the eu s top court rules that uber is a transportation service, not just a digital provider the company says it won t change how it operates in most countries. enerthe innogy ceo resigns a profit warning and more pain for steinhoff, shares plunge again as the retailer faces a credit squeeze after accounting troubles. uber is a taxi company, so says the europeanjustice after a landmark ruling. the definition of uber as a transportation firm rather than a tech company means it will have to comply with european transport law and regulations in eu member states the app has responded by saying it does not believe the ruling will change how it operates on most of the continent and says it agrees to regulate services such as uber we are joined by peter woodhouse. does this indicate uber has to be taken off the road as you have indicated in the past i don t think it needs to be take be off the road it has to focus on regulatory requirements there are further wrangles dealing
performance in what is normally its weakest quarter. the slumping crude price takes a toll on oil stocks, which underperform the european market as investors worry an extended output agreement won t address the supply glut. less than 48 hours to go until the polls open for the final round of the french presidential election. as emanuel macron extends his lead over marine le pen. good morning. it is friday, but not just any friday. it s jobs friday in the u.s. more importantly here in europe, it is the last trading day and the last friday before the second round of presidential elections in france. that s all happening on sunday. let s look at the stoxx 600 and how it s doing this morning. it s off slightly to the tune of 0.3%. we re seeing a bit of a pull back as we see that drop in oil price really weighing on the energy sector. keep in mind these european markets are close to 20-month highs, and close to nine-year highs for the french equity markets. let s look at the
not a threat for the european economy. weaker crude prices also weighing on oil stocks. saudi s energy minister hints that the oil market may not need a producer deal to rebalance itself. a resounding victory for francois fillon. the second round of conservative primaries putting the prime minister in position to win next year s presidential election. and aberdeen hitting the top of the stoxx 600 after the value of its managed assets rises by 10% despite a net outflow of funds amid political volatility. speaking to this program, the ceo downplayed the impact of the u.s. election. obviously, we ve seen a temporary setback with donald trump being nominated as president, but i agree with the sentiment that great opportunity for 2017-2018. hi, everybody, and welcome to the show. very glad that you re with us for this full hour. we ve got a packed show for you, and indeed kicking off with some data just hitting our wires, the italian november consumer confidence figure 1
and margin calls are triggered over secession plans in the country. and japan s prime minister hailed this weekend s vote as an indication for economics. and paris taxi drivers stage a citywide protest against uber. you re watching worldwide exchange, bringing you business news from around the globe. let s get straight to our top story this morning. the ongoing hostage situation unfolding in sydney. these pictures recorded earlier show armed officers outside a cafe in the business district. a lone gunman is holding an undisclosed number of people but local media says about a dozen hostages are held captive. within the last few hours, the number of people seen running out of the building. earlier the hostages were also seen holding a flag against the shop window. tony abbott said the government s allegations are known but we ll see if this is politically driven. this is a very disturbing incident. and i can understand the concerns and anxieties of the australian pe
we have less than an hour until the close of trading. let s go to the breaking news desk where scarlet fu is looking at the action on the street. scarlet: the action was concentrated in the moment morning. there is some drama that has given way to a quiet afternoon. a sharp drop, and a recovery. we reached session highs about 90 minutes ago. we have since been drifting lower. the morning did feature disappointing economic data. an unexpected drop in consumer confidence for one, and another month of contraction in the richmond manufacturing. all of this is as the fed began a two-day meeting that concludes tomorrow. right around the time the data came out, there was report that iran s military seized a u.s. cargo trip. the pentagon denied the report saying the ship fired upon was flying a marshall islands flag. treasuries did fall with yields currently at session highs. you can see right there, the 10-year at 1.89%. the dollar weaker as well as we head into the final hour of