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tv   Street Signs  CNBC  October 10, 2017 4:00am-5:00am EDT

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hello. welcome to "street signs." i'm carolin roth these are your headlines spain's ibex underperforms as the catalan separatist campaign feels the pressure domestically and abroad while carles puigdemont is threatened with arrest if he declares independence. lvmh earnings top expectations in strong fashion and leather sales. on the defensive, bae systems reportedly prepares to axe 2,000 jobs in britain amid a
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drop in order for drop in order for for its typhon business jet. and opec secretary-general hopes to get the americans on his side saying the oil organization will meet with the u.s. to help support their production deal. good morning glad you're with us once again for spain it may be the day of reckoning as the catalan leader, carles puigdemont, will be speaking to the catalan parliament later today he may or may not declare independence we'll have to wait and see until 6:00 p.m. local time a quick look at the stoxx 600, one hour into the trading session. we are pretty much flat, even stevens when it comes to gainers and losers german exports were strong in august, up 3.1%. brushing off concerns of the
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stronger euro given that we're seeing stronger demand in the eurozone let's look at the indices one by one. the dax hit record highs in yesterday's trading session. it's just close to those levels, still 12,977 points. the ibex 35 on this crucial day for spain is off by 0.4% continues to underperform. yesterday we did see a bit of rebound to the tune of 0.5%. this volatile trade will probably continue over the next couple of sessions. let's get back to some important stocks lvmh kicked off the earnings season by posting third quarter sales figures which beat expectations the french conglomerate shares are up nicely to the tube ne of 2.5%
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gl givaudan shares are up nicely saying they will continue to increase prices to compensate rising input costs and dassault aviation shares are under a lot of pressure after the company announced its falcon 5x business jet faces further delays, this after the firm came across new problems during the flight tests back to our top story, catalan leader carles puigdemont is set to address the regional parliament today with the spanish central government concerned he may actually declare independence unilaterally madrid has reportedly threatened puigdemont with arrest if he goes through the pledge. calls for unity have been rising across spain and europe. germany and france have put pressure on catalonia to abandon the separation plans despite not being on the official agenda the crisis in catalonia has been on finance
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ministers minds in luxembourg where they gathered for a euro group meeting. >> good morning from rainy luxembou luxembourg i did manage to speak to several euro group finance ministers come together meeting yesterday. the official line on the catalonian situation is that it really is a domestic issue for spain, and there is no reason for europe to get involved at this point in time i managed to speak to the spain economy minister about the rising tensions in catalonia let's listen to what he had to say. >> the independence of catalonia will not take place. it's illegal, it's irrational, this is our point. very clear message that the policies implemented by the
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regional government of catalonia are detrimental to the economy of catalonia so the spanish government will apply all the measures necessary in order to avoid that scenario. >> there have been many banks that have moved banks out of catalonia into the central part of spain is this a policy that the central government sen abis ena? >> no this is a decision taken by the companies i think it's the response to annian i irrational policy pursuit of catalonia. you know, it's something that, you know, for me, it's very sad to have such kind of decisions taken by very important, vel lant c
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relevant catalan companies that were founded more than one century ago. it's the response some companies are taken because of the policies and the approach implemented by the catalan government >> if they don't declare independence tomorrow, would you be willing to engage in a dialogue can the catalan government >> i'm not so pretentious as to advance what the regional government is going to decide. because you cannot apply rational, you know, elements to the way that they approach the problem. let's see. let's see. i can assure you the spanish government is totally prepared to apply the correct policies in order to avoid independence of catalonia. any declaration of independence will be null and void. >> no ambiguity in the message there. he's reiterating that the call to hold the referendum was
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irrational and irresponsible on behalf of the catalan government he said if they were to go ahead and pursue that independence, declare independence later today it will be deemed null and void by the central government. the other thing he referred to is the fact some businesses optded optd ed opted to move out of catalonia, he said that's a decision some companies made by themselves he said it's a sad decision based on the roots those companies have in cat lonya, but it may be a signal as what happens in the future and could spell out bad repercussions on their economy in the future if they were to go down that line so far the message from the government is clear. we'll have to see what mr. puigdemont decides to do later today. back to you. >> thank you very much for that. appreciate your perspective coming out of luxembourg i want to broaden this discussion with christian
