tom: francine lacqua is england. getting the effect on trade or the markets, maybe it is a separate discussion. patrick armstrong from plurimi wealth and gene frieda from pimco as well. have we seen trade of facts? -- effects? seenmco, have you actually tangible trade effects? think we have seen very little in the actual macroeconomic data. i think it is part of what has been affecting markets this year, affecting currencies, confidence. if you were to ask me relative to the start of the are what has happened to emerging markets, had you not had this trade uncertainty, i think you would have seen far better performance from a growth standpoint and equity as income standpoint. yes, it has had effects. patrick, it simply comes down to the back and forth and acrimony as well. it seems tangible. what is the outcome of the next step of a trade war. if we get further tariffs, what will that do? terrorists are essentially a tax on the consumer. tom: thank you. patrick: you have higher oil consumption and higher prices. that

francine lacqua in london. let's check out what is trending on tic toc. a group of teenagers are suing the u.s. government for not doing enough to combat climate change. brexit is back in full focus as theresa may strikes a conciliatory tone to lawmakers over the progress of talks. third-place, the u.s. budget deficit reached a success in your high. second place, trump floats the idea that rogue killers might be behind the disappearance of jamal khashoggi in turkey. chinese local governments could have 40 trillion in renminbi debt. we are also getting breaking news out of the u.k., so let's check in on pound. the u.k. june to august basic wage growth, this goes back to spending power, it goes back to inflation, it is coming in a little bit better than estimated. staying atyment rate 4% as forecast. on to france and emmanuel macron replacing his interior and agriculture ministers in a re-culture -- reshuffle of his government routine. the long expected french cabinet overhaul was set in motion by the resignation

francine lacqua, this bounces off your interview. this is bloomberg news talking about entering the red zone. francine, where is the red zone? francine: i guess it is towards $100. i pushed him towards if we are going to $100 a barrel? he said legally we cannot comment on that. it is getting tighter and tighter. he has now gone a step further and said we are now entering a red zone. i don't know if redstone is where it starts hurting demand. that is how i am interpreting it. usually if you look at how it happens, oil price goes this way, and demand drops off as countries cannot afford it so much. we have not seen that yet. we have seen demand going up and oil going up. i don't know if my hands can do it. tom: the hands are doing it. it is very good time. very geometric term at with -- chart map with francine. we are thrilled to bring in julian chillingworth today. it is a disease with a great bull market. the wall street journal today, 1, 2, 3 hedge funds shutting down. bring up the chart. this is the ball off the lehman low. trying

i am francine lacqua here in london. now let's check in on what is trading across the bloomberg universe. donald trump's decision to pull -- i have never heard of $1 yoga pants, but there you go. haslett is going on a van of eslaol and diesel cars -- t is calling for a total band of 2021. and diesel cars by pressure is mounted on italy is the eu issues a warning of its draft budgetary donald trump going on very severe consequences of the killing journalists jamal khashoggi. here is juliette saly. juliette: president trump says it is likely that journalist jamal khashoggi is dead. this is after steve mnuchin pulled out of the davos in the desert in riyadh. ump warns that the consequences of the killing would be very severe. we are waiting for some investigation and waiting for the results, and we will have the very soon, and i think we will making a statement, a very strong statement, but we of aniting for the result investigation. juliette: italy's fight with the eu. european leaders attacked plans unprecedented and said

francine lacqua and tom keene. let's turn to one of the distractions over the weekend, this one on the international campus. reagan and gorbachev. mark, extraordinary for any of us of a certain vantage to remember the somewhat triumph for all of that meeting in iceland. president trump wants to do away with the 1987 treaty in nuclear missiles. where are we on this right now? can he do that? mark: yes. nuclearthe intermediate missile treaty. as you said, it was a huge deal when it happened. out and john bolton is on his way to moscow to talk about it. this at treaty has been in discussion for a while because the u.s. has accused russia of breaking it, by developing a cruise missile that can carry nuclear war has. the russians deny it and accused the americans of breaching the treaty by building anti-ballistic missile systems that could also be converted to be used for offensive missile launch. tom: what does it mean for germany of president trump pulled away from the 1987 treaty? : for europe, this is really concern

