to manufacture gains and to manufacture a bit of cushion on this way down to oblivion but even the swiss national bank remember they were geniuses last year because they were buying stocks they now are down hugely billions and billions of dollars because they live by the sword they die by the sword they have totally lost track of their role as a backstop to the banking system to become this enormous hedge fund and now they're going the way of most hedge funds into irrelevancy and under-performance while the other way you might look at it as well is that for the past ten years markets have continued to go up and up thanks to the fed and the bank of japan and the swiss national bank and others buying up you know basically making sure that these guys never have any losses so the financial markets are as just as gerrymandered as the political markets so ninety seven percent of incumbents win in the politics because it's so gerrymandered to be that way the same with markets is the j.p. morgan chase this is the wall they expect to win all the time because the markets the algorithms are gerryma

past ten years markets have continued to go up and up thanks to the fed and the bank of japan and the swiss national bank and others buying up you know basically making sure that these guys never have any losses so the financial markets are as just as gerrymandered as the political markets so ninety seven percent of incumbents win in the politics because it's so gerrymandered to be that way the same with markets is the j.p. morgan chase this is the wall they expect to win all the time because the markets the algorithms are gerrymandered to make them win all the time during the crash of the one nine hundred twenty nine period you had what were called the flyers these are bankers who were jumping out the window and what happened was that suddenly they looked at their balance sheet and they saw that no matter how much of the propaganda that they spewed and believed their net worth were still zero and the same thing i think will happen here markets crash and these people still be saying it can't possibly be true word of god we print money we buy. your own shares the world is not right do you kn

our sports correspondent andy swiss has more. it girls

the topic dominating the economy in twenty eighteen it was trade swiss u.s. presidents donald trump attacking partners in the e.u. as well as canada and mexico with whom he signed an updated version of nafta called u s m c a and then of course it was china trump went after the country for its trade imbalance with the u.s. and started a trade spat that ended in tariffs on car electronics agricultural products and other goods worth billions of dollars over the weekend trump said on twitter that he has been talking to china's judging ping about a comprehensive trade deal and that progress is being made and on the last trading day of the year chinese stocks ended the session in positive territory for more let's cross over to andrea hang in singapore andrea how much of those gains are actually down to those trade talks between the u.s. and china a lot of it has to do with the chinese china us talks that provide a very big boost to the market sentiment over the last few days now is also a rare glimpse of hope in what seems like a very tumultuous year for into india

putting it together, we have the ecb coming up in a couple hours time we had a dovish swiss national bank we had speak to julianna about that we also had a dovish norges bank norges bank is the only european bank hiking. >> the result of the ballot held this evening is that the parliamentary party does have confidenc confidence >> well, theresa may has managed to fend off a conservative party leadership challenge surviving a vote of confidence by 200 votes to 117 sterling had been trading higher ahead of the ballot but later retreated as the number of tory mps voting against the british prime minister showed the daunting task of getting brexit through parliament. >> i'm pleased to have received the backing of my colleagues in tonight's ballot while i'm grateful for that support, a significant number of colleagues did cast a vote against me, and i've listened to what they said following this ballot we now need to get on with the job of delivering brexit for the british people and building a better future for this country >> a draft eu text seen by reuters warns european leaders will t

went as follows a popular all over the world and the swiss region of the house is always busy at this time if you're both is just one of the many resorts that thriving right now that's because long before it became known for its winter sports people came to the town for health and wellness we took a look back at the history of this town and how it's evolved over the years. davos is a swiss winter sports resort nestled in the alps it attracts snowboarders and skiers on around three hundred twenty kilometers of peace that's. home to a population of about thirteen thousand is a blend of traditional and modern one of its newer landmarks is the luxury hotel intercontinental which opened in twenty thirteen also affectionately called the golden egg. but it was the congress center built in one thousand nine hundred fifty nine that put the most on the map as a location for international business and medical conferences the best known is the annual world economic forum. professor close rob of the group founder of the world economic forum with professor dr klaus schwab and he decided it should t

