One to watch today but if you look at the initial signals, we are lower on the stoxx 600. It was a strong session yesterday for the dax up close to 1. 8 , clearing fresh hurdles, well above that 13,400 level rough day to follow up on some of though gains. Lets see what were seeing elsewhere. Telco is at the top, healthcare is at the bottom most of the markets really showing sectors are declining out of the starting position in terms of that sector, couple of reports in there including sanofi the overall picture is a weaker one. Just outpaced to the down side by travel and leisure sliding by a quarter of a percent basic resources, a slightly weaker start up by a quarter. Utilities off by 0. 2 . The others, media stocks, weve had that sector trade down by 0. 10 . Utilities down slight declines in the early start of the session wayment to get to retail quickly. Next is falling again after a horrible trading session yesterday on the back of its concerns around unusual volatile patterns in its business week to week and Credit Suisse getting a slight bounce. 2. 6 better than the market had anticipated. Oil and gas stronger the big report has been shell. That stock trades higher construction up 0. 2 and telcos, 2. 5 higher. Enough to drag the basket up 0. 4 heres how it looks at the start. Shy of 7,500 points as we inch back towards that level on the footcy the French Market holding on 5,500 after a modest tick up yesterday. Its just drifting in the early part of the session. The dax, early signals are weaker after such a strong run yesterday. The other markets, mostly weaker for the ibex and the swiss markets. Stocks in italy trying to hold on to a fraction of green at the start. Credit suisse, the early print that been better, a gain of 1. 1 the market charging higher on the back of the report card of Credit Suisse. Net income was above the banks own consensus. The result marks three consecutive profitable quarters. There were concerns that activist investors were welcoming importers. We respect and listen to and we welcome the you are sviews or investors. We have had conversations, we have been in a constructive dialogue we listen. We absolutely always listen. To ing, another report in the banking basket up about a third of a percent. Not a huge reaction. Theemonth picture, up 0. 6 . So fairly flat, but a stock that has gained in recent years profits at the company rose in the Third Quarter to 1. 3 billion euros. The dutch bank had underlying income of 4. 1 billion euros beating expectations it announced the final dividend proposal that we made at the end of the year. The cfo said profits are being reinvested in Technology Must invest in technology and optimizing processes on one hand were spending money. We do that with the aim to bring costs down to another report, sanofi, the reaction is negative as the stock slides almost 3 at the start. Its confirmed its 2017 outlook. That after the french drugmaker reported Third Quarter results slightly under expectations. Net income fell 1 to 2. 1 billion euros. Sales of the diabetes business are expected to shrink 6 to between 2015 and 2018. We were talking about this before, seems as though one pathway to growth might be through consolidation but it missed out on a number of big targets. So question marks remain around the 5 zigs strategy. T driver in new york cit Acquisition Strategy bt has reversed what has been a dismal performance its been a steady grind lower after significant dips on the back of warnings bt posted a declining Second Quarter profit and revenue as it struggles to turn around its Global Services unit they also said growth at the ee mobile business feailed to offse costs for sporting rights and pensions earlier we spoke to Gavin Patterson about the accounting woes at bts italian unit. We taken all the important decisions, changed management, transforming the business, getting on and putting it back on its feet. I think its behind us as with any situation, theres a regulatory followup, legal challenges afterwards. In terms of the operation, we are getting on with the business it means getting the cost base right, focusing on the right customers, focusing on Software Defined networks, the future of our industry of course we looked at controls. We checked that theyre strong, where we found weaknesses, we strengthened them. Swiss rehas po has posted a i the latest set of results. The insurer says it expects claims of 4 billion related to hurricanes it also will proceed with a Share Buyback program set to start on friday. We will be speaking to swiss re cfo, david cole, thats coming up in about 15 minutes time live from zurich. Lets talk about some market strategy, where should you put your money in this environment we have the investment director and louis costa is still with us inflation is low, growth is high, were seeing Profit Margins still going higher and higher even though we thought last quarter was the peak, then we still have a dovish central banking environment, even though theyre tightening what could go wrong here definitely in a goldilocks scenario yet again