i am francine lacqua in london. stoxx 600 down 0.2%. this follows a pretty big selloff we saw overnight. a lot of it has to do with the anxiousness we saw in the market. it is difficult to pinpoint something, but it is clear that gold and yen are actually in demand. the german business confidence coming in a touch below estimates, still at 102.8 103.2 we were expecting, so i touched below, but nothing too much of a mess. the euro-dollar -- of a miss. one,uro-dollar also at too. you can see is 7% lower, downp at the lowest since 1999. third-quarter earnings missed inbev afterr ab they raised forecasts once again. coming up, we will speak about political risks with google, we will talk italy, brexit. a little bit later on, we talk about the u.s. ahead of mental relations with anthony scaramucci. byernoon, we will be joined the chief executive of sergio ermotti. is for firms were news, here desley. the u.s. mail to be postponed after the mail bombs tom -- that were sent hillary clinton and barack obama as well as u.s. billionaire george so

francine lacqua in london. what are you watching? isncine: what i'm watching what you are watching, u.s. data, oil dynamics. what i'm watching is brexit, china and the remnimbi. when it comes to brexit, it seems that the pound shorts are more aggressive than yesterday because they're looking at this fraction within the cabinet and the fact that we will hear -- that we will not hear from the cabinet position until monday. tom: we will get to the stronger japanese yen in a moment. here is kailey leinz. kailey: brexit talks are said to be on hold because theresa may' risk cabinet is not close enough to agree. no new plan is likely to be put forward by the british side before next monday. a report by the national institute of economic and social research says a no deal brexit would shave percentage points off u.k. growth next year. the trade accord that keeps most of the current arrangements with -- will keep gdp grow by 1.9%. south africa's president is overwhelmed by the level of interest in the investment summit he launched. ramaphosa

♪ francine: hello everyone and welcome to bloomberg surveillance. i'm francine lacqua in london. these are the markets seeing pressure on the stoxx 600. markets are trying to figure out exactly what the impact will be on extra easing out of china. you can see remain the at exploit own i know. 90. central bank -- at 6.0 tightening.bank was the 10 year yield is trying to transfigure the fallout from the populace government that doesn't always speak to investors like they want to be spoken to. coming up on bloomberg surveillance, we hear exclusively from rio tinto's chief executive. will be on about the metals out there and the glut and copper. will go with you in just a second. let's get straight to the bloomberg first word news with taylor riggs. taylor: as you were mentioning the former army captain stormed a huge lead in the first round of the country's presidential election. -- years ofters corruption and crime rallied around his message. he's on track for victory in a decisive second round vote in october 28, when he will face his closest challenger. that's the workers party c

francine lacqua in london. these are your markets. you can see the stoxx 600 down 1.1%. a little bit of discouragement because the rally in china coming to an end. we're seeing a demand for havens. dollar-yen at 1232. let's take a look at shares. a u.s. court finds a company liable for roundup's link to cancer. down from 7.3%. the interview of the day. bloomberg television has an exclusive interview with the prime minister of itly around 2:00 p.m. this afternoon london time. we'll talk budget and the future of the country. now let's get the bloomberg news. hi. >> hey, francine. theresa may says the brexit deal is 95% complete and has to speculators. the vast jeter of issues have been settled. she said an extension might be needed but insisted she has not committed to it. >> the second set is to create an option to extend the implement aches period -- implementation period. i do not want to extend the implementation period and i don't believe extending it will be necessary. reporter: the european commission is l

i'm francine lacqua and london. italy's attempt to send a new -- sell a new budget to the eurozone ended in failure. france said that eu spending rules apply to everyone. european commissioner, jean-claude yunker, took a stronger line come a warning of a greek-style crisis. morgan stanley warned about the knock on effects to italian banks. says the euro is not sufficient to solve the country's problems and we will be speaking to him in about 15 minutes from now. how should investors be positioned around italian assets? joining us for the hour is the founder and chief investment officer at abt investment. are we doing too much, are the markets overly concerned about italy or are they doing it for the right reasons? >> think they are doing it for the right reasons. they are underlying structural issues that need to be worried about. we have the situation with greece that is very much with us. francine: but italy is not greece at the moment. >> by any means. at the significance of italy a size is that a different magni

