To the list. The head doctor for navalny says hes still unstable to move but says he needs to be evacuated for treatment abroad joe biden vows to restore the soul of america. In his closing speech of the Democratic Convention says President Trump has failed in his most basic duties in the nation the president keeps telling us the virus is going to disappear. He keeps waiting for a miracle i have news for him, no miracle is coming. Welcome back lets continue our focus on the pmi data the headline of the eurozone pmi. The economic recovery stuttered in the eurozone through august on the back of the pmi data. The flash composite down to 51. 6 from the reading of 54. 9 anything above 50 is still an skpengs but does express slowing. The new index dropped should be slightly concerning, i think as we continue to look for strong evidence the manufacturing pmi, 51. 7 from 51. 8 again, on these services, not as robust the ceo and chief Market Strategist at long view economics. Can i get your initial thoughts on this data it does feel as though we are seeing a deceleration on some of that Business Activity we saw coming out of the lockdown things have been bouncing extremely hard over the last couple of months weve had some minilockdowns and bits in europe and things tend to get overextrapolated in one direction. Being able to deal with that slightly higher currency i wouldnt deal too much into it it never goes into a completely Straight Line what do you think the match is currently between the Economic Data and the view on the European Equity markets i think more the data is shocking, youll expect more stimulus it actually worked well. In many ways, thats perhaps the greatest seriousness as well that time for the Global Equity markets is the day we get a vaccine and the day theyve felt we have done more and have done their job. Doing their case and it is interesting what we have seen this morning the knee jerk is down and slightly back from there in europe your result and strength in the equity market which is all good news for equities in the medium term. Chris, i want to focus in on the labor market in todays data we have seen Service Firms have cut head count more sharply than in july. You made an interesting point in your research that germany and france dont have a furlough cliff coming up because they vowed to support workers for longer do you think that could work to serve workers or hindering recoveries because they are keeping all of these employees employed in jobs that are becoming zombie jobs in the long term, it undermines because you are not getting the creative destruction. You end up with zombie workers that shouldnt really be there that transition is a bit slower. That Creative Production in the dynamic, highproductivity growth in the short term, that consumption didnt contract nearly as much where you dont have these unending furlough schemes. Short term is helpful and less in consumption in the longterm, it undermines the economy what does that mean for the second half of the year especially as we move to the winter months as experts expect the virus numbers to increase. Does this mean well stall a bit when it comes to recovery . Yes i think youll get a lot move lockdown there is a real issue here we are already seeing a pick up in cases in france, spain, croatia and the like i think it is going to be very challenging. It probably means more stimulus. In this current bizarre world where lowlevel lockdowns are good in many ways. The market which loves the liquidity and stimulus that keeps on coming. It is a concern. The quicker we get to the vaccine, the better. How much notice do we need to take of areas of rising stress on main street we talked about the program of rising levels of mortgage deliquencies credit card issuers are reducing the limits and seen a reduction in the amount of overall credit card debtors consumers are paying down their unsecured credit is this going to touch the sides when it comes to how the market feels about the overall recovery you nailed it the stress and distress that started to rise whether commercial real estate, office and retail and lodging and hotels where delinquencies are picking up quite sharp and of course where you cant pay their mortgage most now are under forbearance and it wont go on forever weve already seen things in commercial real estate the extent that this goes on for the masses and the longer the rat rates become an issue and the government extending forbearance and adding money to the system is what banks do to tidy up and credit card lines and so on. Is really important. It is kind of a race, if you like the governments keep on going and enough to go with. That might come and will come, no doubt do the governments pull back too soon we see a demand side global shop that had global recession. Those two are the crux of the global debate and stepping into the breach and money from banks tying up the global position something that needs to be watched closely over the next 12 to 18 months good to see you this morning so the race is on says chris i have to tell you, just to fit in with the narrative he was exploring for us as we saw some of the pmi numbers that really were not very good. The french number on the manufacturing side sub 50 means contraction we have continued to see a modest