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tv   Street Signs  CNBC  October 6, 2017 4:00am-5:00am EDT

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welcome to "street signs." i'm carolin roth these are your headlines a parliamentary session is set for monday after catalan separate cyst ists say they wou the meeting to declare independen independence one bank is moving out of barcelona and another is considering taking staff out of the region. unilever puts its $8 billion
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spreads business on the table amid rumors three private equity players are taking a bite. good morning thank goodness it's friday it's been a bruising week for the spanish equity markets before that, i want to show you how the european markets are faring off a tad, 0.1%. we are pretty cautious going into the jobs report in the u.s. that will be very, very skewed number given the hurricane effect in the month of september. european markets one by one. we see a split picture cac 40 off by 7 or 8 points. the ftse mib off by 0.7. the xetra dax holding on close to those record highs we saw earlier this week. obviously i want to draw your attention to what's happening with the spanish market. the ibex is off by half of a
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percent again after it rebounded nicely yesterday it was up by more than 2%. and obviously we're focusing on the banking sector, we did see that recovery trade yesterday, but it was very fleeting yesterday we did see that relief on the backs of these companies moving or mulling a move of headquarters out of catalonia. again, they rallied yesterday on the news they were looking to move headquarters out of cat lo catalonia. sabadell said they would be moving vm i want to let you know that the spanish market up until
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two weeksago was one of the best performing regional markets within europe. and banca sabadell is among one of the best performing stocks this year. catalan's president, carles puigdemont said this moment calls for mediation, and the rajoy government has responded with a call for catalonia to return to the path of law before any negotiations can begin spain's king felipe said catalan leaders have acted irresponsibly. let's get out to willem who is in barcelona the key question over the weekend, will that special session on monday take place >> that's an important one the catalan acssembly hoping to meet month, and there would be a
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declaration at that point in time we heard from the constitutional court in madrid that the assembly will be nullified, that won't be a legal meeting people taking part in it could face criminal charges. this seat bets up a possible shw between police going into the assembly and protesters from pro separatist groups here in catalonia, including one who asked for a mass protest to protect that parliamentary meeting on monday. if you're a banker running a business here, if you're thinking about the stability, you're concerned about it. since 2015 when carls puigdemont came to power as the catalan president, and other parties formed a coalition there has beenmovement by businesses to protect against this eventuality. we're seeing some of those effects come into play we heard from banca sabadell yesterday that they would be moving headquarters. you mentioned caixabank having a
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meeting today as well. they have been in barcelona for 110 years. they are the largest bank in catalonia and the largest in spain. they may need to move their legal see the out of this region if they're worried about continuity and access to ecb funds. this protest on monday could be the reason why we see some violence >> what sort of violence do you think we'll see? on the same scale we saw last weekend when the referendum took place? we saw more than 700 people being injured. there was heavy, heavy protests against that sort of police presence against the backlash, and the full force used by madrid do you think madrid can afford to use the same kind of force again? >> one of the arguments from the central spanish authorities and the national police was that because the local police force here did not get involved in policing the referendum vote as they promised to do, they stood
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back, we've seen now some of their senior officers are standing trial down in madrid. they'll be in court today facing possib possible sedition charges. so the question is will the police force get involved in policing the assembly on monday? if not, we could see that same sort of clash betweennational police forces, the military police as well as the catalonian separatists. that's where we could see that violence >> willem, thank you very much for that update. we'll continue that coverage the coverage of the political situation in catalonia, that will continue throughout the morning. we have an interview with fernando sanchez costa, that's coming up at 11:00 a.m. cet. also want to show you what's happening in the bond markets and the effects of the clashes between madrid and barcelona this morning we have the spanish
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ten-year government bond yield up by roughly 5 basis points at around about 1.74. currently the print i'm looking at is 1.68 it's fallen back down. this is after catalan officials have said parliament will actually meet on monday. do e-mail the show the address is you can also find us on twitter, streetsignseurope@cnbc and @carolincnbc coming up on the show, cooking up a treat tanya breyer gets under the hood of jamie oliver's new lean, mean eating machine everything you're going to see is real t works. we have gas, fully working water. we got knives here spices spice racks. it all packs away. we have a living wall. it's fed with water. we can grow anything we want