. >> the chairman speaking to francine lacqua. that was a huge surprise a couple of weeks ago or so. the markets reacted to it. everyone thought they were there to do an m&a. >> he said many times what he now wants is basically she laid out three people at the home with different focuses. the spin it probably focused on digital. it -- strength has to do with motivating a team, possibly doing deals, but they have a lot to get through before they can do m&a. latin america maybe, but what it -- trying to explain to me, they could grow organically, and that the moment, they don't really need m&a. before now, she said, a great addition to the team. >> the strategy, what would you say about the challenges facing those countries. the argentina is very small. a lot of her eggs are basically in brazil. there is an election coming up, the first round this sunday. the matter what happens, in terms of brazilian politics, this will increase. she said remember i told you three years ago i would increase thee., that we would put bank in shape no

francine lacqua in london. i'm tom keene in new york. dow futures, -100. right now, here is taylor riggs. has openeddi arabia an investigation into the disappearance of journalists jamaal khashoggi. saudi official tells bloomberg people could be held accountable. the information because of information received from turkish authorities. turkish officials have said a saudi team member murdered khashoggi. president trump is hinting james mattis may be planning to quit. the present told cbs news that mattis mainly. mattis has been on the defensive as they portrayed him of being critical of the president in private. there is tension between the u.s. and turkey, despite the release of that american pastor. president trump welcomed andrew brunson to the white house after a turkish court freed him after two years of detention. the u.s. is unhappy that turkey bought a russian missile-defense system. it has criticized turkey for jailing other americans. is preparing for a worst-case scenario on the economy. the people's bank of china government tells bloomberg he is

i'm francine lacqua in london. these are the stoxx 600, pretty much unchanged. the dollar and canadian loonie on the back of that trade deal, keeping its leeway i lance. the italian tenure up 3.18. we had a lot of movement on not only is telling stocks, but it telling bonds, which draghi euro lower on friday on the back of that 2.4% budget deal. you can see brent crude at 82.79. we did have a call between president trump and king of dollar of saudi arabia desk king of dollar of saudi arabia -- king of della of saudi arabia. that means the share price is down 8.3%. coming up, the chief executive joins us for an exclusive interview at 9:30 a.m. u.k. time. let's get straight to the bloomberg first word news in new york city. here's taylor riggs. teamr: donald trump's pushed back that they laid out ground rules for the probe into brett kavanaugh. they ordered the investigation on the sexual assault allegations on the supreme court nominee following a request by senate republicans. the party had hoped to power through the chamber and onto the natures -- nation's top

she was talking with francine lacqua. siemens down 2.85%. about the main markets finish. thell be able to show you ftse and the banks. it was the cat that came under the most pressure today. it has lately been outperform them because the luxury sector has been doing reasonably well. and terms of the other functionalities worth paying attention to, we have seen outsized moves in terms of the volume generated. what we have seen his volume trading -- we get benchmarking coming through. we will show you that tomorrow. let's look at the european markets in more detail. cacftse, the dax, and the closing down by .7%. that is a look at the european markets. : we have they doubt up .4%. intel is at its highest in my than a month. we have other stocks up my than 1% as well. the nasdaq has been strong for a few days. 95.43 is decent. the 10-year yield is down to 3.05. that is money coming into treasuries from abroad. and crude oil futures, 75.29 is not a bad price for a barrel of wti. let's see currencies impacted by the real trade. is a currency that is not performing that badly to

but then he turned around and with our own francine lacqua said that there is no plan to leave the euro within this government. >> they need to support and they realize that. the idea of decoupling from the euro is too much instability. it is completely unpalatable. david: they took the budget with a 2.4% deficit up to the eu, and said, thank you very much. >> it is investors pricing and a lot of risk and italy. you have to have some really strong pushback which, maybe a few ticks below that. but there's not a lot the eu seems to be able to do to enforce. this is the environment we've been in for years now. i don't imagine italy will really change the game. >> how about the u.s.? it is over 3%. but it seems to be ignored. >> we see the u.s. with expansionary and budgetary policies. this is exactly what will be hitting. you have policies driving and anothernding goal of president trump to narrow the trade deficit. alix: what do you do with italian assets right now. >> what matters for all asset prices is where the economy is going. this is clearly the bigger .river if we push through thi

i'm francine lacqua in london with tom keene in new york. it is that corgi time of year we change our clocks in new york but not in london. tom: really, an extraordinary weekend. this ibm transaction with red hat is absolutely extraordinary. the exposure it places on ibm. quite a: we have lot of corporate together. -- to get through. osonero has wone brazil's elections. promise to strengthen times of the u.s. and unleash a crackdown on epidemic crimes. beat thef the vote to mayor of sao paulo. costomised to reduce the and size of government and reform foreign policy. >> our government will break the paradigm. we will trust in people.we will cut down bureaucracy , simplify things and allow people and entrepreneurs to have more freedom to build the future. we will unite brazil. jet carrying 189 jet carryingionair 189 people has crashed in indonesia. capital at from the 6:20 a.m. and lost contact 30 minutes later. the aircraft is heading for a popular tourist destination. you can follow these developments by going to tliv on your bloomberg. cha