are restructuring unit was bigger than i swiss bank. -- a a swiss bank. they wanted to see it effectively prevented. we definitely underperformed. plan toa very ambitious grow, to cut costs at the same time. that was very ambitious. you get the europe factor. european.ing as we have to keep explaining switzerland is not in the eurozone. it is not affected by what is going on in europe. all that plays a factor. inwe deliver and 2019 -- 2019, potential to lead to a higher -- >> i have to cut you off because there has been a vote of no-confidence against theresa may. does that change her plans? >> -- your plans? only sensible thing to do. we are well versed in that respect. to spread our activity. frankfurt, paris, london, dublin. that is the sensible thing to do. a couple more questions on market volatility. now that you have done restructuring, how do you expect to grow the bank? asset sales? acquisitions? >> in 2015, we said global wealth will continue to grow. we have grown our revenue in line with that. that is going to continue. global markets would de

that while we're on the subject let's bring in our financial correspondent from frankfurt only knows swiss bank credit suisse is also advising clients to get out of britain that's hardly a vote of confidence as it. that's true and it is really making waves here credit suisse is not commenting on this report that's to be seen in the f.t. and it's spread around through all sorts of other media but apparently after the parliamentary vote in london and westminster on the back so it was postponed because the prime minister didn't want to have it voted on the customers started coming to credit suisse in droves asking that their money be in some way made safe and that apparently prompted credit suisse to advise its super rich customers its prime customers to move assets to move money out of the country so that if there is a no deal practice certain things go down the tube in some way the money is still there are not locked up in prison but definitely not only the super rich clients of credit suisse worried that as we've heard the report that german business sentiment is also have been affected by

iconic swiss chocolate becomes. everyone who claims to be a pullman's to this limousine. refused to buy. time to say goodbye i do not who does next. germany is weighing up whether to block chinese telecom giant one way from bidding on a government tender to develop a high speed internet network there comes amid rising security concerns over the company's alleged espionage activity for beijing a u.s. delegation reportedly visited berlin and held a closed door meeting at the german foreign ministry encouraging a boycott of while way the company has already been blocked from building high speed networks in the us a story of. the u.k. secret intelligence service chief alex younger also voiced concern however germany's i-t. watchdog has expressed skepticism due to the lack of evidence proving weiwei spying activities. for such serious decisions like a ban you need proof well the editorial director of the american institute for economic research thinks it's a case of the pot calling the kettle black. the u.s. is is famous for its for its hacking and cyber surveillance of every

swiss, norway, turkey. the ukraine is there as well. we also have the philippines. i was hearing in the break about that one. hike in first rate 2020. just a few weeks ago we were looking at it being in september. no interest rate moves are expected today. in the ukraine, 18% interest rates. in turkey, 24% at the moment. that is 2:00 p.m. ankara time, 11:00 a.m. u.k. this is the ecb market volatility. david: this shows you the number of months from the current time when the market is expecting the first rate hike. three months back, it was september of next year. right now that is well into the first quarter of next year. certainly german bonds of 27 basis points tell you that is not going to happen anytime soon. special coverage of the central bank policy decisions later today. that is the policy decision, 8:45 hong kong time. more importantly, it is when this man faces the media about an hour before markets open in the u.s.. rishaad: will he say, that is it, we are done with you we -- with qe? the current deposit rate is -.45%. the swiss national bank as well with

you will get a stronger yen and swiss frank. the dollar has gone up a lot this year. the economy is in better shape than nearly everybody else is. but it is rolling over that will be the story of next year >> it's also yield play as well. in this environment where other central banks are turning dovish, the hunt for yields continues. that's where you find it right now. >> for sure. we're taking yields off the highs again. i think the yield story is still solid for the first quarter. >> all right, kit. thank you very much for joining us kit juckes from societe gener e generale. >>> leaders have been gathering for the european council roundtable we'll leave you with some pictures of that also coming up, asian stocks are sinking as china retail sales growth falls to its worst level in 15 years. more on that after the break there are chefs, bakers and food order takers. doctors and surgeons and all the life savers. the world is alive as you can see, this time of the year is so much more than a bow and a tree. (morgan vo) those who give their best, deserve the best. get up