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welcome back to the show ryanair shares are trading lower after the carrier agreed to raise pilots salaries in a move that's likely to weigh on margins. europe's largest airline by passenger numbers is seeking to address staffing issues which forced it to cancel thousands of flights earlier this month. easyjet reported record high summer sales as it capitalized on its rival struggles headline profit before taxes was forecast at 405 million to 410
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million pounds for the year. despite the good news, shares are down about 2%. after rbc said the outlook for the current year suggested pretax profits may have to fall reflecting fuel amongst other issues the european commission is continuing to ramp up the pressure on member states to collect tax from u.s. multinationals, particularly large tech firms karen is in paris where she has been speaking to the french finance minister about the situation. >> good morning. taxes are a huge issue in france you have a country that had a protest vote at the election, but missing out on globalization. you had low-cost producers bringing in products from other countries, that decimated industries the next wave is technology which also had the potential and impact of destroying certain businesses france has had the position
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where is the win for the state and country? they've been one of the european countries picking a fight with silicon valley trying to get some of the tax from the big companies across the world from the likes of amazon, google, facebook and apple you had this fight that's played out in the european competition commissioner's court the ruling against amazon has been quite key this week a finding that luxembourg lined the pockets of the company to the tune of 250 million in a tax break. france has been cheering the competition commissioner all the way with this finding. effectively hoping it will even the playing field. the problem has been the reaction from the americans saying this is 101 financial protectionism, effective american regulators have gone after european banks, this is a tit-for-tat game, where now european regulators are going after the tech titans. listen to some comments from the french finance minister as i asked him whether there was a got you moment for the europeans
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this week and how he felt about the ruling >> we have a huge challenge with the question of tax, the thing that i'm obsessed with the united states is not the case. we just wanted to have fair trade with the world we cannot explain to small companies in france, either that they're obliged to pay taxes in france, huge taxes, and other great companies, huge companies, like google, facebook, amazon, they can be in france, have their profits in france, make some benefits in france, huge benefits in france without paying any taxes to the french treasury >> fair trade or financial protectionism? >> it has nothing to do with
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protectionism. it has to do with equity with fairness. with fair taxation of all the activities we want google, facebook and amazon to be in france and europe, but we want google, amazon and apple paying due taxes in europe. because we cannot explain to companies, to our people that google and amazon can be in europe without paying fair taxes to europe. >> the americans -- [ applause ] the americans may have a trick up their sleeve. a lot of money is trapped offshore congress is deciding on tax reform in the next few weeks and months if that money is repatriated, doesn't that take away this honey pot that regulators have been going after
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>>. >> i don't want to criticize tax reform within the eyes i'm trying to introduce an important tax reform in france and i can tell you that it is not an easy task because when you want to introduce tax reforms, you are changing not only the tax system, you are also changing the culture. for instance, this is necessary now to reduce the taxes on companies, so-called corporate tax. you have to explain to the people that we are not doing that for rich people we're not doing that only for companies. we're doing that because we want companies to hire and to be an administration where we create more jobs if we create more jobs, we have to reduce the level of taxes on companies. this is a cultural revolution. we like revolution in france,
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but tax revolution may be the most difficult one we have to introduce in france. >> the finance minister there of france you can hear the conundrum, they want to reduce their tax to 10 billion euros next year, but they have to do that from spending cuts. so they have to raise the money from somewhere, so tighten the noose around companies that virtually pay no taxes to france for many, many years is quite an opportunity. so they have to finance the budget through some means. the other point is what's not answered in the question, there's about 1$1.2 trillion permanently reinvested by some of the big tech companies overseas to skirt around u.s. taxes. whether that money goes home or stays in europe does that mean that any difference to the regime where there's been increasing amount of fines from european regulators. if the money is repatriated, does it change the situation does it remove the honey pot or