is francine lacqua. whether italy or the president oiling out, the reality is globally $85 a barrel. francine: this goes back to foreign policy of the u.s. the presidentsy talk in mississippi about the saudi king. then it goes back to the emerging markets. can it handle $100 oil? does demand readjusts itself? tom: italy with an edge, better data this morning. let me do a data check. equities, bonds, currencies, commodities. elevated futures. brentexas $75 a barrel, just below $85 a barrel. deutsche bank struggling well under 10 euros. stockse: european climbing, rowling on reports the government will rein in spending plans. .sian stocks dropping investors continue to figure out the strengths of commodity prices and what they mean for india and indonesia. tom: very good. an important conversation. you saw chairman powell's speech the other day. many presidents of the fed across america. is of the most interesting when mr. evans speaks. our guy johnson with charles evans. >> thank you. yes, chicago fed pre

welcome, i am francine lacqua in london.

francineic, in for lacqua. we are focusing in europe on the very fact we are seeing so much green in these equities after the values we saw in asia overnight and u.s. stocks ended in the green as well. we are bottom fishing. where is the bottom from the selloff? is there a rebound today, or will it sustain? in european markets, gains of 1% across a lot of the benchmarks. tom: is halloween a big deal in london? nejra: it is, and that is probably down to your influence. republicans are out -- the pumpkins are out. ving a also ha halloween bake-off. tom: here is your first word news is taylor riggs. in the the pmi readings world's second-largest economy fell to 50.2, lower than economists were forecasting and close to the dividing line between expansion and .ontraction has growingrnment tensions with its central bank. the government and the reserve bank of india have been locked in a standoff in recent days overregulation of banks and tackling bad loans. it comes at a time when india's currency is asia's worst-per

manus: that was sent and there's , speakingana botin exclusively with francine lacqua. not everybody has such faith in the latin markets. mohamed el-erian says it might be too soon for investors to reallocate away from u.s. stocks into e.m.. prices,: higher oil stronger dollar, slowing growth and tightening financial conditions are not a great cocktail for most emerging markets. in the short term, be careful. this is not yet the time front anti-divergence rate. it will come, but not here. our guest,d riley is chief investment strategist at bluebay asset management. if i look at the equity differential -- this is that on the g7e financial, currencies, based on the dollar. these gaps are still very wide. is it still too soon for you to jump into e.m.? are in the e.m., including in some of our multi-asset credit strategies, there isink that value, particularly in a dollar credit. there is certainly some value there if you are selective and discrete. prices broadly speaking, are actually a net positive for emerging markets. , is whereor investors the best one thing to think

francine lacqua in london. i'm tom keene in new york. we turn now to what has transfixed the beltway. the kavanaugh vote expected saturday. here is judge kavanaugh writing in today's wall street journal. i am not a pro-prosecution judge. i would always strive to be a team player. i have not changed. i would keep an open mind and strive to preserve the constitution and the role of law. talked with our chief synthesizer of this moment, kevin cirilli. who advised the judge to write this? did he want to do this? the person briefing him has been tom again. the one paragraph in that op-ed that matters is when he said he realizes he might have been too emotional and he might have said ,hings during his confirmation that hearing last week, that he might not what have wish to have said. -- might not have wished to have said. would appear based on public comments, those republicans were moving toward voting for him. they praised the fbi investigation as being thorough. has been moreski difficult to read. we are anticipating a procedural hurdle at