not only that but those beautiful swiss meadows will make for much happier cows about as well. that's all for this edition of focus on europe i'm brian thomas for the entire team thanks so much for being with us and if you'd like to see any of our reports again just go to our home page god com or visit our facebook page storks so long for now. the back. of. the books . and. the. fury of the stores the closing performances feasts straightforward internet. feuds. pens music going to bed. sco is once again touring jamming the scene of the event that was not made during the conference mr. earth. home to moods of species. a home worth saving. given those are big changes and most start with small steps global ideas tell stories of creative people and innovative projects around the world. but is the toilets boost drainage solutions and therefore station. interactive content to choose the next generation above environmental protection. using all channels available to people to take action and where to turn it into doing something here for the next generation the idea is for the environ

iconic swiss chocolate becomes hard to conform with islamic purity though. everyone who claims to be a pullman's to this lamaze asian of europe must of course refuse to buy joe blow a taunt to say good boy i do not it's good is next moves the. us wants germany to be careful over here it gets to supply its new high speed internet network we'll tell you hit our freight off right after this short break stay with us. i saw it live. and expect that very many people will choose to be biologically for obeying by logic will move your body get it working for a while it also means your mind isn't working so well i believe that indeed we will have pretty much no biologically old people even if we will have a much greater number of chronologically old people. but politicians do something to. put themselves on the line to get accepted or rejected. so when you want to be president i'm sure. you somehow want to be. it's a going to be pressed to see what the full story of the whole can't be good that i'm interested always in the white house. i said. welcome back president t

iconic swiss chocolate becomes to conform with islamic purity. everyone who claims to be a pullman's to the islam is a shit of you must of course refuse to buy. time to say good boy i do know kids is next moves with. the us ones germany to be careful of the hair it gets to supply its new high speed internet that would tell you you take a day off right after the break. they put themselves on the line they get accepted or rejected. so when you want to be president. some have. to be first it's like the flag. can't be good. that i'm interested always in the waters of. the city. in a world of big partisan movies lot and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the bats and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now we're watching closely watching the hawks. welcome back president trump has left the international community stunned following h

trust swiss drugmaker roche told the financial times that the company is aware of the discussions between tehran washington and byrne but also said quote to our knowledge no concrete proposals have been made. there is more news in the bankruptcy of storied u.s. retailers sears bankruptcy judge robert drain of the southern district of new york has approved a plan from sears holdings. to pay out twenty three point five million dollars in bonuses to the executives who were at the helm for sears this bankruptcy and who have presided over one point nine billion dollars in declared losses for sears so far in two thousand and eighteen at the same time sears this plan approved by judge greenwood denies severance to sears employees who those executives plan to put out of work sears now has court approval for their plans to make five thousand four hundred fifty seven workers unemployed the chicago tribune reports that sears will inform many of those employees of their new status before christmas. in the wake of carter's exodus from opec and the rise of russia in the oil sector some are asking is op

iconic swiss chocolate becomes hard to confirm with islamic purity though. everyone who claims to be a pullman's to this lamaze asian of europe must of course refuse to buy a taunt to say good boy i do not it's his next move but. the us ones gemini's be careful of the hill it gets to supply its new high speed internet web network or tell you who they were afraid of after the break. i certainly don't expect that very many people will choose to be biologically all. move your body isn't working for a while it also means your mind isn't working so well i believe that indeed we will have pretty much no biologically old people even though course we will have a much greater number of chronologically old people. welcome back president pounds left the international community stunned following his sudden decision to withdraw u.s. troops from syria however the move has been backed by a number of leaders including one major nato ally. the trump told us during our conversation will you quit direst from here. before and after that is good as long as you give us the suppor

