The latest vote suggests the no count has taken the lead. Shares in ricardo trade higher despite a fall in profits. Chinese stocks hit a high as weak numbers suggest beijing will step up with fresh stimulus measures. Announcer youre watching Worldwide Exchange, bringing you Business News from around the globe. Good morning. Welcome to the show. Were just getting the report through that we had expected from the International Energy agency reporting that oil prices, quote, fell sharply in august. As we know, wti declines by 6. 32 to 96. 08. Brent down to 4. 79 to 103. 40. It says a slowdown in demand growth in the Second Quarter caused by a weaker outlook for europe in china underpibed those downward revisions. It said compared with a year ago, Global Supply was 810 thougs barrels per day. Referencing geopolitics, the iea said while conflijt in iraq and libya show in signs of abating, prices remain muted, that because of weakening demand growth and supply. We will be talking to the bnp senior Oil Strategist in did 20 memberships time. President obama outlines his plans to fight and ultimately destroy the group isis. The president says hes preparing the u. S. For a relentless war for syria. Hes authorizing and expanding air strikes in iraq. President obama is also urging congress to approve a program to train and arm Syrian Rebels in a fight both isis and the assad regime. This Counter Terrorism regime will be weighed to take out isil wherever they exist and using our air power and our support for partners on the ground. This strategy of taking out terrorists who threaten us while supporting partners on the front lines is one that we have successfully pursued in yemen for years. The president believes he doesnt need new Congressional Authority to expand the war against isis and no leaders have so far called for a direct vote on the issues. Hadley gamble joins us now. Hadley, in an interview with nbcs meet the press earlier in the week, president obama said one of the key ames of this speech was to make sure that the American People knew that the u. S. Had the capacity to deal with this threat. Do you think he got that message across . I would say, first of all, where has this president been . Hes very strong, hes coming across saying here we are, were going to do something 37 we have a sort of strategy. But we just heard him mention yemen and somalia. The last time i heard about yemen, it was a complete and utter disaster and im tauing about hearing from it from saudi arabia. They would know. What is america looking to hear from saudi arabia . Theyre going to hear we told you you so and we told you so big time. Unfortunately, i still dont see the diplomates that im speaking to, whether theyre iraqi, from the gulf or americans, theres no Clear Strategy. You cant say were going to pick the guys in syria we like. No one has been paying attention to the Syrian Opposition all of this time, including turkey. They pretty much dropped off the radar. So for me, im still waiting to hear something a bit better articulated in terms of where were going to go next and how were going to get there. Air strikes, that didnt work in libya. What are they going to do . Rain iraqi forces . They need a lot of training. Well have to see what happens next. The uk Prime MinisterDavid Cameron is very clear, he wanted to see a new Iraqi Government in place in order for any military action to have legitimacy if it was called for by them. Is that legitimacy lacking . In terms of the government, we know they put another government in place. These are wonderful steps for them. We know this is a good thing for the iraqi people. Prime minister maliki had a firm grip on power and it was shia dominated for obvious reasons. But its great that these leaders are saying we have to take care of this problem which they havent been dealing with for two plus years. Unfortunately, its going to be a long, hard blowing and that is unfortunately not getting articulated to the American People and to the world. They dont have a Clear Strategy that im seeing yet that is going to be effective. At this point, im still wondering. So far, markets have in general shrugged off issues in the middle east. More air strikes, does that make a higher risk to the market . I think barack obama went to this speech, was very reluctant to have any kind of position. I think this speech is very important. Its very important for u. S. Domestic opinion. Its a way to rally the support around him. In regard for him to be able to do pretty much what he wants in the region. I agree, we dont know exactly what you will do. Strike from the sky alone will not solve the problem. You have to look at the roots of the problem and you have to make sure that you solve it. Right now, if you look at the oil price, we dont see a lot of big impact. I think all in all, it might be better for Companies Like kurdistan. Will, thank you very much. Hadley, thank you very much for joining us. Im sure well hear from you more a bit later, as well. So lets give you an update on markets, you who theyre trading. Theyre prodly flat, as you can see. The stoxx 600 was up more like 0. 4 . Its now up about 0. 16 soever today. Interesting to know where this slight strength is coming from. Perhaps its because of a strong close in the u. S. Yesterday and a decent return in asia overnight. The ftse 1 is 00 is back flat. It was slightly up earlier, partly getting a little bit more confidence, perhaps, from the possibility of a no vote from that latest poll, which well talk about a bit later. But lost that momentum and is down now fractionally. Germany is possibly up 1 . That inflation data that we had out earlier, 0. 