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shultz, economist from citi. the key question is will puigdemont declare independence unilaterally later today or not? what do you think he'll do >> i wish i knew that information. i think there's a range of options from declaration of independence as they promised in the pre-referendum law, it could ab more symbolic move towards independence, which would open the way for talks with spain or it could be even merely that the calling of new elections which will happen any way. for the catalans this referendum has lots of tricky issues. i think it's quite useful for them to call new elections to capitalize on that sympathy that they may have gained over that weekend of violence. if they do declare independence, and spain -- madrid moves in, madrid may declare new elections as well. i think new elections in catalonia in the regional
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parliament are likely. they may produce changes within that pro-independence coalition which we have running the country, which spans from the left to the right and includes the far left that's a coalition we have to keep in mind i think the road to independence is a very, very long and difficult one. we don't even think that they will get there eventually. >> calling new regional elections, isn't that completely pointless? as you say, it would probably yield another pro independence government in catalonia and we will not see much deescalation where will we end up this new catalan government will probably call for another referendum we will be at the exact same point in two years from now. >> if the question is only about independence, i agree, it wouldn't change much within independence there's many questions to be answered did the coalition, the yes vote independence coalition span from
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left to right, there's different ideas of what an independent catalonia should look like once we get to negotiations about what catalonia actually wants, even short of independence, we need a clear position from catalonia. so elections could resolve that. they could strengthen that coalition that we have to the degree that they don't depend on the far left anymore that would give them a degree of freedom. perhaps a rebalancing of power between the center left and center right parties that support independence, which would have an influence on what the next steps of the catalonia regional government are. is it about more autonomy and -- more fiscal autonomy that gives them the chance to promote growth in the state of catalonia or something much more radical that eventually leads to that role of independence which could be damaging for the economy. a regional election would answer some questions >> more fiscal autonomy in a way, wouldn't that be a fallacy? if the region were to become
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independent, they would have to take on some of the debt from spain, and currently their debt to gdp level is closer to 35%, pretty low then i've seen some calculations of it going up to more than 100% do they really want to go down that road? >> i think you raise an interesting point. this division of debt and the debt to gdp ratio. yes, of course you would expect some division of the debt, but also you would expect the nominator of this, the gdp to change quite a bit after independence we are having this discussion about companies moving out if there is independence, you might expect catalonia not immediately to be in the eu. so gdp might change as well. not just that they would inherit some sort of debt, but gdp may be lower which means debt sustainable of catalonia wouldn't look as it is right now at the moment. many questions to be answered.
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now catalonia, even if it does go down that road of independence has questions to answer and i think region elections would just be a very, very fair step down that road. what we haven't talked about enough, i think s what this means for the stability of the madrid government, of the central government what we saw happening, the finance minister having to push out the budget discussions for 2018 because of this conflict, he didn't have much support from the other parties that he needs for the minority government. how shaky is that government how shaky are some policies? >> you're absolutely right the madrid government is a fragile arrangement, it sometimes has to depend on the other side of the political spectrum, on the socialists. now, independence raises a lot of emotions in spain so they may get some support from, say, the socialist party
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in order to deal with the catalonian question. at the same time they depend on regional parties which itself has some independence issues at the moment i think the government looks fragile that being said, by postponing the budget decisions to next year, they bought themselves some time. i think the risk that we lend up with early elections also at the federal levels in spain as well, i think that risk clearly has risen as well. what that would do to the spanish economy, which is performing well, is another question >> and yields have been pretty well anchored. we just checked, they're unchanged today. they ticked up slightly but nowhere near the levels we saw a few years ago. will you stick around longer christian shultz, economist from citi e-mail the show if you see anything that rouses your interest the address is streetsignseurope@cnbc.com, you can find us on twitter,
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streetsignseurope@cnbc and tweet me @carolincnbc. coming up, mixed bag the latest from the eurozone has some good news and bad news. the latest after this short break. [vo] when it comes to investing,