full-year net loss of 925 million swiss francs. they are scrapping the dividend. , theis about rallying board decided to cut the size of the management or from nine to seven. they will be a full-year loss. whohas lost both their ceo will step down, being replaced by the interim ceo. this all goes back to one lines manager, tim hayward. looking at performance of the stock, down over 60% in terms of foul you. 32%rought it back down to over the month. that you're breaking news. juliette saly is in singapore. the second session of gains here in asia. yesterday we had that buoyancy coming through after the huawei ceo was granted bail. in canada it's about soy gain -- soybeans. up to 2mmitting to buy million tons of soybeans. hoping there can be a reprieve in the traits that. the nikkei higher by 1%, yen weakness pushing that index higher. the hang seng and csi 300 leading gains in the region. the csi 300 and china jumping the most in about a month. we've seen pretty good positivity coming through on number of emerging-market currencies

iconic swiss chocolate becomes hard to conform with islamic purity. everyone who claims to be a pullman's to this lamaze asian of europe must of course refuse to buy the time to say good boy i do know it's his next move but. still to come the u.s. wants germany to be careful of the him it gets to supply its new high speed internet network or tell you who they're afraid of after the break. you know world big partisan movies. and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the bad shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now for watching closely watching the hawks. welcome back president trying to pass left the international community stunned following a sudden decision to withdraw u.s. troops from syria however the move has been backed by a number of leaders including one major nato ally i'm saying to dump that the us the trump told us during our

book business this move comes as swiss re-eyes a possible ipo of the closed book business. >>> moving on to societe generale it will improve the rh owe by 8 basis points the transaction will have a negative impact of 108 million euros on fourth quarter earnings saudi finance minister says he is comfortable about the impact of lower prices on the country's spending plan for next year. in an interview with reuters, al jajon says the government hopes to change the budget deficit by 2023 but added the target is not set in stone earlier this week, that includes that 7% jump let's have a quick check with oil brent is trading down over 3%, giving back all of the gains we saw yesterday. and this is on the back of a combination of heightened oversupply concerns, paired with global growth concerns on the back of yesterday's fed meeting that sent a ripple across markets on the negative side now falling oil and jet fuel prices may have been a tail wind for the aerospace industry it's been a turbulent year for the sector cobalt and and premera were two that were a bust that's according to aviation

iconic swiss chocolate becomes hard to conform with islamic purity you know. everyone who claims to be a pullman's to this lamaze asian of europe must of course refuse to buy. time to say goodbye i do not feel good is next moves but. still to come the u.s. warns germany to be careful of the hell it gets to supply its new high speed internet network or tell you who they were afraid of the break. what politicians do. they put themselves on the line they get accepted or rejected . so you want to be president and she. wanted. to write to the press this is what the korean people are. interested in the why. there should be. so what we've got to do is identify the threats that we have it's crazy on sunday shouldn't let it be an arms race is often skeery dramatic development is only going to resist i don't see how that strategy will be successful very critical time to sit down and talk. welcome back president has left the international community stunned following his sudden decision to withdraw u.s. troops from syria however the move has been backed by a number of lea

a winter paradise nestled in the swiss alps. where the snow never seems to stop falling. here in davos the most charming side of winter. the moment next on d w. the india. turning agricultural waste continue to fringy tableware. that's the plan of young startup. it's offering farmers a profitable alternative to burning their crop stubble while removing one of the main causes of india's air pollution. in sixty minutes. showing up today don't miss our highlights w. program online d.w. dot com highlights. where is home. when your family is scattered across the globe. with the kids to you to listen to the book as a journey back to the roots should get a minimum of leave. the shah sram from somalia move around. but what i did push into systems. believe storage genuinely to come to w. i if you are wrapped up warm as we are in for a chilly show yes the theme for today zero max is ice so let's slide into the program with a little look forward.