inflation is not picking up. Theres realistically only two Central Banks, the bank of england and the fed who are on a path towards hiking rates after the ecb was more dovish recently the focus will have to be on wages. Wages are going to be the main driver of inflation. Inflation expectations this is all that Central Banks will be looking at in the months you will be waiting for a while if you are waiting for inflation. Havent you heard about automation this is the missing link is an argument about whether the oldfashioned models to model slack and inflation in the economy are accurate in the current environment. The fact of the environment is we dont know. Central banks, they told us theyre not sure themselves. Yellen said that theyre looking at how to interpret the data how to forecast what wages will do in the next few weeks and months for now, for them, they have to follow a cautious path its an interesting point when you talk about wages, particularly from your world that you look at, emerging markets. It feels like robotics are much stronger in emerging markets, is there some impact on this automation Adoption Rate in some markets and whether wages push up in developed markets because there might be a shortage around parts of the United States but not elsewhere because automation has not been adapted how do you see the breakdown of wages globally i see some industrials ems, the first one that comes to mind is an extremely integrated company into europe, but lets not believe this will be like an eventing sequence. There will be lags the lags can be years and years. We know this economy is still not necessarily keeping the pace of productivity with dm. The one important thing is that Wage Inflation is starting to show up in many economies. If you look around eastern europe, which is benefitting from this nice rise in output in europe and western europe over the last 12, 18 months, you are seeing a series of things. Were talking about high Single Digits in some Eastern European economies. My question to you, andrea, going back and looking into the macro, you mentioned something interesting, a step back from the ecb. 3 months, 4 months ago, everybody was gung ho on the idea that dm Central Banks are hawkish at the same time synchronized hawkish spirit. And now, you know, draghi is elegantly taking a step back how much of that is a setback foreuro dollar i see the european economy a much younger cycle compared to the u. S. Is it a detrimental factor to the euro dollar now . Is it the time to take the chips off the table . For the moment, euro dollar, exchanges are always a difficult market to make forecasts, it looks like for the time being euro dollar will be a play for the next quarter ahead on the euro side of the equation, draghi has told us that rates will stay here for a very long time at least to the middle of 2019 real rate differentials are one of the main drivers of effects, a lot depends on what happens on the other side of the pond in the u. S. What do we do about the breakout in yields when it comes to global curves, especially bunds, treasuries i guess we have come to levels that are crucial, pivotal . Maybe 50 basis points for bunds last week . Maybe 2. 5 for treasury yields do you think well move beyond those levels now is this the time to see that continued selloff in bunds people have been trying to back on the great rotation for fixed income for a long time, particularly on the Government Bond side. Those levels, you mentioned, they are key, the 50 basis points in bund is something on the charts that looks extremely important. Bunds will be driven by what happens to the treasury market while there is scope for some upside in yields, we dont think that will be sustainable in the medium to longterm. Why . We have mentioned inflation being something that is lacking. Besides that, there are more structural issues at play. Theres a lot of debt in the system can we afford significantly higher yields rates for a long period of time we dont think so. So, we think the scope for meaningful increases in yields is not really there. Is limited at this point. Lets take you back to the markets. Looking at gold stock, randgold a lot of assets moved in october, gold was not one of them its been updating the market today. Production and profits were down in the Third Quarter you can see the stock is down 2. 2 2. 9 profit for the quarter 60 60. 2 million compared to 77. 77. 25 million a year ago it comes to prediction levels, that was down 9 compared to the previous quarter. And to shell, the reaction this morning has been positive. The stock is modestly firmer so far at this point in the session. The threemonth picture, slightly more compelling where the stock bounced 10 . Royal dutch shell reported a 47 rise in profit to 40 40. 1 billi beating expectations strong gains in refining and operations have been credited for the jump cash operations slowed as cost cutting measures began to kick in and 4. 