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welcome back to the show the organization of petroleum exporting companies is set to reconvene a meeting with the united states over a deal on a cut to oil output. that's according to opec secretary-general mohammed barkindo he says opec and the u.s. need to work together to ensure oil market stability barkindo indicated the pace of oil market rebalancing has accelerated in the past four months a quick look at oil prices we are slightly higher in terms of brent crude and wti wti still below the 50 handle. 49.74. talks on cutting oil production come at a time when many investors are starting to lose faith in the measures keeping oil around $50 a barrel. >> reporter: the crude reality is that oil has been stuck just
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around $50 a barrel for weeks. investors think the support has been unfounded and signs that that will stop are starting to show three factors to watch when it comes to the trade first, u.s. production continuing to slowly rise each week it's just off that peak of 9.6 million barrels a day. why? $50 is an attractive price for producers to pump. if 9.6 barrels is overtaken it will show the numbers are going in the wrong direction second factor, opec production was up 10,000 barrels a day in september. yes, it's a small amount, but also moving higher, not lower as they promised the market libya and iraq pushed the numbers up venezuela offset those countries, but not enough to bring the aggregate down third factor, seasonality. fall and winter are typically the seasons that see a drop in demand the summer season was robust, but everyone gets back to business now over the next few weeks the
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bears still say the 40s are more likely than the 50s, and that the support we've seen has been technically driven and hurricane driven this weekend's storm in the gulf, nate, not likely to have a sustain ted impact on price as refinery shutdowns should be temporary. back over to you the vienna stock exchange reported a strong set of numbers in the third quarter with average monthly turnover hitting the highest level in seven years. joining us now is the ceo of vienna stock exchange and citi's economist christian shultz still with us. thanks for being on the show business is going well what's driving this? >> good morning. thank you very much for having me on the program. well, what drives this growth is the accelerating growth in the domestic home market and the still stable growth in eastern europe, bear in mind that the growth in yeeeastern
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europe is still twice the size of what it is in western europe. you're right, third quarter data states this. we see a record number of trades on the exchange. we have the volume up by over 20%. the main index is up by over 30% this year only last but not least, austria's third largest bank has realized to go live on the exchange in the fourth quarter >> that would be the biggest ipo since 2007 that's ten years where we saw a dearth of ipos do you think we'll see more ipos o or just an isolated event? >> what i can tell you is we're in promising talks >> so the pipeline is strong >> that appears to be the case >> last year, the year before, there was talk about the merger between deutsche bank, that didn't come to fruition.
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but the thinking in the industry was that bigger is still better. is that how you still see it do you feel like you can work on a stand-alone basis? do you need to bulk up further i know you have money partnerships, do you feel comfortable with the size you have now >> absolutely. we are heavily interconnected with the central and southeastern europe. we are service provider for over four exchanges we service budapest, libor, we perform as central data for eastern europe it's about corporation rather than incorporation of these partners >> one of the challenges for the finance industry overall and for the exchanges is method 2 which will go into effect 2018 you worked through mifid 1 i wonder to what extent the cost analysis of mifid 2 works?
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how much additional cost will you have to incure >> you're right. the characteristic of the vienna exchange is a mid size exchange. mifid applies for all the european changes, the bigger ones and small ones. for us being a mid-sized exchange that's a huge regulatory burden. we can't compensate the negative effects out of that by economies of scale but it's not only a burden but an opportunity we are providing new tech services to our partners to help them fulfill new reporting obligations, and i'm quite happy about the two elements of mifid. it is a burden, but on the other hand it is an opportunity for an i.t. service provider like we are. >> let's talk about politics in the country you operate n we
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will be seeing parliamentary elections on october 15th. last year there was a big scare but they were not successful in the presidential elections now politics is back in the forefront again. the grand coalition seems to be crumbling. christian, want to bring you in here how is populism at work in austria at this point? >> populism in austria, if you think the fpo is representing it, has been around for a long time, which is different for germany where the afd, if you like, the equivalent of the fpo is a quite different phenomenon the fpo hasn't even been a government in the past the policies since last year have been watered down there's no talk of an eu or european referendum. if you look at the details of the programs, there's a lot of overlap with both mainstream parties, in particular with the leading party.