start with swiss watch. we had a 4% rise in november numbers. there we see double-digit growth coming out of china. we had 10% in hong kong, 15% in very, 18% in the u.s., so strong numbers from specific countries. closerond one would be to recent times, the start of december, on spend trends, 8% overall in those different categories. nejra: quite positive there, but how concerned are luxury brands about current trade tensions, and how they might play out in 2019? deborah: particularly in china-u.s.. nejra: yes. deborah: i think if we go through the luxury goods companies, they are very well spread. even the u.s. companies. think about michael kors, 64% of sales in america. there will be movement, there will be change. the numbers for chinese travelers in the u.s. in q3 is down 20%. but overall, they are well held. we have a lot of luxury goods brands out of france and italy. the swiss, free trade situation, so not really touched, so for us we are still very bullish. nejra: ok. what about any day? any -- m&a? any details in conversations being he

footage of millenia trauma proving that the white house sinkhole is actually hers keep tunnel along that swiss molony on the verge of giving away or escape routes exclusive analysis by u.s. and experts state shooting for the latest news brought to you by s.n. . thanks for chasing off the and to national this column brave will be here with all the latest about thirty minutes. welcome to maximize your financial survival guide. looking forward to a year that's without. yanks this is what happens to pensions in. don't. watch tris report. them too so if you go and sophie shevardnadze fortier's own the ground breaking news ago pink floyd still sounds fresh in the lyrics of roger waters are as relevant as ever how hard is the balancing act between music and politics well i'm here in st peter's birth to ask the legend himself watcher waters musician author activist co-founder of pink floyd and my guest today is really great to have you with us today welcome to our show thank you everyone's really happy that you're here looking for your tour and i'm looking for a little chat so i'm going to start from

iconic swiss chocolate becomes to conform with islamic purity though. everyone who claims to be opponents to this lamaze ation of europe must of course refuse to buy . time to say goodbye i do not heed his next move the. president has left the international community stunned stunned following his sudden decision to withdraw u.s. troops from syria however the move has been backed by number of leaders including one major nato ally. the trump told us during a conversation. from him. before and after this. as long as you give us the support in terms of logistics and how they started to withdraw they have. not all those parties to the conflict in syria are on board with the decision there is anger among the kurdish forces in the region and with family members of the fight to the paling to washington to reverse that with two old mothers and wives of soldiers in the so-called syrian democratic forces have been gathering near the alleged american military base in aleppo province. one zero zero zero of all the american turned his back on us as we continue to fig

speed riding in the swiss alps going over hill and dale with a special parachute and skiing down pristine slopes at more than one hundred kilometers an hour this is speed writing a combination of paragliding and skiing for swiss extreme athlete and multiple world champion only cation holds it's the perfect sport if you go to the feeling you get speed riding is incredible because of the combination you can ski off a cliff and suddenly you're in the air flying and below you can see the next slope so you swoop in and your back to skiing on the sympathy of them see fall. all you need is a pair of skis and an eight to ten square meter waiting to go off piste. to cora to help steer the wing into the air and back onto the snow. only has been doing this for ten years three or four times a week. after mrs that i want to wheels most to me is that it lets me reinterpret free riding on you to rights i can tackle new mountains and be the first to make the cents which wouldn't be possible otherwise the. only catch the hawks was born to ski from an athletic family he grew up in the swiss alps now he's a

confirming,isse that it is approving its 2019 buyback of up to 1.5 billion swiss francs, crossing now. approving its 2019 buyback of shares, up to 1.5 billion swiss francs, also to increase its dividend by at least 5% from 2019. it is also confirming its our ot tangibleeturn on equity target for 2019 and 2020. hours talking about a bit of a risk-on session perhaps coming through later in the europe and the u.s., judging by the futures. some positive sounds on trade, perhaps giving a lift to equities. we are also seeing a move on the yuan. if we look at what is happening, the yuan strength basically heading for its best month this year. we're also seeing debra hi again for a second day, largely to do data.pi the brexit talks thickens, as we talked about. more details are in a second. coming up, my coanchor, manus cranny will be speaking to the united states treasury secretary, jack lew, in a dubai. juliette saly is inch singapore, with more -- is in singapore with more on the asian session. >> great to see you. we have the msci asia-pacific index up for the first time in three sessions