improvement if i walk to the wall, you can see the split between those in positive territory and negative at this stage. What about the breakdown of the markets . You can see the ftse 100 is the only market of the four major european exchanges in negative territory at this point. Regardless of what that number said in france, we are up. 3 . We have seen a rise of coronavirus cases in germany the dax is up and the real l laggard here is the ftse 100 and is sensitive to the direction of sterling. What about travel and leisure . We see the uk government beginning to talk about who else gets taken off the travel list greece is potentially on there, croatia might get removed. The market is refocusing on the whole idea of travel and leisure stocks we are bold across the travel and leisure segment in europe at this stage just to spice things up, weve had a little bit of suggestion around m a look at accor and intercon, we have reasonable gains. Continuing to focus on who will win in this game of m a pack man and which direction businesses should have to go in nothing like a little marchd a to spice the week up the u. S. Weekly jobless number new claims have unexpectedly risen after slowing in the previous week as 1. 1 million americans applied for unemployment aid but the total number fell to 14. 8 from 15. 5 million some economist are linking that rise to the end of the paycheck protection many Small Businesses have shut up shop since the special loan package ended with the majority to stay closed permanently a nightmare is developing on main street. Tens of thousands of Small Businesses are shutting their doors and the effect can we felt for years to come. The Management Company found Small Businesses, those with fewer than 500 employees are closing at twice the rate of bigger employees the gap widening again saying we are going to see a long slow bleed of Companies Going out of business along main street it is going to take 18 months for it to play out this down turn is accelerated in concentration that has seen Small Business on the decline. Taking market share from the small ones with ability to adapt and use new technology and cheaper financing with Small Businesses jacob from blueprint says all of our time now is being spent on forbearance agreements and helping Companies Avoid default. There is not a whole lot of new lending going on capital is off 70 to 80 and he thinks 30 to 50 of Small Businesses could shutter permanently. Yelp is already showing 59 of those businesses that closed in the pandemic have closed permanently and that number is rising coming up on the show, more travel restrictions. Find out which countries have been added ttho e uks quarantine list after the break. 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 . Welcome back Johnson Johnson has enrolled up to 50,000 people in a vaccine test pfizer and biontech are on track to submit their vaccine for review as soon as october. The latest number of covid19 deaths in latin america has surpassed 250,000. Brazil reported over 1,200 new deaths over the past 24 hours. In europe, france, germany and italy have all set a post lockdown record for new cases. France reported over 4,000 new infections a level last scene at the height of the pandemic and italy added over 800 new cases travelers returning to britain from croatia, trinidad and tobago and austria will face restrictions joining france and spain to join the countries to redirect examination instated from the uk quarantine list. The rules will no longer apply to those returning from portugal merkel and macron put on a united front vowing to avoid fresh lockdowns and border closers. France seeing 4,700 daily spike yesterday. Germany logged its highest number of new infections since april. Lets bring in our next guest, dr. Alexander edwards from the school of pharmacy. Thank you for joining us lets kick off on what is going on on the travel front there is a lot of uncertainty as to what things look like in the months ahead to what extent can travel safely open up the travel there is a big question whether we can reduce the twoweeks period by testing. Faster testing is undoubtedly beneficial somebody can get feinfected the day before they travel and not test positive for a week or 10 days and then become positive. You can see if you tested them when they travel, they are not going to be positive or infected a few days later you start looking into repeat testing. To some point, it becomes easier just to stick to Something Like a twoweek quarantine. The uk government is considering this twotest model similar to what we saw in iceland, which has been successful in that nation. One test taken on the arrival and north test taken a few days later. In your view, this system wouldnt work in the uk . It could work that first test in the airport is easy to imagine as people ar there waiting. Then, four or five days later, you have to remember to get tested it can be done it is still a difficulty thing to do. Picking up people who have tested negative in travel and a week or two later, it can be fully infected you are a specialist in vaccines there is increasingly in the surveys, evidence that even when we get a vaccine, people will be reluctant to take it there is concern about the speed of the development how do we put those peoples minds