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do the fines keep on coming? the tech companies have to find a way to service those bills there are natural questions if tax reform gets done in the united states and what that means for european regulation. i think the game is changing in europe where you can't have industries decimated by technology with no result for the state. you had too many protest votes here you have too much fragmentation of politics from the left and right. and you have now politicians saying we need do something to correct the playing field and trying to raise upon that will sustain our economies. at the same point also enticing some of these tech companies to start operating in their own country. you may recall the election, emanuel macron said he wants france to be the forefront of a technological revolution part of that is lowering the tax rate, getting corporations to be based here, and those who do to
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also pay their fair amount of tax in france. you make the decision s it fair play or financial protectionism? >> that's a big ask of mr. macron or anyone in europe thank you very much for that. the fed has warned that donald trump's tax plan could trigger high inflation, unsustainable debt and a return to subpar growth policymakers agree that the moves could be short lived ylan mui has details two big hurdles for tax reform are now out of the way. the house passed its budget for 2018 just about an hour ago the senate passed its version out of committee. this is important, because once they reach a final agreement on the budget, republicans will unlock the special rules that allow them to get tax reform done without any help from democrats. house speaker paul ryan trying
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to keep that momentum going with a visit to a maryland factory. he said tax reform is critical to helping american businesses build more, grow more, and do more >> get the rates down so we're on par with the rest of the world. and encourage businesses to invest in their businesses in america. >> reporter: ryan was referring there to the move toward full expensing in a tax framework agreed to by the white house and republican leadership. this is a highly controversial and extensive measure. already ryan had to scale it back to a temporary provision that lasts only five years that's justone of the many details of this tax plan that still need to be hashed out among lawmakers. we're not expecting to see an actual tax bill until after the budget process is wrapped up today was the first step in getting that process started but it is looking like there won't be a vote on the final version until early november that doesn't leave much time for getting tax reform done this year president trump will
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reportedly de-certify the iranian nuclear deal soon. an unnamed official said trump will announce a different nmore confrontational strategy the deal is supported by other world powers, though president trump blasted the iranian regime before saying he would make a decision on the deal shortly >> we must not allow iran to obtain nuclear weapons the iranian regime supports terrorism and exports violence, bloodshed and chaos across the middle east. that's why we must put an end to iran's continued aggression, and nuclear ambitions. they have not lived up to the spirit of their agreement. hackers backed by the russian government stole classified u.s. cyberdata in 2015 that's according to reports.
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the hack took place after a contractor put information on his home computer. hackers stole information on penetrating foreign computer networks and protecting against cyberattacks. saudi arabia is keen on the stability of the global oil market no surprise there. king salman made the comments in moscow he met with vladimir putin as the two leaders expressed their satisfaction over the developing relations between the two countries. speaking at an event in moscow, king salman expressed his hope for future cooperation >> translator: we're convinced that there are great opportunities to expand and invest by economic cooperation between our countries in order to create conditions for i investments and trade and economy that produce specific features of our countries in their interests, and in order to develop trade with the program, vision of kingdom, 2030.
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>> hadley gamble joins me to discuss this further it's obvious, this relationship is not just about oil. >> it's simple when you create a power vacuum in the region, you have the potential to realign the world that's what we're seeing here between saudi arabia and russia. it's not new it's been building over the years. we've seen a lot of promises of billions of dollars of investment from saudi arabia to russia something like $10 billion, of which $1 billion has been recognized the saudis need the russians for oil, they need the relationship for what happens next in syria they all understand getting bashar al assad out completely is off the table there's also the question over whether or not slaush can russi effective in brokering something with iran. wh
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wh >> what does it mean .. korea, at the same point you have to understand that these two strategies from saudi arabia are not necessarily conflicting. because at the end of the day there is a power vacuum in the region they understand russia is a major power broker there in terms of what happens next with washington, the bigger question for the saudis is really how far d.c. will let them go when it comes to the qatar situation. that's the big bear bug there. in terms of what happens next with russia. this is not necessarily going to derail anything that happens between washington and riyadh relationships. >> let me throw in another element here an element of surprise i'm not sure whether this will come as a huge surprise, we heard in the introduction that