not only that but those beautiful swiss meadows will make for much happier cows and out as well. that's all for this edition of focus on europe brian thomas for the entire team thanks so much for being with us and if you'd like to see any of our reports again just go to our home page i did of you dot com or visit our facebook page storks so long for now the be. free of. the box . good. to. see you and. building a church for a catholic community on the outskirts of tamanna it's a gift from the. pope francis personally that's the foundation stone back in twenty fifty. since the progress has been slow. but the community can't think of the project now it seems their dream is finally coming true. sir. w. . anxious leeway thing we do for a lifeline to syria. good morning where are you why aren't you answering. every call brings them closer together. to the but it hurts because they feel powerless to help. they worry about the wrong they've left behind. i'm trying to be strong but deep down i'm broken. the war continues to haunt those who fled from syria. cut. and i'm trying to reach th

of the dipping in and then warming up the insides with swiss cheese fondue you. just did that enjoying a winter treat in the mountains of austria. when it's cold outside people tend to favor warm hearty dishes for their meals as opposed to light and fresh cuisine in the summer months a country like poland generally has cooler temperatures for the majority of the so it's no surprise that most of the dishes a wholesome rich and warming a modern influence has called for top restaurants trip aylmore to the international market so in one of poland's new better craziness tabish let's chef sylvester list shows us how he keeps up with the times whilst maintaining polish traditions. the tartar mountains in southern poland are among the most popular tourist destinations in eastern europe. not far from pani. is where chef sylvester elise has his restaurant. he's famous in the region. and one of his specialty uses leg of lamb. job as a mother marinated are in the chili pepper finally put it on the lounge to give it spiciness. i want to create a confrontation on the plate my

shares of the swiss asset manager plunging. it will scrap its dividend and predicted a $931 million loss for the year. following the suspension of manager tim heywood, the crisis leading to a restructuring and cutting costs of more than $40 million. that is the bloomberg business flash. tom: thank you so much. today,ndon and brussels we cannot forget washington and all of america. the photo from yesterday was from the ap of mr. and mrs. cohe n and their children heading into a courtroom. kevin, that was a brutal image looking at three years away from his children. from that standpoint and more broadly speaking, it comes down to president donald trump. i spoke with lenny davis, the spokesperson and attorney, one of the attorneys on the legal team advising michael cohen. i asked if we would get more information out of him. waitingmichael cohen is for the conclusion of the mueller investigation. some of the charges that michael cohen pleaded, found guilty and convicted of, including lying to congress. they believe that the white h

and the winter getaway in the swiss result of double. bass and more coming up tomorrow on the euro. after. the africa. denise's comes to ecosystem is at risk of industrial pollution and overfishing and threatening people's livelihoods. an initiative is trying to save the fish stocks and revising not just the region in. the future though the project will put a stop charge a also in the fishing sector eco africa next on t.w. . china nine hundred sixty six multi dong proclaims the cultural revolution. we couldn't think of anything better than. thank china several europeans were also swept up in the euphoria and must have been really quite excited to see out of the like teenagers grossly. these are some of their stories our idle. forty five minutes on d w. natural riches. precious resources. and a rewarding investment. farmland has been called ethiopia's gold. the country has an abundant supply and leases it to international coverage for giants the government is after high export revenues and the corporations high profit margins but not everyone benefits from the booming business. would

around brexit, that's not the only event in focus next week we also have the ecb meeting on thursday the swiss central bank, joumanna bercetche's favorite week of the quarter. how important is what happens in the u.s. to what happens in europe and will europe take it cues from what happens with fed policy or will be more dependant on what happens domestically in europe and what the ecb is doing? >> the ecb will remain a key driver for markets in europe they will stop qe in december. they're not going away from the market they have reinvestments to pring ba bring back so the ecb does matter the ecb is about three, four years behind the fed they're facing a much more challenging backlog. q3 has been bad for european growth and macro and they will have to keep much more cautious stance than the federal reserve. if they're lucky they can hike once next year, if at all. this would make you think bunds are going to be well supported however in the short-term bunds are looking very much at the other side of the pond, at what happens to treasuries. a 25 basis point yield in ten years, we argue there's