at ease and a solid takeup the crucial thing is transparency and information sharing and not trying to run things too fast. The more transparent the system is the majority of the system are open to evidence and debate. The more we focus on the evidence and the scale of the trials and be as clear as possible explaining how the trials work, people can make up their own minds. Every tool we have will make it easier to work with the virus. I was astonished to find even countries in france, over 50 surveyed said they wouldnt be interested in taking the vaccine at this point. Again, how does this affect the possibility of us moving to a different regime in terms of travel and using restaurants and so on if there is a large swing of the population still disinterested in taking the vaccine . Everything in combination will get us through. Thats what weve seen with Infectious Diseases in the past. Small pox was eliminated by the vaccine. A combination of Public Health tracking and testing, and vaccine programs but there was never a situation the whole world was vaccinated in one go. Vaccines are incredibly useful, they are a vital tool. But they are one part of the better health. People can try to understand how to communicate things clearly and fairly if you give people the information, they can make their own decisions then good to see you thank you for taking our questions. Dr. Edwards, school of pharmacy at the university of redding looking to complete another megatelecom deal well talk to sunrises ceo coming up in just a moment welcome back to street signs. Im Julianna Tatelbaum with Geoff Cutmore. The euro extends losses as the sector in germany and the wider block slows and the manufacturer territory dips into contraction territory in france. Travel stocks outperformed despite the uk governments move to add croatia to the list the head doctor for russias navalny says hes too unstable to move. Joe biden vows to restore the soul of america at his democratic speech saying President Trump has failed in his most basic duties to the nation the president keeps telling us the virus is going to disappear. He keeps waiting for a miracle i have news for him, no miracle is coming. The flash pmi numbers continue to come in. This is some Interesting Data from the United Kingdom. We saw germany and france disappoint now for the uk, the flash composite has come in at 60. 3. Services pmi for august has come in at 60. 1 also up significantly from july. Manufacturing also seeing a strengthening in recovery there. 55. 3 versus 53. 3 in july the uk firm seeing a sharp august upturn. According to what the pmis show activity gaining momentum in the month of august according to the flash pmi numbers. This is intriguing. Well have to wait and watch where the uk government can have the last laugh everybody that is critical and some of the data points in the latest staggered opening means well have a lower coronavirus cases Going Forward. It is very early in this story to be able to say that those looking at the pmi numbers will be encouraged at that view point because numbers seem to be lower than in europe well come back to this. To round out that impression that things are gradually getting back to normal here in the uk, retail sales grew by 3. 6 in july that a above prepaendemic level. Online retail fell by 7 but still is 50 higher than before the pandemic what does that mean for the retailers . Spenc spencer frasers, all of those around the pandemic showing better Growth Numbers are in positive territory this is against the overall trend of the uk market that is now below 6,000. So it gives you an indication of how the market is trading. Those retail data trading points public debt in the uk has topped 2 trillion pounds for the first time net debt now at 105 of gdp. That is the worst since 1961 the chancellor has warned difficult decisions will need to be taken in a bid to return public finances to a sustainable level. Nothing has moved in the latest brexit negotiations as britain and europe remain dead locked on key sticking points with the transition period between the uk and the eu running out at the end of the year. Well take a look at european markets about an hour and a half in to the final trading of the week despite the weakness, european equities are marching higher up a quarter a percent this comes after a fall of the main benchmark just over 1 . On the week, it was coming down on pace to break a twoweek win streak well see if they can recoup those losses that index is down about a third a percent. Lets look at the currency markets, the dollar index was down about. 4 on the week on pace for its eighth negative week in the last nine. We are seeing a little reversal of that. The euro and the sterling reversing. The euro down. 4 versus the green back, just over the 1. 18 mark looking at the futures in the u. S. Market. We are looking at a little weakness fairly muted moves investors awaiting the open. Nasdaq posting another record high apple closing with a valuation above the 2 trillion mark tesla above the 2,000 mark for the first time ever. Big moves for tech yesterday lets talk telecom the latest in a swing of telecom deals. Liberty is in the middle of merging the uk sib sidry virginia inmedia wants to create a strong rival with the open Market Leader swiss com good morning to you, why is this the right deal for your share holders. This is a new value 2. 