. ♪ francine: good morning and welcome. i am francine lacqua in london. these are your markets, we are seeing a lift to these stocks. in asia, they were flatlining, but there is a little bit of nervousness out there after the route we saw. seeing at brent, you can 76.41. important to look at brent as we saw the oil minister, who told us that opec and allies are in a production mode. we are also getting data out of europe. on coming in at 52.1, a touch below estimates, and then we had quite a lot of earnings. this is down some 0.6%. we're also taking a look at tesla, shares yesterday adding to the company results. they have moved up in earnings reports and optimism is building. we're getting them a little earlier than expected. tesla gaining at 12.7%. coming up, a lot about the banks. we talk to the chief financial officer at deutsche bank, and you can see that interview at 11:30 a.m.. let's get to bloomberg first word news. trump is passing responsibility to respond to killing of jamal khashoggi to congress. speaking to reporters, he added he wants a bipa

francine lacqua, i'm tom keene in new york. of lebrate the anointment alexander of morgan stanley. 48 months of forecast. she that is lowest standard error. that is an extraordinary accomplishment. i thought i would show you the why here. retail sales, going to focus on retail salings when you didn't know who she was, that's what .ade her famous ellen what is the state of retail sales? >> came in softer than expected but over all an ok report. it didn't show broad declines. there was one large decline that i think needs to be watched. i'm watchful but not worried. it is food services. . in the retail sales report, it captures a good chunk of overall spending that we do each month. it has the dining out category. when that declines, it can be sometimes households don't field well. tom: seamless. come on. you go thai food. we got that. tell me about the tax cut. i thought we had more money in our pocket. is it working? what you see the it mean? >> it has given households more disposable income but also raised the savings a lot as

let's begin with fosse be role, who told francine lacqua he's worried about falling oil surprised and rising prices. ♪ i think what we have been march is --ince this is not good news for the global economy. coal and natural gas prices are going up, and i can tell you it looks like expensive energy is back. expensive energy is back at a economic the global is losing momentum, currency crashes in emerging countries, so high oil prices are not good news for the global economy, both for importers, consumers -- but also for -- if not today, maybe tomorrow. >> are you satisfied in how saudi arabia and its allies are responding ? should they be putting more oil on the market to make up for lost production? iran exports are going down but we really need more oil. but saudi arabia made an excellent move to come to market, especially in the fourth quarter this year. >> why are they not putting more oil in? does saudi arabia not have enough? there's always a time -- it's not like you switch it on and are producing more. >> i have all the confidence that saudi arabia and other -- fourth quarter

this week, francine lacqua sat down with an exclusive interview. she is setting ambitious growth goals for the bank, both financially and geographically. >> we want profitable growth and what have is this opportunity that few banks in the world have. we have 140 billion customers , and our strategy has been loyal customers and digital excellence. that is why this is all about building global platforms and this should give us growth. it should give us profitable growth, as we have done over the last few years. what we have done with capital over the last couple of years is a lot. we have more capital. we are making more than $5 billion consensus and it is consensus, this year more than 7 billion. we are building capital. lee said in in june we would reach 11%. that was 8.5% when i arrived. >> investors worry that you are doing great on capital, but lagging behind in other areas. what would you tell them? >> capital is about the capital buffer. santander, and this is bloomberg data, by the way, and i am sure very accurate, santander is one of the mos

let's begin with fathi birol, who told francine lacqua he's worried about falling oil surprised and rising prices. fathi: i think what we have been seeing since march, a tightening of the oil markets toward the ent of this year -- end of this year is not materializing. this is not good news for the global economy. not only oil, but coal and natural gas prices are going up, and i can tell you it looks like expensive energy is back. expensive energy is back at a bad time again, when the global economic is losing momentum, currency crashes in major emerging countries, and trade disputes among major economies. so high oil prices are not good news for the global economy, both for importers, consumers -- but also for exporters. if not today, maybe tomorrow. francine: are you satisfied in how saudi arabia and its allies are responding to this? should they be putting more oil on the market to make up for lost production? fathi: we are losing big-time. iran exports are going down but we really need more oil. what saudi arabia did is an excellent move to come to market, especially in the fourth quar

i'm francine lacqua here in london. let's get straight to the bloomberg business flash in new york city with taylor riggs. taylor: the u.s. has started an investigation into a money-laundering case involving denmark's biggest bank that has already toppled its ceo. criminal investigations are underway in estonia and denmark. ofs is after a large part $235 billion that floated through a unit in the float -- country many to be treated as suspicious transactions. amazon is eliminating monthly bonuses and stock awards for warehouse workers and other hourly employees. after the company pledged to raise pay to at least $15 an hour. workers for the e-commerce giant in the u.s. were eligible in the past or incentives that could have told the -- hundreds of dollars. amazon says operations and customer service staff will still see their total compensation improve. the head of the u.s. federal trade commission has indicated it is reviewing the data breach at facebook that affected 50 million accounts. chairman simons asked about th