8 for august, broadly in line with expectations. Not a strong inflation print, but not worse than expected. France off 23 basis points. Italy just below flat. Individual stocks, morrisons is up fractionally. It had been up more in earlier trade. Thats holding on to slight gains despite a 51 slump in fist half profit. Rbs up 1. 23 after the bank said it would relocate to london from edinburgh. Kellough joins us in two minutes time. Ashmore is taking a hit after a dip in full year profit. The manager the said performance was largely to blame for that. Its off 6 . Air france is off 2. 7 . Shares flying near the top of the stoxx 600 after the carrier pledged to boost core earnings up to 10 by 2017. Lets move to bonds. Yesterday, the u. S. Treasury yield did tick up to 2. 5 the 3 . Its settled down at 2. 51 today. That was following a significant 21 billion tenyear auction. That followed a significant auction, a threeyear bond earlier in the week, a threeyear bond did touch a twoyear high in yields. This tenyear is around roughly a 10month high at the moment. That pulled bond yields up elsewhere. Germany, 0. 98 . Gilt in the uk have picked up again recently, linked to the u. S. Moves, but the risk of Scottish Independence, 2. 48 . Italy, 2. 238 . Forex is very volatile this week. These figures today dont tell the whole story. But the u. S. Dollar has touched a sixyear high against the yen, a 14month high against the euro and a tenmonth high against sterling in recent days. Slightly flat now against the euro, but still below 1. 3 . Against the yen, 106. 8el 5. Against the aussie dollar aussie dollaraussie dollar, aussie dollar,. 9157. So weve had slightly better news for the no campaign, but still a tenmonth low against sterling following the moves in the last few days. Now, lets check in on markets in asia. Sri jegarajah is in singapore for us. Let me start with the china data. That was the big theme today. We got Inflation Numbers on the consumers side and on the factory gates, as well. And very tame they were. And this builds the case that theres more room before the pboc, the most to maneuver was calibrated stimulus measures. No big bang here. Premier league has been categorical about that. So we saw an initial rally on the Greater China market, that they have given up the ghost right now towards the close. They are in negative territory. Standard outperformers, the nikkei 225, looking at eightmonth highs here at the settlement, closing in on 16,000 and thats thanks to the weakness in the japanese currency in the yen. So were still very much in a strong dollar environment as we head towards the fomc. Back to you now. Sri, thank you very much. As sri just mentioned, Chinese Consumer inflation fell to 2 , weaker than indicated. Neutral Monetary Policy starts were blamed for the decline. Eunice at the World Economic forum is joining us. Hey, wilfred. Just talking more about those Consumer Price numbers, what were seeing is quite a bit of slack in the housing market. And thats filtering in to Consumer Prices. Theres, theres a lot of discussion about how excess capacity is weighing on industry here and that filtered through to producer prices. Now, all of that is just more evidence to the weakness in the chinese economy and one of the reasons why weve been hearing a lot today about how chinese the chinese slowdown poses a risk to the global economy. Now, we also heard from the chinese premier who spent some time at the World Economic forum here to really try and reassure some of the Business Leaders at this high profile event. He was talking about how the economy is doing just fine, that its on track to hit its target for the year of around 7. 5 . Also, he was talking a lot about the reform effort that the country has been pushing through those reforms and that it would be able to avoid a hard landing. Wilfred. Its this weaker inflation and, therefore, talk of mormon tear easing, comes at a rather bad time for the premier league cup. As he said yesterday, the 7. 5 would be hit not because of strong economic stimulus or easing Monetary Policy, but because of these vigorously promoted reforms. So the print today and what the markets are doing suggest that he wasnt really telling the truth there, that monetary stimulus is needed in china. Youre exactly correct, that there appears to be a disconnect. But i think that just picking up on what sri had discussed before, we do not expect to see a big bank when it comes to stimulus. But what the market has been talking about is that we could see some more measured, targeted clans in order to help prop up the economy. But there is a lot of concern that the leadership has been dragging its feet on reform. The chamber of commerce issued a report saying they thought the reformest was too slow and that it was too cautious because it has been about a year since the leadership did announce its Major Economic reform plans. And they said a lot of these reforms just havent been meaningful enough to their tastes. Eunice, thank you very much. As you say, they still have a very long way to go with chinas reform plans. The Portfolio Manager with still with me. Yannick, in the face of this, do chinese equities look attractive . I think its okay. The economy will struggle to grow to 7. 