Tells cnbc his government is opening an investigation into a report that there is a plan to devalue his countrys currency. Nobody will be happy about this but the good thing is they will not succeed. Qatar is an open economy benefits and rewards dont pay off for sodexo revenue and profits came in shy of expectations sending shares down in paris. Better news for bouygues shares hit highs not seen since 2008 as the Company Increases its gins were roughly an hour into the trading session in europe. Its ban deen a difficult coupl days in the u. S. The oil sector has been weighing in on stocks in europe, things are broadly shifting to the green. Theres a broad sweep towards the most positives for most stocks in the indices. That points to a stronger day for the Overall Index up 0. 4 . Now, just some of that has been led by the stabilization overnight that we saw in some of the asian indices. As you can see, the nikkei posted a strong overnight session, up 1. 5 shanghai a little bit weaker, but, of course, some Strong Performance in the hang seng that was led by the chinese tech group, tencent, which posted strong numbers for the quarter lets look at how european individual indices are looking this morning ftse struggling a bit, just below the flat line. I should tell you carney is speaking later today we have retail Sales Numbers coming up in about a half hour i should tell you retail sales has been a focus in the uk as we saw recently the brc numbers disappointed to the down side. All eyes will be on how Consumer Spending will look up for the uk in a short while xetra dax up 0. 5 . Broad recovery green sweep behind me. Every single sector in the index is having strong gains Construction Material up 1. 3 . Thats led as we spoke a bit before, the french construction company, bouygues is doing well and posting strong numbers for the quarter. The auto sector up almost 1 on strong car registration numbers. Now, the finance minister of qatar has told cnbc any attempts to disrupt or sabotage the countrys economy will fail. His comments come after u. S. Based publication, the intercept, revealed a document that allegedly reveals a plan for the uae to wage a financial war against the gulf states. Cnbc has not verified that report qatar has opened an investigation into those allegations. The uae was not immediately available to respond to a request for comment. Willem marx joins us around the set. You were talking to the finance minister from qatar. Those are serious allegations and a complicated plot yeah. This document, the u. S. Based News Organization got ahold of it, shows the emiratis commissioned a plan from another entity that would set up an offshore fund, that yuf shore fund would then buy qatari bonds. It would hold qatari bonds already owned by the uae and buy credit dividend swaps assuring against qatari bonds at that point they would start transacting with other Financial Institutions not aware of what they were doing, trying to drive up the volumes in the bonds, so other Market Participants would say whats going on . This is strange. I think there might be something wrong here, lets sell off, so the prices would drop for the bonds, the yields would go up, that in turn was in theory going to put pressure on the currency. Because its pegged to the dollar, the qatari real, the offshore value would fall, the golf would have to start injecting its own currency reserves to prop it up that would prove expensive for a country already struggling and spending half a billion dollars a week on world cup spending so i sat down yesterday and asked whether news of this scheme made him angry. I say this is completely unethical, its against all international are you angry about it . Im nobody will be happy about this but the good thing is they will not succeed. Qatar is an open economy what theyre doing is misleading international investors. We said qatar has more than 190 nationalities living here, and countries are doing business in qatar, we all have economic and trade links. Once a country threatens to do this, that is unethical, against International Laws and against imf have they tried to do this . We dont know honestly, we put an official statement out immediately. We have said we will look, we are doing our own investigations here we will look at the numbers, look at the detailed information that we can if we can get any. And we will come out and we will be very honest we will take all the measures that are needed legally or pursue that to make sure those people are accountable to whatever action theyre taking against our economy. So far you have no concrete proof its happened . What we said is well have an internal investigation to look at all the information that is available, and we will come publicly and tell exactly what is there what would your message be to banks or final institutincial is think being participating in schemes like that. Im close to banks locally and internationally. If we look at where you stand on all International Banks, we do business with them on a very normal activity. I dont want to give a banks name or countries, because i dont have those types of information yet. All International Banks are working with qatar closely we have a lot of International Banks operating in the state so for us, business as usual exce and he says he thinks this crisis has been a turning point for the qatari economy because they found new trading partners. He said he will take all measures necessary to protect the economy. And how they brought liquidity back into the system we dont get the brooks bro s broken out for us. Some say this is bringing money back into the country that it needs to prop up the country why did the uae do this in the first place . They already cut off trading ties with them they have not done it yet, as far as were aware this is a plan thats according