1 higher for hugo boss they upped guidance for sales after posting Third Quarter numbers in line with expectations the german fashion house were boosted by strong growth in europe and asia. Hugo boss has slashed prices in china in a bid to appeal to younger customers. We were puzzled around the americas which showed a slowdown in sales by 9 its own Retail Stores fared nicely, but whole sale was weak. So this is telling you another story about retail, which is that Department Store sales are challenged not really delivered for a number of big Luxury Companies the best gains are seen in Standalone Stores danske bank raised its 2017 guidance after they beat forecasts for the Third Quarter pretax profit, danske credited this to higher customer activity, which is unusual we have not heard that from a lot of banks pretax profits, 6. 42 danish crowns danske also lifted its Profit Guidance to 19 billion to 21 billion crowns carlsberg, 0. 4 higher as numbers hit. They posted weaker than expected Third Quarter sales. The danish brewer reported volumes and revenues below forecasts. Carlsberg cited bad weather in western europe as weighing on the quarter but also a change in the 1. 5 liter bottles in russia. New regulation thats been impacting volumes there. Well break down those numbers further when we speak to the ceo on the program, 11 00 cet. Tune in for that interview coming up on this show, Profit Guidance lifted at tate and lyle for the year, and it is one of the top gainers on the stoxx 600 this morning nick hampton will be jnioing us in a few moments accumulations up to 8 inches. Dont know if you can hear me, but [monica] whats he doing . [lance] can we get a shot of this cold front, right here. Winter has arrived. Whooo hahaha [vo] progress is an unstoppable force. Brace yourself for the season of audi sales event. Audi will cover your first months lease payment on select models during the season of audi sales event. My business was going nowhere. So i built this kickin new website with godaddy. Building a website in under an hour is easy 68 of people. Who have built their website using gocentral, did it in. Under an hour, and you can too. Type in your business or idea. Pick your favourite design. Personalize it with beautiful images. And. Youre done and now business is booming. Harriet, its a double stitch not a cross stitch build a better website in under an hour. Free to try. No credit card required. Gocentral from godaddy. Listen up, heart disease. You too, unnecessary er visits. And hey, unmanaged depression, dont get too comfortable. Were talking to you, cost inefficiencies, and data without insights. And fragmented care, stop getting in the way of patient recovery and pay attention. Every single one of you is on our list. At optum, were partnering across the Health System to tackle its biggest challenges. Tate and lyle lifted their Profit Guidance citing growth in their specialty foot business along with the bulk business were a joined by nick hampton, cfo of tate and lyle look at the shares in todays trading session. You must be pleased this morning. What drove that good result . Were delighted with the first half performance we saw good broad based volume in both divisions and across the global that turned into strong double digit profit growth, and alongside that we continue to invest in the future of the business how sustainable is that performance given that we are seeing pressure on the fastmoving consumer goods sector in the u. S. This is something that wpp repeatedly point out to us how much of the pressures are you feeling . Sure. Clearly the food and Beverage Industry is clfluid. We make a range of sweeteners, starches that help take sugar calories and fats out of food and put stuff back n like fibers and protein. Thats where consumers are going today. The opportunity for us is to help the more challenged Big Food Companies solve for those problems and grow. Alongside that expand into healthier categories in this environment is there actually scope to raise prices thats something where analysts would like you to make more headway in the future. Do you have wiggle room there . The key for us ultimately is the way we create value for us and customers is by helping them build solutions. We have to have strong applications, capable in the business to help them solve for problems theyre trying to solve for. If we can do that, we can create volume for them and us its a nice story, but innovation costs money if youre aware your end client is challenged on their margins, facing enormous pressure from activist investors, whats the rational for plowing money into research and development to come up with Innovative Products . Its always a balance you have to balance investing behind innovation and creating value from it. But ultimately if you can make ingredients that are innovative and can help solve problems for customers, they should be able to price that through. Were seeing good growth in new products over 14 growth of products in the first half talk with us about mexican soda sure. It seems as though the market has been concerned about the trading relationship between the United States and mexico, though that sort of was caught off with other