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the center right so any coalition of those three parties is possible. none of the three for domestic economies would be particularly disruptive yes, for europe you would be a bit concerned if an ovp fpo coalition strikes somewhat tougher tone on bailout and fiscal integration on macron's proposed reforms, that's something we're seeing out of germany and other european and central european countries i don't think this would be particularly disruptive. what are you seeing in terms of investor sentiment does it scare off some investors given that the fpo may enter parliament or enter the government >> well, i would put it this way. first of all, i'm of german origin, so i'm not allowed to participate in the vote. but i had intensive chats with each and every candidate, i can only tell you what i see as a fundamental shift to what we saw ten years ago, every one of the candidates is strongly committed to the dna of austria, to the
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well establishment in integrated european market. so international orientation and this very strong position within the european union, that's something everyone is committed to in the political scene in austria. >> christian, why is it that populism is making a comeback in the fall of this year? after the summer elections, after may, after the french elections, we thought we were done with it then we saw the afd in germany doing better than expected, these elections in austria, and we're all waiting for the italian elections. you would think with better economic growth populism is not a problem, but it still is, isn't it >> you're right. as the recovery progresses, populism will recede that has, i think, been broke an bit now by the german election. this is the country probably doing the best in all of europe. unemployment is virtually
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nonexistent. yet in some rich areas of germany there's been a strong vote for populist parties. we have to look at populists, they are also evolving some position they would have been taken in 2011 on leaving the euro, leaving the eu, have been watered down. other topics, anti-immigration have become much more prominent. i do think we have to consider for the next big electoral cycle is that it may not be about economic policies, may not be about eurozone, but completely different policies that could bring people that have not been in power to power, which, you know, raises the risk of disruption which for markets is always a risk. >> thank you very much for your insight. christian shultz, economist at citi also want to thank the ceo of the vienna stock exchange. still to come, changes at the top. we look at ge as the stock hits
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. welcome back to "street signs. i'm carolin roth these are your headlines spain's ibex underperforms as the catalan separatist campaign feels the pressure domestically and abroad while carles puigdemont is threatened with arrest if he declares independence. lvmh earnings top expectations on strong fashion and leather sales. on the defensive, bae systems reportedly prepares to axe 2,000 jobs in britain amid a drop in orders for its typhoon fighter jets while deso aviation shares fade on its business jet. and opec secretary-general mohammed barkind hopes to get the americans on his side saying the oil organization will meet with the u.s. to help support their production deal.
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we've had a slew of uk economic data out. want to run you through some highlights the uk industrial output is up by 0.2% month to month manufacturing up by 0.4% that seems to be beating expectations nicely. british factories having their strongest two months of 2017 in july and august. maybe that does also suggest that the boe is right to be on the track to be increasing interest rates soon. the uk goods trade deficit hitting a record high. sterling/dollar hitting a session high we are up by a third of a percent at 1.3188. euro/dollar at a one week high up by 0.4%, or 1.1783.
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we got export numbers today that really tell you that we can brush off concerns over the stronger euro. and we had some hawkish comments from an ecb board member yesterday. let's have a quick look at u.s. futures. here we go this is the picture. looking positive the dow jones up by almost 2 2 points the nasdaq could add on 9 points the s&p 500 set to open higher to the tune of two points, this after the nasdaq snapped a phone-day winning streak yesterday. wall street probably taking a pause as the earnings season begins later on this week with the financials, the likes of city reporting later on this week quick look also at the european session and we're seeing slightly down beat session the smi is the only one in the green. the ibex off by 0.6% after staging a little bit of a rebound in yesterday's trading session.
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all eyes are on catalonia today. let's continue with that story. catalan leader carles puigdemont set to address the regional parliament today with the spanish central government concerned he may declare independence madrid has reportedly threatened puigdemont with arrest if he goes through with this pledge. calls for unity have been rising across spain and europe. germany and france put pressure on catalonia to abandon the separation plans three more catalonia-based businesses have said they are moving their headquarters away from the region. property group imboilia, telecoms company cellnex and abertis have relocated headquarters this comes after several other businesses said they would leav catalonia willem has the latest from catalonia this is a super charged day.