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president trump will probably de-certify the current iranian oil deal what will saudi arabia do about this >> i think at this point in terms of that relationship, this is something they solidified in the early days of the trump administration they went to washington, they took the crown prince with them, there was talk about how saudi arabia is another strategic partner for the united states once again after eight years of barack obama they felt they were left out of the deal, particularly with going behind their backs and nek negotiating with iran and the united states. nothing that pruesident trump said in the past week is different than what he said on the campaign trail >> hadley, thank you new regulations may be on the way for bump stocks. that's the device used by the las vegas gunman to turn a semiautomatic weapon into an automatic one. holly jackson has the details. >> reporter: after decades of republican resistance on gun
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control, tonight a new narrow opening on bump stocks which lets semiautomatic guns fire faster. >> apparently this allows you to take a semiautomatic turn into a full automatic it is something we need to being look into. >> reporter: not just house speaker paul ryan, but one of the highest ranking gop senators, john cornyn. >> i think it's worth serious consideration. >> reporter: and the president himself willing to consider new regulations. >> we are open to having that conversation we think that we should have that conversation and we want to be part of it moving forward >> reporter: the wild card through all this has been the nra, silent since sunday's shooting today, surprisingly supporting stricter rules in a statement saying, quote, devices designed to allow semiautomatic rifles to function like fully automatic rifles should be subject to additional regulations, asking the atf to review bump stocks but in 2010 that agency determined the devices are allowed based on federal law meaning it would be up to
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congress to change that law from capitol hill that's where steve scalise is just back to work after getting shot this summer at a congressional baseball practice talking now with chuck todd. >> i do think it's a little bit early to stay people know what to do to fix this problem. >> reporter: in the house, a new bipartisan bill would ban bump stocks >> if i keep a constant forward pressure on this, it simulates full auto. >> reporter: until this week they've been seen mostly as a target practice novelty. legal now, but maybe not for long halle jackson, nbc news, the white house. we will go for a quick break. coming up, some conservatives try to topple the prime minister we'll get the thoughts of the lord mayor of london, andrew parmley on the brexit negotiations he'll join us after this short break. these birds once affected by oil
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welcome back to "street signs. i'm carolin roth these are your headlines the ibex hits a session low dragged lower by banco sabadell
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which opts to leave barcelona. spain's constitutional court steps in to halt a parliamentary session set for monday this is after catalan separatists say they would use the needing to declare independence theresa may faces calls to step down, but her closest aides rally around her after the troubl troubled speech. good morning if you're just tuning in, here's how u.s. futures are shaping up. a few hours away from this all-important friday is it still all-important when it comes to the jobs report? we'll see. the number today for september will be highly skewed to the down side because of the impact of the hurricanes. dow jones seen up by 11 points s&p 500 seen off by just a
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smidge the nasdaq up by 6 points, this is after the s&p 500 posted its first eight-day winning streak since 2013 the dow jumping 113 points in yesterday's trading session. moving on to the european markets, you're seeing a fairly mixed picture. the dax is up by 10 points the ftse 100 is pushing higher to the tune of 10 points the cac 40, the ftse mib, and the ibex 35 in spain also lower to the tune of 0.6%. obviously the reason here is the ongoing challenges and confusion around what's happening on monday, whether that meeting by the catalan parliament will actually be taking place when it comes to the fx markets, all eyes on the dollar today we expect a print of 80,000 and 90,000 the dollar a bit weaker ahead of that against the euro a touch stronger against the yen changing hands at 113. the dollar index is close to a seven-week high ahead of that
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data point sterling, we're looking at a print of 1.3067 against the green back close to a four-week low let's stick with that. a number of conservative party members have gone public with calls for theresa may to resign as uk prime minister former tory chairman grant chap says up to 30 conservative lawmakers are pressing for her to step down a number of cabinet ministers including home secretary amber rudd and michael gobe have come to her defense this follows theresa may's speech at the conservative party conference marred by a coughing fit, a heckler and a broken sign on her stage. let's discuss this with and drew parmley, the lord mayor of london do you think that now is the right time for theresa may to go >> absolutely not.