. ♪ francine: welcome to bloomberg surveillance. i'm francine lacqua in london. getting news out of the iea, cutting oil demand forecast. still seeing prices

also, the ceo will be joining francine lacqua for an interview. lots to come. this is bloomberg. ♪ francine: the new nafta. the u.s. and canada agree on a new deal. the italian finance minister prepares to try to convince his it euro area counterparts on his budgets. musk.c reigns in elon he steps down as chairman and cuffs up a $20 million fine as part of the deal to remain chief executive. twitter drama in the rearview mirror? ♪ francine: good

hello everyone and welcome to bloomberg surveillance, i'm francine lacqua in london. we have a lot of news, just tryi

. ♪ ♪ francine: "leaders with lacqua." is thee: carlos ghosn ultimate executive car guy. he started his career at nissan, then went on to climb the ranks. he holds one of the most powerful positions in the car industry, serving as chief ofcutive renault-nissan-mitsubishi alliance. during his rise to the top, earned nicknames after returning the company to profitability and rescuing

lacqua,w, francine trending across the atlantic. always trending. these are our stories trending across the bloomberg universe. we will head to twitter to find out more. on bloomberg.com, evidence of fact supermicro hardware has been found in the network of a major u.s. communications company. here are some of our most read stories on the bloomberg. in third-place, donald trump said he is considering dean of hope for u.n. envoy. and a cloud computing division of amazon has signed a new deal with customers worth a combined $1 billion will stopuber is sounding up investors on $1.5 billion bond sale. let's get straight to the first word news with taylor riggs. taylor: hurricane michael is likely to slam into the florida panhandle today with 130 mile stormur wind and a killer surge. overnight, the national hurricane center upgraded michael turner category 4 storm. it has gone even stronger. roughly 375,000 people living along the gulf of mexico coast have been told to evacuate. the hurricane has cut oil production in the gulf by 40%. there is to evidenc

♪ francine: "leaders with lacqua." is thee: carlos ghosn ultimate executive car guy. he started his career at nissan, then went on to climb the ranks. he holds one of the most powerful positions in the car industry, serving as chief ofcutive renault-nissan-mitsubishi alliance. during his rise to the top, earned nicknames after returning the company to profitability and rescuing nissan from bankruptcy. ghosn faces the next challenge, the auto industry into the future with electric cars. today we meet carlos ghosn. why do we have so many car companies? carlos: it is getting diversified. the car industry when it started was local. europeans in europe, the americans in the u.s., and japanese and japan, and now we are becoming global. you will have much less in the future. francine: at the moment we have 20 global car companies, 20 chinese companies, 20 makers of batteries. how will that change. carlos: you will see a consolidation in china. chinais a rumor that would like to regroup companies into champions. also, a consolidation of the the first oneand is the fact techno

francine lacqua in london and i am tom keene in new york. a 6.94 print this morning. with your first word news, here is taylor riggs. the burden escalation of the trade fight with china, the treasury department stopped beijing saying manipulates its currency but steven mnuchin says he is concerned about the recent fall of the yuan and china's lack of transparency. hours after the report, the one fell to the lowest level since january of 2017. white house counsel don mcgann has left the administration, his last day was yesterday as he led theprocess that confirmed president's supreme court picks but ran afoul of his false over security clearances and his moment as a key figure in the russia election meddling investigation. theresa may says she is not expecting to use one of the options being floated for bitcoin, that plan what extent -- brexit, that would extend the implementation. months as she told depression expects the future relationship to be in place as scheduled at the end of 2020. an antiviral pill taken by thousands of men has led to an unprecedented reductio

francine: welcome to bloomberg surveillance, i am francine lacqua in london. it is a big markets day. we did see a big selloff in the u.s., and onto asia. this is what we are thing on the stoxx 600 in europe. , there is not a catalyst, but earnings came in shy. chief executives were warning about the trade war, so there is a justness out there. the tech stocks took a beating. the dax is down 3%. the ftse is one of the biggest losers. there is political concern out there. the market could go into a bear market. week was closed, we saw a lot of volatility. 5.2% lower. we are trying to figure out what prompted the selloff, but it does seem that equities are shifting on the impact of trade, and sentiment is turning sour. we will get back to your markets area first the first word news. >> yesterday's rout on wall street was a correction, and not a reflection of a systemic issue according to the president. fresh concern about the trade war with china, and a selloff sparked. americans may not be able to deliver the runaway growth. chief christine lagarde says the wor