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>> it is there's 135 deputies inside the catalan parliament, that's where carles puigdemont, the catalan president, will address them later on today we are joined by one of them this morning she's a member of the socialist party in catalonia you will be traveling to the parliament in the next 30 minutes or so in a bus with colleagues because you can't go in ordinarily because of the security. this is a pretty extraordinary day for you. >> of course it's not easy for us to deal with that issue, because we are not used to that normally we go by our car, and now the security is -- well, it's very difficult day for us what should we expect? what are you expecting as a member of your political party with your representation here in catalonia and in madrid from carles puigdemont? >> i think he's going to say declaration of independence, not directly saying we declare independence, but saying this is
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the first step to a catalan republic, we're against that one of the reasons, we don't have a social majority for that. this is why our party is saying please don't do that the consequences of that would be negative for all catalan, even also the spanish. the socialist party in spain on the national level presented an alternative. try to explain that so viewers watching can see there is a way out of the impasse >> the catalan government and spanish government have not been able to speak to each other, listen to each other this has been impossible. we have presented a proposal to reform the spanish constitution. we believe that catalan would need better recognition of their cultural identity, that the spanish style of nations, this is why we think that the reform of spanish constitution would serve to improve and to give an answer tothe political situation we have in catalonia today. >> the polls show a majority of
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catalans would like to see a vote at some point on independence whether that was an affirmative or negative vote why do parties like yours not want them to have that vote or is it impossible to change the constitution of madrid that much >> for us, the question is first we would like to see a new deal in the renuewal of the agreemen we had now and put this in a referendum to see if there's a majority maybe 70% of people would like to see the deal renewed. for us, only if that step is rejected for the catalan people, then the last question would be to ask between independence or not independence, but for us we are not for independence but we don't want the status quo. we need reform of the spanish constitution because the situation is not possible to
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remain like this anymore >> the national leader of your party is essentially mariano rajoy's pain opponewe main oppod he said he would have done things different the mayor of barcelona saying the actions of rajoy had been divisive, she considered him the main culprit for this situation. what do you see as the responsibility of mariano rajoy at this point in terms of going forward? >> i think he has a big responsible. he has not been able to give a political answer to the catalan problem until 2010 this problem is not from yesterday. since 2010 we have a political problem here the reason of that problem was the party that wanted to gain votes in the rest of spain causing problems to catalonia. now he has been able to give no political answer he has denied our proposal of reform of the constitution and we think and expect he opens a
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political dialogueto put a final solution to that on the other hand we have the catalan government that has decided not to obey the law. we are in the middle of like -- >> of people on either side. >> exactly >> moving beyond the politics, we've seen caixabank, sabadell, a number of firms moving their headquarters elsewhere that's been made easier by rajoy's government passing that decree to allow this people watching this across europe involved in business and investing looking at the situation, do you have words of comfort to them about the uncertainty? or as far as you're concerned you expect more instability in the weeks to come? >> it's hard to say. as catalan i don't want to see this situation i don't want to see the catalan companies, catalan banks moving to another place so this is why one of the problems of the catalan
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pro independence they have not explained the effects of this. they think independence will be low cost, without any cost for catalans, that's not true. i would like companies to come to catalonia but i cannot say that next month would be calm and stable it's not >> you said what you would lycra joy to do, what the socialists would lycra jike rajoy to do wh you think he will do tonight. >> i think the answer will be a hard one they have not been able to stop referendum and they now need to work, because they have not done anything until now i think they have the pressure of the right wing of the popular party to do anything so, i would like to expect the difference situation, but i don't expect a positive one. >> thank you very much for that. >> thank you >> that was a member of the socialist party in the catalan
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assembly saying she expects mariano rajoy, regardless of what carles puigdemont says, to react by suspending catalan autonomy that's not something many people here would like, but that's what people are telling us is looking more and more likely back to you. >> that may stoke more violence, more protests, more clashes. we'll have to see. spanish bank stocks have seesawed since the catalan referendum speaking to cnbc earlier, david binim, the managing partner at axiom alternative investments explained how the crisis will likely impact lenders earnings >> think beiing about how things could evolve, looking at long growth, if long growth slows down, it will impact earnings, probably by 0.5 to 2% impact then you have the nonperforming