8 million of value created a fair premium compared to the trading price. That is very effective and displayed by the amount that have been traded since the announcement and shows there is a strong interest intended with these shares the market has been dominated by swiss com they are very dominant in the fiber area do you think youll be able as a combined business to gainmarke share given how entrenched they appear to be absolutely. Sun rises with a drive of market gains. I think we have a good composition together if you ask about fiber the fiber foot print in switzerland is around 35 . Upc has a foot print around 70 . Offering the speeds. It is a clear edge in the vast amount of the area sunrise is offering the great 5g network which will allow us to give all swiss customers up to 1 giga bits each very quickly. Good morning. Thanks for speaking with us consolidation tends to lead in the restriction and on pricing moving forward. In switzerland, i would say the price levels have been increasing and benefitting not only from a lower price point and at a very strong quality of the product theyve been receiving in return. I would expect a Material Change to this structure and the position. Going from three to two would be tough even if it was allowed. Looking through the press release you issued you highlight the combined business would be strongly issues to the network roll out including 5g right at the heart of tensions between the u. S. And china europe and china as well how do you see 5g roll out in switzerland . Do you see the process held um it certainly doesnt help, we have started a large scale 5g roll out we have concluded to get to 90 coverage on the end of the year. Whatever comes Going Forward will have limited impact of that roll out as the vast majority of it has already been done let me ask you about the world post the pandemic. The focus has been thrown back on the last mile providers and Broadband Services because of working from home trends and other things people have done. As we come out of this, is there a risk towards what is becoming an increasing view of Telecom Companies and utilities that offer very little real Growth OpportunityGoing Forward how youll be able to offer higher levels of growth post pandemic first, i think the unique market share we have in switzerland. We have around 30 market share fixed in mobil i think there is an opportunity to grow in the market share we have secondly, a lot of up selling. We have a lot not fully emerged at this time that is coming from these businesses there is a strong opportunity to drive across an up sale of products thirdly, we are enabling new services, which were also wellpositioned to run from. What 5g can do, more devices are connected to the Mobil Network is one example there is plenty of growth in our industry Going Forward a lot of companies in this space, our own company included that have chosen to unite traditional telecommunications with some form of media expansion. What is interesting about liberty is that they sold down cable assets in germany and other markets. What do you think the Business Model will look like Going Forward. Is this the right direction of travel in a 5g world or should media and telecom never be put together i believe there will be a lot of partnerships Going Forward. There is new players on the ground coming from that space. There is a lot of fragmentation that could happen. Potentially bringing a platform. That opportunity is massive Going Forward. I think thats also that conversation could be for another day. Thank you for joining us from Sunrise Communications doctors treating the russian leader navalny say tests have not found traces of poison they say they have a full diagnosis but cannot reveal it yet. Aids are attempting to move him to germany a russian medic say it would risk his life. Richard angle has more on the story. The kremlins most outspoken critic and anticorruption speaker, drank tea in midair, he was suddenly very ill, mowning in ago any. It is suspected the tea was poisoned it is unclear if this image shows the poisoning. The doctor reported he is stable on a ventilator. It was reported he was poisoned in custody and he had green die thrown in his face hes been arrested time and time again. Many of putins critics have become ill or died another man shot and killed. Activist poisoned twice and survived another woman shot dead in her apartment. Another man had a radio active poison slipped in his tea and he died wishing him well and promised an investigation. Expressing support for protesters who say their russianbacked president stole the recent election. They plan to hold a mass gathering that could draw 100,000 or more. Belarus leaders could open a case saying the legal action showed the president there had, quote, reverted to intimidation following the contested election on august 9. The belarus Opposition Leader has called for strikes to continue and grow to force new elections in the country the United States has submitted a letter to the Un Security Council calling for the socalled snapback sanctions of iran and the extension of an arms embargo due to expire in october. Claiming tehran has been in violations of the nuclear deal