to reports by the intercept what is clear is there has been a huge amount of damage to the qatari economy we heard six months ago from the same man saying to cnbc every dollar of damage to the qatari economy, we will see the same amount of damage to the emirati economy. Thats not quite what happened why the emiratis would think this is a good idea, no idea sticking with the middle east theme, oil prices are steady following a decline from earlier in the week. Crude retreated from present highs as the iea warned of lower demand, but prices are supported because of opec holding the line on production. We are joined by arita we have seen a route in Energy Markets the last couple of days. Despite the activity weve seen going on geopolitically, what do you think major driver is here is it a function of positioning or more fundamental drivers at play i would say the move up to 60 was very much a fundamentally driven move. We have seen phenomenal demand through the last two years, particularly this year and supplies have been falling thanks in part to opec but also nonopec supplies have not risen by as much as people thought. Thats been justified. Since then, after 60, we had a flair up of geopolitics, saudi iran relationships have deteriorated as a result weve seen a significant uptick in prices thats the correction youre seeing now some of those geopolitical issues have not gone away, but a bit not in the lime line just y limelight just yet so you will see a volatile range between 60 and 65, but this is the new range for brent as opposed to the 50 to 55 a few months ago were coming up into the opec meeting at the end of this month. The expectation is that cuts will be extended into 2018 whats your view on that we do think the cuts will get extended into 2018 i think the market is becoming more skeptical about that because russia has raised concerns that maybe at 60, 65, u. S. Shale will grow a lot more strongly and so there are a few news reports out there about perhaps delaying the decision. Its not that they wont agree to it, but delay the decision rather than on the 30th november, delay to february and march. Because the current deal only expires in march you get more information about the inventory situation. We, however, think we will get a decision on november 30th. Because again, the stakes are h too high the market is expecting it if they dont do anything, the prices are expected to fall sharply. Clearly the market is expecting that extension and thats why were seeing bullish positions built up what happens after that . Once we do have the extension what will the market be preoccupied with then . Hopes for another extension or by then finally the market can sit back, relax and actually wait for the rebalancing to happen i think the latter, i would say. We have already seen an enormous amount of inventory draw down. Even right now, the october draw downs have been close to 2 Million Barrels per day. I would say were pretty much at the end of that big inventory overhang cycle we are pretty much on average levels now once opec extends, you have that out of the way we should be tightening through the course of next year. Q1, we will always build seasonality. After that we should be drawing. Then it should set us up for a tighter market opec wants to make sure prices dont go up too much either, but it should be a tighter market next year than for the last three years. There are always these wildcards. In the past couple weeks we heard iran potentially being one of them. That could be bullish for the markets. Im thinking whether venezuela could have a huge impact their production last month fell to a 28year low how risky are those two countries and events around them i would say iran probably less likely in the sense that even if there is a flair up, we dont necessarily see whether its true sanctions or exports in production being lost in any case, iran has struggled to raise production over the last six months or so. Iraq is probably a bigger issue now with the dispute between baghdad and kurdistan. We have lost a decent chunk, about 300,000 Barrels Per Day of volume from the north. Venezuela as you rightly point out, they are struggling default or not, their production is plummeting. The reason all of these become far more important is like i was saying, there is no inventory buffer left. Opecs Spare Capacity is lower thats why geopolitics matters if you think about the last three years, we hardly had any geopolitical premium in the price. Now because we dont have a buffer, geopolitics will matter more which can lead to more spikes in oil prices next year can i ask you about the divergence of news between the iea and opec opec published a forecast for next year indicating demand will be strong and inventories on the decline. Iea are signaling perhaps a demand from here forward will be soggy. Where is the disparity coming from between the two i think the iea is using a price elasticity model, where theyre basically saying because theres been a 10 increase in prices, thats why we see Oil Demand Growth slowing down i would have to disagree with the iea over here. I think the biggest thing theyre missing is the fact that the Global Economic back drop today is so much more supportive than weve had in 2011 to 2014 when oil prices were high. The consumer today should be able to absorb 60 oil its not a problem right now we are seeing phenomenal Oil Demand Growth we have been for the last two years. I think opec or i would say Energy Aspects views are far more in line with opec than iea. We continue to believe, even if high prices slows down oecd demand growth, nonoecd, theres a lot of slack in india, middle east none of them did well this year. They should do very well next year always a pleasure speaking with you thank you very much for your time thank you we brought up a good