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exposure of course if catalonia gets independence, the most fragile companies would probably suffer. this would increase cost of risk and you could see a much higher impact into these banks balance sheets probably could have up to 20% impact to the 2018 earnings presumably having said that, results have been pretty strong spanish banks today have been -- are delivering 10% return on equity on average which is a very good performance in terms of stock price they outperform the rest of the industry so vulnerable but still very strong >> from one political crisis to the next, that was the managing partner at axiom the ball is in your court,
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that's theresa may's message as the fifth round of brexit talks get underway the british prime minister announced contingency trade proposals in the event of no deal with the eu plans would involve emergency customs an excise regimes. they also >> during the two-year period, there will be a registration system for the new immigration system required to take control of our borders our intention is that new arrivals would be subject to new rules for eu citizens on long-term settlement we will also push forward on our future independent trade policy, talking to trading partners across the globe and preparing to introduce those deals once this period is over. >> unsurprisingly opposition labor leader jeremy corbin
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criticized the plans >> it is staggering that after eight months of trigging -- since triggering article 50 the government has made such little progress the secretary of state said a deal with the eu should be the easiest in history that's what he said. now the reality for thist government is beginning to bite. if things do not improve, the reality may bite for the jobs and living standards of the people of this country. insurers are continuing to count the costs of a damaging hurricane season aig said it could lose $3 billion from storms harvey, irma and maria. and shares in general electric hit the lowest level in four years on monday as more changes were announced at the top of the company the company was the biggest drag on the dow following the surprise resignation of its cfo
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and the appointment of edward garden from tree triian paan pa to the board tesla shares fell almost 4% in yesterday's session after the carmaker pushed back the unveiling of its new semielectric trush ck until lat their year elon musk said resources had been diverted away from the model, but google and microsoft have been pulled into the u.s. election meddling scandal. google uncovered tens of thousands of dollars worth of ads seemingly bought by russian operatives this as microsoft said it was investigating signs that russian-linked accounts had purchased u.s. election ads.
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while facebook is at the center of that ad scandal, president trump's campaign director says the social network won him the election >> reporter: president trump's digital campaign manager described on 60 minutes how he used facebook ads to target pockets of swroerts tvoters wits they cared about >> i understood early that facebook was how donald trump was going to win twit ser hter is how he talked people facebook is how he would win >> facebook is how he won. >> i think so. i think donald trump won, but facebook was the method. >> reporter: he also said he hand picked facebook employees who supported president trump to embed with the campaign. facebook refuting the comments saying we offered identical support to the trump and clinton campaigns and had teams assigned to both.
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everyone had access to the same tools. the campaigns did not get to hand pick the people who worked with them from facebook and no one from facebook was assigned full time to the trump or clinton campaign both campaigns approached things differently and used different amounts of support. >> this latest development in the examination of facebook ads in the campaign comes amid reports that google uncovered evidence that russian agents spent tep tens of thousands of s to spread disinformation now we're seeing a push for more regulation of political ads on social platforms we'll have to see how ads change. coming up, more on the diplomatic dispute between
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the war of words is intensifying within the republican party as trump escalates his public feud with top gop senator bob corker, this after corker was quoted as saying trump could be putting the nation on the path to world war iii. kristen welker has the latest. >> reporter: tonight, the white house not backing down. >> in senator bob corker, we had a senator that worked with the obama administration on the iran deal that sent billions in cash to the mullahs in iran >> reporter: and the president won't back away from hitting senator bob corker again, aides say. it comes after a weekend tweet war. president trump slamming corker after his decision not to run for re-election. corker firing back, it's a shame the white house has become an adult day care center. someone obviously missed their shift this morning corker, a longtime trump ally, slammed mr. trump last week. >> i think secretary tillerson, secretary mattis and chief of staff kelly are those people
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that help separate our country from chaos. >> reporter: as the chairman of the powerful foreign relations committee, senator bob corker's words carry weight and with some of the president's major initiatives already derailed by a razor thin gop margin in congress, attacking his own party could also hurt his domestic agenda. is the president at all concerned that this feud will cost him senator corker's vote on key agenda items? >> we think that on our key agenda items, senator corker's vote will be there because he knows it's important for the people of tennessee. >> corker's indictment of this president went to the core of what a president does. they have to serve with competence and stability so i think the agenda is almost rendered moot by corker's indictment >> reporter: tonight republicans trying to turn down the heat. >> both ought to cool it next question. >> senator corker is a valued member of the republican conference in the senate, key player on the budget he'll be a big help in getting it passed.