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we in the city of london are not political. we support whoever is in power, it's our duty to support government we would like to see stability and people getting behind theresa may to make sure we get the deal we need to move forward on the brexit issue. with her rather unimpressive appearance earlier this week, is it strong and stable leadership we're seeing wouldn't the party and country be better off with a leader who can really lead the country into brexit through the negotiations which have been very hairy so far? >> so far we've waited to so he a bit more clarity let me say i feel sorry for theresa may. anybody can get a cold, anybody can get a cough, a sign could fall off a wall, a comedian appearing with a 45. i prefer to focus on what the prime minister had to say. >> let's talk about those policies to me they seem like socialism light. why does she go into this fear why go this direction? >> all prime ministers need to play favor with their
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electorate i'm looking for more direction in terms of business i think you probably know i've been calling for clarity on the transition issue in particular >> when it comes to the transition period, that could be a maximum of two years, that's according to boris johnson he doesn't want it to go longer than that. theresa may in her florence speech said it would be at least two years. what do you, from the business community, which approach do you favor? >> we have been saying since the day after the referendum that we're looking for prolonged transition period. we've been hoping for a total of five years from the triggering of article 50. we need that to avoid the cliff age. we would like certainty about the transition period being extended before the end of this year >> yet at the same time, again, we have people like boris johnson who said that if we do not start the negotiations on future trade relationship before the end of this year, before christmas, we should go straight to the wto rules that's pretty extreme, isn't it?
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>> that's an extreme opinion that wouldn't suit majority of stakeholders we don't want to see a cliff edge we are looking for a gentle and stable approach into continuing trading with our european partners the worry for me is that if don't get that security soon, we may see some people deciding they have to leave london. that's not good for the economy, the country or europe. >> what's the biggest issue for your stake holders and the city of london? is it the transition period? the policies what is it >> we got three concerns at the moment transition is at the forefront because of the pressing need to decide something before we get to december. the other two things on our minds since the referendum came have been access to the union by whatever means, we know we will lose rights. that not only allows us to trade with europe, europe to trade with us. the third issue is people. we need people to come to london, the brightest and best, the talent magnet that london
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had always been. 270 nationalities, 300 languages spoken here every day. we need access to those people i would also like to think british people have access to europe >> many of the banks, many companies here have had to make contingency plans. many of them will have to move some staff to continental europe or to dublin, for example. are you seeing those plans are being accelerated because there's so much uncertainty about what the future may hold >> at the minute i'm not seeing that acceleration, but you're right, people are making contingency plans. shareholders, board of directors and regulators, i expect them to do so. so far very lit hall been triggered. jpmorgan have doubled their european presence from 500 to 14,000 lloyds of london was said to go to europe, in the end, they opened an office in brussels, ten have gone from london.
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>> you think fears about an exodus from london to continental europe are overdone? >> at the moment i'm fairly confident if we can get clarity on the transition deal, we will not see a mass exodus. >> is the city of london still a great place do business despite all of the vacuum that is supposedly existing in the political party? >> that is the case. i travel widely, wherever i go, the united kingdom and london are held in high esteem. london is number one global financial center >> thank you very much for your time now the puerto rican government's borrowing costs jumped after president trump warned the area requires a debt writedown. does this mean that puerto rican bonds offer a buying opportunity? >> reporter: puerto rican bonds took a nosedive on tuesday after president trump said he would
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wipe the debt cleaned. people have turned to the issue of the bankruptcy proceedings a amid the island's recovery we caught up with one distressed debt investor on wednesday who said it's risky, but cheap enough to look into buying >> puerto rico looks to be like a bad company with a bad balance sheet. it's hard to say that with the tragedy they're facing, but you need have growth, a viable economic picture to have anything work out in distress. we'll look, because they just got crushed. >> marccota pitched an idea at the conference of investing in the parent company of txu and luminet. he said the stock is cheap since it just emerged from bankruptcy,
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has a lot of free cash flow and no leverage. other picks were sony merca mercado libre and the short pitches for prospect capital and irobot as always, you can follow us on twitter, streetsignseurope@cnbc and tweet me at @carolincnbc it may be a friday, but don't forget to tweet in also maybe send in your guesses when it comes to the nfps. coming up, non-farm payroll figures are out today. we'll look into the effect the hurricanes could have on the data points this short break for your heart...