which President Trump withdrew from in 2018 germany, france, britain and russia all notified the security that they would not enforce sanctions. Calling out allies for refusing to restore sanctions our friends in germany, france and United Kingdom all told me privately they dont want the arms embargo lifted either yesterday, today, they provided no alternatives or options no country but the United States has the courage and conviction instead, they chose to side with ayatollahs mike pompeo will join us later today at 14 30 irans ambassador dismissed the move as a power play adding that the u. S. Can no longer play a role in the deal this is nothing but political bullying media and confusion, the u. S. Wants to create selfarrogated right that does not exist. The u. S. Has no right because it has officially ceased its participation. Coming up on the show, joe biden accepts the democratic president ial nomination as he attacks President Trump over his response to the pandemic more after the break 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 Simon Pagenaud takes the lead at the indy 500 coming to the green flag, racing at daytona. Theyre off. In the kentucky derby. Rory mcllroy is a two time champion at east lake. He scores stanley cup champions touchdown only mahomes. The big events are back and xfinity is your home for the return of live sports. Joe biden has formally accepted the democratic nomination for president with a speech laying out his vision for the office speaking from his state of dell, biden vowed to help the country recover from the pandemic and struck out at President Trump over his handling of the crisis. Just judge this president on the facts, five million americans infected by covid19 more than 170,000 americans have died by far the worst performance of any nation on earth. More than 50 Million People have filed for unemployment, over 10 Million People will lose their Health Insurance this year nearly one in six Small Businesses have closed this year this president , if hes reelected, you know what will happen bidens address takes a question at President Trump. Donald trumps failure of leadership has cost lives and livelihoods. What we are doing right now is not working. I did hope for the sake of our country that donald trump might show some interest in taking the job seriously that he might come to feel the weight of the office and discover some rev rans for the democracy that had been placed in his care, he never did. A president s words have the power to move markets. They can start wars or broker peace. They can summon or better angels or awaken our worst instincts. You cannot fake your way through the job. Ive seen firsthand Donald Trumps disregard for facts and women specifically president lincoln honoring the great sacrifice didnt say it is what it is president roosevelt seeing a third of the nation ill houses and ill nourished didnt say it is what it is. America, donald trump has quit on you lets get to tracie potts from dell. Is he going to get a bump in the polls after this presentation . It is possible, we often see after the convention, well see a bump keep in mind that biden went into this convention with a bump of double digits he leaves now with a bit of a challenge. First of all, policy we did not hear a lot of specific policies in this acceptance speech. He did mention a National Mask policy democrats are not as enthusiastic of joe biden as republican supporters of President Trump are. That is something hell have to address. Getting out the vote make a plan to vote because of all of the concerns and changes with the u. S. Postal service, the postmaster democrats are worried that people will be disenfranchised and doing mailin balloting that their votes may not count. You heard that as a big message. Not only go out and vote but make a plan to do it very early. Tracie potts with us early in the morning from delaware. Republicans will pick off their own convention i am a brit, julianna, you are an american. This is a big deal what do we think well see in regard to the republican road show geoff, you raised a really good point yesterday around how leaders should be looking to the feature. He used the word hope several times and fear only one time i have a word, hope i hope you have a great weekend. Well see you monday morning ive Geoff Cutmore youve been watching street signs. Worldwide exchange comes up next you say that customers make their own rules. Lets talk data. Only Xfinity Mobile lets you switch up your wireless data whenever. I accept 5g, everybodys talking about it. How do i get it . Everyone gets 5g with our new data options at no extra cost. Thats good. Next item corner offices for everyone. Just have to make more corners in this building. Chad. Your wireless. Your rules. Only with Xfinity Mobile. Now thats simple, easy, awesome. Switch and save up to 400 a year on your wireless bill. Plus, get 400 off when you buy the new Samsung Galaxy note20 ultra 5g. 5 00 and here is your top five 5. Wall street looking to cap off its record breaking week on a high note as technology continues to shine restoring the soul of america. Democratic president ial candidate joe bidens message as he closes out the 2020 Democratic National convention a sigh of relief for uber and lyft in their fight to operate in the