point, the same point to Neil Atkinson from the iea when they came out with that report that did shock the markets i guess in a way he talked it down he said our forecasts, i dont know what opecs forecasts are based on, this is just a small cut in the demand forecast so the market overreacted a bit . Maybe thats what he thought. Clearly the market saw the disconnect between the opec forecast for deman eas forecast. I think there has not been a lot of geopolitical premium built into the oil curve is something worth considering. Bouygues is trading at the top of the stoxx 600 after reporting a 37 rise in the ninemonth operating profits Strong Performance in the Telecom Business helped to drive profits. Forecasts for the telecom margins were also raised shares in French Services group sodexo are down after it reported an increase in profits but missed expectations on the top and bottom line. It says its Cost Reduction plan is on track and that it expects sales to grow in the current fiscal year. Weak margin guidance gave investors some pause shares in british land are trading higher after a rise in Net Asset Value for the first half the Property Company reported a 2. 6 jump in nav and maintains halfyear profit at 198 Million Pounds and announced a Dividend Increase of 3 british lands ceo chris greg explains the impact of brexit on results. Its been a busy period for us you have to try to focus on those things that are controllable thats what weve been doing we have seen some people slowing down their rate of decisionmaking, if youd like. But actually in the end people are taking the right space you can slow things down a bit what weve been impressed with, though we kind of expected it, was peoples willingness to commit, because at the end of the day they have to if you dont have an office, its embarrassing. Were heading for a quick break. Coming up, crisis in zimbabwe. President mugabe is effectively out of power while the army patrols the streets. The latest after this short break. D time to refinance . Yes Mortgage Rates are historically low. Get started at lendingtree. Com. The only place you can compare up to five real offers, side by side, for free. Our average customer can significantly lower their monthly bills. Quick. Beat the feds next rate hike. Do not miss this window. Are you sure you have the best rate . It only takes 3 minutes to find out. Go to lendingtree. Com right now. Welcome back the lebanese leader is leaving for saudi arabia for paris after accepting an invitation from french president emanuel macron. This following his abrupt resignation. How are deepening political tensions in the middle east impacting Business Confidence in the region lets get out to hadley gamble in riyadh for the latest im joined by the ceo of the iman Hospitality Group you are in dubai with some bigname hotels. Youre looking to expand yes were looking to expand. We are present in dubai only so far with 1 properties. Weve embarked on an Ambitious International plan we recently announced a big hotel here in mecca in saudi arabia 1,500 rooms. We have projects in tegypt, mam di maldives are you looking to europe and the United States . No, not specifically. The gcc remains our home turf this is where the bulk of our expansion will come. We are also looking at china and india which are Source Markets for our hotels talk to us about what happens in the region when you have the kind of geopolitical tensions that were seeing. Is that impacting the brand . In dubai we are extremely fortunate. Its a very Dynamic Hotel market the Hotel Industry, we go by revenue per available room so, yes, the Hotel Industry is impacted by whats going on around its a healthy sector. Its growing fast. Supply is growing fast also in dubai. We have tremendous prospects i think about expo 2020 and all these cultural venues that are opening, like the opera in dubaduba so a lot of good things are going on talk about what makes emarr hospitality different. We have mid market contemporary brands. We opened the first one a year ago. We are already at 4, with another 6 in the pipeline. Its a very informal, geny oriented brand based in cities we have vita hotels, our upscale brand, and address, our luxeky bra luxury brand in dubai. You are looking to expand in china. Stability is important to what you do yes dubai is one of the safest places on earth. We know this every day when you walk through the streets, go to restaurants, its extremely safe, extremely pleasant when i observe tourists wandering around in the city or on the beach, theyre very relaxed. Its a great place to be when you see something at the global forum so many young saudis looking to innovation and saudis as basically the way they want to leave what other plans do you have other than your mecca hotel for this country do you think saudis will be working in a hotel sector . Theyre looking to employ. We have a second project in jeddah, vita hotel saudi arabia is a big country for regional standards, with tremendous potential were looking at primary and secondary cities to expand were encouraged by the projects which have been recently announced. The red sea project. So, saudi arabia opening up for tourism. All of these are great trends and developments, which we want to participate in. So a lot of momentum behind what the crown prince is trying to do . Most definitely well hand it back to you guys in the studio that was hadley gamble reporting from riyadh. He seems to be unfazed by the geopolitical developments there. Definitely. The u. N. Secretarygeneral has called for calm and restraint in zimbabwe where president mugabe is confined in his home by the military the army has taken power as they attempt, in their records, to targ in their words, to target criminals who surround the president. It is thought that the military move was triggered by the sacking of