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it's the first friday of the month, so you all know what that means, the latest u.s. job numbers will be out. predictions for the report are all over the map as analysts disagree on how much impact the hurricane season will have on employment 80,000 is the consensus from dow jones. they're all over the place,
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ranging from minus 45,000 to 150,000. >> the most pessimistic to the most optimistic. i think it's difficult to evaluate how much of an impact the hurricanes of harvey and irma will have on the economic numbers. and so that's why this disparity that exists, and why the headline number forecast is so low. it's at 80,000 that's 100,000 less than the 12-month average for non-farm payrolls no one is expecting the number today to be too market moving. the volatility for today is priced at low levels i think we got conditioned at brushing off these numbers, especially give than today's is more of an anomaly most people expect the numbers to bounce back again once the reconstruction and rebuilding
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efforts kick back in the bigger thing to focus on is the average hourly earnings, which are the big topic of debate >> we have no inflation potentially. >> there's a little bit. >> not enough. >> expectations are for a 2.5% year on year print but then if there's an upside to price there, then that could really be market moving. >> all right let's bring in another voice stay around the desk if you will brett ewing from first financial services joins us from florida thank you for getting up early for us as we heard this will not ab market moving number today given the hurricanes do you think the wage number could move the dial here >> i think that the market will pay attention to the inflation rearing its head we don't see that as being a major market mover at this point. i think the markets are
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expecting a rate hike in december we're looking at -- if inflation is hot, we'll have a rate hike i think the two indicators we focus on, we think the fed is focused on is if the dollar is low, and the market's up, the rate hike will be on >> should the fed continue to ignore inflation as it has done in the last couple of months fed funds futures, they're pricing in 70% chance of that december hike actually going through, despite the fact we still don't have enough inflation around you say the two most important indicators are the stock market and the dollar that's not really the fed's mandate, is it >> no, it's not. the fed seems to be able to switch the indicators that they're looking at clearly they're saying they were at low inflation which was transitory they moved that to now -- they pushed it out to next year it will show up
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as far as full employment, we don't think the 4.3, 4.4 is full employment we think full employment is closer to 3.5 to 3.7 >> brett, there's only one hike priced in for the 2018 calendar year do you think that the market is pricing in a low hiking pro file because of some of the questions about who janet yellen's replacement will be next year? >> i think now they have the balance sheet unwind going the market is clearly accepting a december hike at this point. most of the fed, i think, we'll see a gradual rate increase next year, probably 3 at maximum at this point the market is very comfortable with both the balance sheet unwind and that gradual increase at this point. >> brett, what's the playbook for the fourth quarter as we entered it you point out in your most
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recent note the weak dollar will help the multinationals. will the market reward that? >> we think it will. we look at the market here as a lot of people are talking about overvalued, but look at where interest rates are, look at where the ten-year treasury is we expect the tax reform to go through here in the fourth quarter. we all think that, you know, if the dollar stays down, these market also keep going up. >> brett sh thank you very mu, for your time. have a great weekend when it does start for you maybe my favorite segment of the day, is it time to ditch the kitchen in favor of meals on wheels that's what celebrity chef jamie oliver has done. the british cook famed for lobbying the government to tackle childhood obesity
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challenged rover to transform his discovery suv into an all-purpose cooking machine. tanya breyer went under the hood with jamie oliver. we know about the food truck scene. all sorts of convenience food, but making food in a car, does that work? >> according to jamie it does. he showed me around the car, and it does work if you have land rover make it like they had for him. he did this for an upcoming series that he's doing you sit in the driving seat, suddenly toast is appearing on the left-hand side you open up the glove compartment, there's jams there. all sorts of things that they've incorporated in this jamie oliver car they won't roll them out quite yet. you can see him there demonstrating all sorts of things there are the jams it could come in handy, maybe a more simplistic form
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>> seems like a sticky situation if some of that jam finds its way into parts where it shouldn't be go. >> your children, if you have children and you're driving with them that could be it. what are some of your favorite recipes? >> pasta, but pasta i'm sure you could make in a car like that, no a couple herbs, garlic >> he has sort of an herb garden in the car as well as making breakfast which will you see, he talked to me about how he feels about brexit and sugar tax >> we will make a beautiful dish >> okay. normally i would marinade this in olive oil look what they have done extra virgin, cold pressed extra virgin olive oil i also have vinegar as well. i'm not using vinegar today. >> i want to ask you, do you have your foundation >> yes >> you campaign, and very successful with your jamie