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istanbul's stock exchange is trading higher after shedding almost 3% in yesterday's trade, this after the u.s. and turkey mutually suspended visa services this after a u.s. employee was arrested u.s. authorities condemned the arrest calling the charges baseless turkey's foreign ministry urged u.s. counterparts to cancel the suspension speaking on a trip to yooekiev, president erdogan said he was disappointed >> this is saddening, the fact that the ambassador of ankara put this into practice and made it is saddening. when our minister mentioned to him, i told him the following, turkey is governed bythe rule of law above all, we are not a tribe. we are not a tribal state.
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based on the principle of rep porosity, our ambassador of america should make the same declaration according to what they announced in their statement. the u.s. ambassador to turkey did not know how long the impasse would last >> this was not a decision we took lightly it's a decision we took with great sadness. we realize that the suspension of visa services will inconvenience people we hope it will not last long. but at this time we can't predict how long it will take to resolve this matter. the duration will be a function of ongoing discussions between our two governments about the reasons for the detention of our local staff members and the turkish government's commitment to protecting our facilities and our personnel in turkey. >> hadley gamble joins me on set. i'm not surprised we're seeing a flair up in tensions between the two countries this has been
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building up for a long time. >> has the question going forward is how far they're going to let this go. at the core of this is turkey needs the united states, and the united states needs a secure turkey at the end of the day turkey is sandwiched in between countries that are unstable. the united states needs turkey not just as a nato ally but when it comes to the fight against the islamicstate which is rapidly dwindling. what will happen in syria is anybody's guess. so turkey needs america and the u.s. needs a stable turkey that doesn't necessarily mean these two leaders will see eye to eye on everything why is it that turkey continues to be on the course of air gregs, vegreg aggression, we've seen it happen with germany, the netherlands, can they afford to unfriend their friends at this rate >> it just seems like that's what this administration trax
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seseems to be doing. we had the coup attempt back in 2016, so members of the turkish government have expressed in the past that they think the united states was involved in this. the united states doesn't have an interest in an unstable turkey if you look at the angst the turks have with this administration and past administrations, they're not happy that the united states is supporting the kurds that they're supporting the syrian kurdish fighters and not happy with the fact that the united states is refusing to really discuss the extradition. >> thank you very much for offering has perspective. lvmh is cakicking off the earnings season by posting third quarter sales figures which beat expectations the french conglomerate posted revenues of 10.4 billion euros
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financial targets for givaudan were reafirmed and decembssault shares are under pressure after the falcon 5 business jet faces further delays this after problems during ground and flight tests before we wrap up the show on tuesday, a quick look at u.s. markets yesterday it was columbus day, volumes were lower the nasdaq snapping a nine-day winning streak today it is seen bouncing back to the tune of 12 points that's it for today's show i'm carolin roth "worldwide exchange" is up next. bye-bye. my friend susie cracks me up. but one laugh,
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it's now wall street pointing to a higher open as earnings and the economy come into focus. breaking overnight, wildfires turn deadly in northern california as hundreds of homes are destroyed and it's decision day for procter & gamble as the largest proxy battle ever comes to a head it's tuesday, october 10, 2017, "worldwide exchange" begins right now. ♪ good morning very warm welcome to "worldwide exchange" on

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