5 , there will be some stimulus. It was not based on construction. But all in all, there is some value in the chinese stock market. Along with that, we had german Inflation Numbers. That was weak as expected. Do you think europe is moving into a japan like scenario . Greece was slightly better or in line with the negative results. All in all, we have not yet in a deflation by europe. They have been, in fact, obviously, against sayings in russia. There is no sign of inflation, no sign of wage inflation, as well. Coming up on todays show, could mcdonalds, be branching out for lunch . Find out when you can get your hand on an egg mcmuffin later in the day. And we look ahead to lululemons numbers and see if todays work will be enough to energize. Does sxorts wear have to be fashionable . Which brand do you wear when you work out or should we be focusing on the exercise rather than what they look like . Get in touch with us. Still to come on the show, its time to numr o cf retailer post aed bag of earnings. We break down those figures after the break. Rbs has confirmed it would move headquarters to london if scotland votes to become independent. Rbs, which has been headquartered in scotland since its formation in 1727 has pledged to keep a significant presence in the country. Helia, a little bit of respite in the latest poll for the no campaign. Do you think the tide is turning back and well get a no vote next week . Well, i think you shouldnt get carried away with the new poll. The tide isnt turning. In fact, if you turn the other way, if you look at that poll, even though the no voters are ahead according to the latest data, you actually see a swing from undecided to yes voters. So the trend still remains that those undecided voters are saying that theyre going to look at a yes vote for a separate scotland. Yesterday, we had the governor of the bank of england in front of british mps in front of westminster saying the bank of england has a contingency plan and hinting that if southern scotland would need to raise as much as 130 billion pounds worth of foreign reserves in order to be a credible, independent country. And this is even without the back stops of the bank. What we heard is you were referring to rbs. This is a massive deal. These are both taxpayer banks. I think a lot of us have known for a while that it would be impossible for those banks to stay in scottland without the backing of the bank of england Going Forward. Last night, government came out, treasury said in the case of a yes vote, both banks would have to be relocated and that is because the bank of england would teed to be the lender of last resort. And what we heard about rbs, 11. 500 in scotland. Its saying it will put its plaque in london, but a significant number of employees will remain in scottland. Thats quite important. Brilliant, helia, thank you very much for that. Well be talking more about the implications of that vote and particularly in terms of the impact on sterling later in the show. Morse yops is fractionally down, 0. 6 . The group said the cut was largely due to price cuts made to offset competition from rivals. Shares trading higher despite posting a fall in average weekly orders, up 2. 9 as we speak. Home retail, the operator of home base, likeforlike sales at both stores increased. Retailer next on the rise despite profits of over 19 . The group maintains its full year forecast. John lewis reported a rise in profits. Department stores helped pick up the slump. Yannick, morrison shares up initially on this result. Thats despite a fall in profits. Now, just below that, what can you take from those results . If you look at the results, to defend likeforlike sales down 7. 4 . Nevertheless, easing by 5 in dividend. And i think thats the main thing. Right now around 8 , it was very late in restructuring. They are very late in the loyalty card. I think they will introduce it by christmas. Theyre late for the convenience store, but agreeing to that. So the dividend is a way for you to pay to look at the results, in fact. But a dividend of eight surely feels the intrimt must expect the map part of the dividend will be cut later in the year . Well, i think thats off. It is very possible that they would be able to maintain the dividend. You have to keep in mind, for example, you have a quite large real estate portfolio. They just started to sail in this buyback some of their real estate posts for you. They can do, they can court you to do it and it will be beneficial for the cash flows. I think it shows you a bleak picture today for the uk retail. Absolutely, you said it. Morrison looks like dismal results underlying profits down over a half. But its not just the dividend. It was head of what analysts had expected so thats where you saw the slight pop. Remember, youve got numbers that came out from the onf. For the First Time Since records began in national statistics, so the price cuts that were talking about are hurting the whole sector and you know whats happening with tesco, theyve had to parachute their new chief executive. Very quickly, it looks bleak, even in waitros, which has been one of these Success Stories, you saw a decline. They pointed to the fact that theyve been investing in new store openings as a reason for this decline in profit. Overall, john lewis does well. But it doesnt look rosy for the whole sectors. The only thing we heard was the market shares are growth, the quality of the product, i think, is better and and the fact that those discounters, the chief end of the market are doing well, is that a bad sign for you in general . The possible income is not going up. Theres no way inflation all in all, the only thing you can do as a retailer is trying to squeeze. You talk spain. But the market is not, as well. Still to come on the show, time to talk apple again. Will the watch be a real game changer . Plus, how are retailers getting ready to roll out the iphone 6 . Well discuss after the break here on Worldwide Exchange. We needed 30 new hires for our call center. Im spending too much time hiring and not enough time in my kitchen. [ female announcer ] need to hire fast . Go to ziprecruiter. 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