., the swiss franc could come under pressure. they have made it clear they are not moving interest rates. they have lowered their interest rate forecast. offersk the swiss franc value for the downside. tom: very good. kamal sharma with us from bank of america. to drive forward at this conversation, stanley , he weighs in tomorrow. this is "bloomberg." ♪ viviana: this is bloomberg surveillance. i'm viviana hurtado. standard chartered has a deal to separate its private equity unit and for bill winters to exit. the majority of its private equity portfolio will be transferred to london intermediate capital group. jaguar land rover is not commenting on a report it will cut thousands of jobs as part of based turnaround -- as part of a turnaround strategy. the carmaker will outline the measures next month. jaguar land rover is owned by india. asianors say of emerging stocks will be the best-performing asset class next year. that is according to a new poll from citigroup. citigroup says preference make sense if you anticipate a weaker

the reason for this is a long story it began with swiss cheese. zoom run in their chairperson of the water pose agricultural cooperative tells visitors to the village museum about a certain german named alexander kaiser. he came here over one hundred years ago and realized that the lush meadows on this plateau provided the ideal conditions for making m. and all cheese well. alexander because it this village owes a great deal to alexander kaiser and to his daughter she diligently carried on her father's legacy they left us a lot of cheese recipes that i had to take the time to learn. and the other women in the cooperative don't just make any one of the milk cheese they specialize in turkish cars grove year with a little imagination rob year sounds like greer a variety of swiss cheese. this culture great grandson of the german pioneer knows how this came to be today he's one of the few men with any real say. but i do know that. my great grandfather came here with us was friend on their way back from the caucasus after the up peoples of russia's octo

not so much in the swiss franc. over thetake the yen swiss, and definitely not the euro. scarlet: it doesn't look at there is much place to hide when you look at equity. all other groups are down. utilities are falling less, but still down. todaye your case earlier and he was saying the decline in the stocks tends to be ahead of a decline in earnings. he sees some big problems, notably the spread between the price earnings ratio of reported earnings and the price earnings on a cyclically adjusted basis. what did the fundamentals look like to you? tony: they look like they should when the fed is raising rates. things are supposed to slow down and we forgot that. my number for 2019 earnings has only been 45% increase since we put it out this past summer. we made the mistake of assuming that everybody else thought the multiple would be able to stay high. that obviously is not correct. i don't think it should be a surprise that we are slowing down. i think what is really exacerbating that is the trade situation between china and the u.s.. this does a good job of highlighting

the swiss franc is strengthening slightly versus the dollar 0.37 basis points on the day let's get back to european markets and see how they're faring a positive picture across the board. yesterday the steepest losses were seen across these three indices. italy, france and germany. we're seeing the strongest rebounds there today. brexit sharply in focus. a few corporate stories as well. let's look at u.s. futures we are a couple hours away from the open there yesterday, roller coaster session stateside where the three major indices bounced and closed in positive territory it looks like we'll see a marginally softer open this morning, but no major moves judging by u.s. futures. >> all right other top story, apple says it started to appeal a chinese court rolling that bans the sale of several of the tech jch gians models in china. the court found that patents were violated. eunice filed this report >> qualcomm and apple are in a patent fight and the latest battle is plagying out in china. qualcomm said apple uses software updates in some older phones that allows apple to avoid paying fees

the troubled swiss asset manager sees a quarter of its value wiped out after it shocks investors with news of a record loss. and ge takes off after the stock's biggest bear jpmorgan has something prominent to say on this industrial giant. let's take a look at the markets. draghi to a certain extent