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dinners. >> yes >> how are you feeling now about the sugar tax? >> amazing the sugary drinks tax is one thing, it's powerful and symbolic what needs to happen now from the government is a strategy that means everyone does their bit. as an employer, what does good look like? what hoo shoushould we do in ve? should we be selling energy drinks to kids of 10, 12, 12 how do we make healthier food cheaper? how do we feed people better in hospitals? how do we make the environment better we need that from mrs. may >> is they doing enough? >> she gave us a terrible obesity strategy way back. i worked on the one before that with mr. cameron, it was looking good >> okay. >> so we're now back in talks with her and her people, having not been allowed any talks none of her ministers were given insight into her strategy, which i can promise you was not very
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good the only legislation in that i know i put there through the budget and through the sugary drinks tax i think we'll get there. >> i do have to ask you while this is going on, are you worried about brexit and how that will affect things? >> prices for food in the high streetnd and in restaurants hae only gone down, not up the cost of food on labor, rent, rates, has gone up many businesses will be starting to feel the pinch now. we have to react to that >> are you worried how it affects your staff >> the truth is, the reason i believe nothing will change with regards to foreign labor, is that the nhs doctors and restaurants and hotels and farms in britain are mainly -- probably more than 50% staffed by european workers. i think there will be massive change i don't think -- everyone is
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focused on this labor thing. the truth is i could employ 70 chefs tomorrow i do not have a queue of british kids wanting those jobs. >> you don't >> i think that's the reality. >> i can't wait to taste it, jamie. >> darling, you have to do the washing um there you go >> thanks. thanks >> crack on. >> i thought i was your sioux chef >> this is mine. >> i got so excited. >> you eat, i'll do the washing up >> i don't know why, he didn't trust my culinary skills at all. >> was the food good >> it was very good. so impressive. he did that in a couple minutes. we are being wind blown, windswept. hurricanes coming in storms approaching, they wre he was. he whipped up this beautiful meal impressed with his skills. >> i'm a fan of the 15-minute meals, i can't see how this will just be 15 minutes in a car like
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that did he talk about the pressure coming from the lower pound and the rising import prices how difficult is that for him and his business >> absolutely he has big challenges there he did have to shut six of jamie italian restaurants down earlier in the year. he sees the challenges coming. what he feels is important -- he was a remainder. he voted to remain he feels it's important to embrace brexit going forward to embrace whatever happens, have that positive attitude that will hopefully affect business in a positive way >> thank you very much for that. now i'm getting hungry not sure if i want car-cooked food, but anything will do >> you could try it. back to more mundane but also equally important matters, like the european equity markets. they are on track for another weekly rise. the fourtd oh one in a row the ftse 100, not impressive, higher to the tune of 8 or 9 points
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the xetra dax at 12,978 points the cac 40 and the ftse mib are underperforming, so is the ibex. catalonia's parliament will meet on monday in defiance of the spanish government's attempts to claw down on a pro independence movement that's according to catalonia's foreign affairs minister a spanish court suspended the parliament session after catalan leaders indicated they could use the session to declare independence from spain. look at spanish banks, they're trading lower as political tensions in catalonia continue to simmer the downturn comes after shares in banco sabadell and cakes ixbk indicated they may move. the ibex 35 close to session lows i want to tell you that the spanish benchmark is on track
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for a 1.7% decline this week these developments follow conflicting statements from catalan and spanish leaders. catalan's lead every, carles puigdemont, said this moment calls for mediation. spanish prime minister mariano rajoy said catalan must return to the rule of law and king felipe says catalan leaders have acted irresponsibly. join us for an exclusive interview with fernando sanchez costa at 11:15 we'll be back soon with this very important interview an i ki♪ ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone
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the rally rolls on stocks continuing to march higher as we await the jobs report a hurricane hit. harvey and irma will be the big forecuss focus of that september payrolls number. and following a developing story in the gulf as another storm takes aim. we have the latest on nate's path, friday, october 6, 2016, "worldwide exchange" begins now. ♪ good morning we


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