players in the food delivery business. How is that going to help you on your path to profitability you operate on a very slow margin the revenue that is generated is going to restaurants as well as riders after paying out the riders, we make between 7 to 9 for this small fee, maybe 70 cents up to a euro we have to cover marketing, sales, Customer Service and overall finance. With more orders, we get more of those small fees coming to us and that will cover the marketing expense and service. I know you are not an operator here in the uk but weve just seen 35 million cover on this eat out program. Do you think there will be an impact on delivery as People Choose to go back to restaurants . I think most important is that the eco system is healthy i hope people start to go out as opposed to order in. We are seeing more customers try og service i generally dont think theyll stop ordering food for home. In addition, theyll also go out and eat at those restaurants we do not expect it will be a negative drive for us. The inclusion in the dax raises your profile again. It gives you a little bit more ammunition should you choose to go out there and look at acquisitions very much a focus for the sector right now. Is it changing your thinking at all about raising cash or using equity to go and make more acquisitions we have had a very strong Investor Base in the past. Woe were always able to do this. I think what we are seeing is there have been large transactions for us, that makes a little less sense. We are big believers in stock and at these levels where wed rather invest that money or driving our own business forward and ordering our growth at 100 because we are investing our business rather than borrowing at scale just give us a quick snap shot on Current Conditions any change where we were business has continued to do very, very well in all regions the most positive is that we start seeing a come back where we took a hit during covid where we saw strong lockdowns. We see this is slowly coming back to normal overall, we are happy with the development and think it would be a good quarter. Lastly following up around consolidation. You are not interested in making any big acquisitions yourself but the industry has been console i h consolidating. What has been the impact for the players . Everyone has driven to scale on our business. Most going to the riders and the rest that is good we need a lot of scale to drive profitability. These transactions help to get the scale overhead i think in general, this should help for the platform players. I think it is generally a good thing for consumers, riders, restaurants and companies. Congratulations and thank you for joining us the ceo and cofounder for delivery hero which finds its way delivered into the dax lets focus on futures the picture is europe is weak at the moment we are down 1. 5 across major changes. Was it the fed that spooked the markets or were there other reasons for the opening implied . Well talk about it more stay with the channel from julianna and myself. Stay with the program, you are watching street signs. Look here, its your very own allinone Entertainment Experience xfinity x1. Its the easiest way to watch live tv and all your favorite streaming apps. Plus, x1 also includes peacock premium at no extra cost. This baby is the total package. It streams exclusive originals, the full peacock movie library, complete collections of iconic tv shows, and more. Yup, the best really did get better. Magnificent. Xfinity x1 just got even better, with peacock premium included at no additional cost. No strings attached. It is 5 00 at cnbc Global Headquarters here is your top five 5. Wall street tries to get back to territory after comments from the fed stall the rally. The 2 trillion mark apple becoming the First American company to hit that cap. Senator Kamala Harris making history as she officially accepts the Vice President ial nomination and