issues facing the Trump Administration do you think the Business Environment changed a bit . Theres a balance of course in mexico because of the nafta trade negotiations were watching that with interest the good news is the Agricultural Sector in the midwest is important to the u. S. Economy. The mexican market is important to u. S. Agriculture. Were hoping for a positive conclusion to negotiations like everybody else, we watch it with interest. Today we might be seeing the first rate hike by the boe in a decade on the other hand we still have uncertainty when it comes to brexit issues. Where do you stand and how optimistic are you about the home market . Though tate lyle is a ftse 500 company, less than 2 of what we do is in the uk. Most of our debt is u. S. Dominated. As far as brexit, we are a u. S. Dominated revenue stock. Thats given us a good bump because of Exchange Rates in the shortterm do you feel pressure to engage in more m a the big spinoff of the sugar business, that was a while ago do you feel you need to engage in more portfolio oizatio optim . Pressure, no but were looking for the right kind of m a and will do that should it occur. Can i go back to the nafta issue . Its a fascinating thing i was in d. C. At the meetings a couple weeks ago it was an offagenda topic, because a few weeks before the d. C. Meetings nobody was expecting the markets to be discussing nafta its on you mentioned your company is u. S. Centric how much of an impact can trade wars or a more abrasive trade environment, how much of an impact can that have its clearly consideration for us as we think about the future were great believers in free trade as you would imagine well watch with interest the developments in north america. There are other factors going on in north america, like the taxation system, which could provide a positive its a balanced picture as always you have to build contingency plans appropriately. Thats what were working on nick, thank you very much for the time today nick hampton with us, cfo of tate lyle. Shares of hello fresh, the german meal kit Startup Company making their market debut in frankfurt. You can see 10. 63 on the screen. Thats up 3. 7 the issue price 10. 25. Successful listing on day one for this business. The ceo will join us, dominik richter, that interview at 10 10 cet let me pickup with andrea waiting patiently. Lets see what you think about Central Banks and the fed is the focus. Markets waiting to hear confirmation of jay powell as the next head of the fed elerian saying theres no confidence in markets, do you agree . Do you think theres a chance of misstep . There is. The fact that were talking about the fed being on autopilot is should be a red flag you should try to expect the unexpected sometimes the fact that powell is seen as the more likely candidate to follow in Janet Yellens footsteps gives a sense of continuity to the market, to the fed. Theres a bit less disruption in terms of expectations. Typically we should grind higher so the markets get confirmation of a steady candidate, we should get tax reform, the markets should keep moving north a number of commentators are saying were right for correction what happens december meeting seems to be so far, based on what the fed told us, a bit of a done deal. A lot of focus will be on the upcoming unemployment report, and on wages, but so far, you know, its all priced in in terms of meaningful surprises, theres not a lot there. What can spook the market could be if we see some derailment in the tax negotiations that are still ongoing. As we have seen last year, this can take longer than the market expects. The final shape of the bill may be different from what weve been expecting so far. Watch that space andrea, thank you for the time okay Hurricane Season hits Third Quarter results at swiss re. Well speak to the cno, david cole, first on cnbc in just a few minutes. Stick around financial crisis, the and saw his portfolio drop by double digits. It really scared him out of the markets. His advisor ran the numbers and showed that he wouldnt be able to retire until he was 68. The client realized, i need to get back into the markets i need to get back on track with my plan. The Financial Advisor was able to work with this client. Hes now on track to retire when hes 65. Having someone coach you through it is really the value of a Financial Advisor. Credit suisse in the green after rejecting concerns of shareholder dissatisfaction. Ive never heard it we cut more costs in the first year than any other bank on record randgold suffering a 41 drop in Third Quarter profit amid reduced production sending the shares to the bottom of the stoxx 600. Hard to swallow, sanofi shares slide as continued u. S. Pricing pressures prompt the french drugmaker to down grade sales in expectations in its diabetes arm. And the first rate hike in a decade the bank of england prepares to turn more hawkish for the First Time Since the crisis as investors watch closely for how the Monetary Policy committee is split. Markets in europe have been hope for a half hour look at the stoxx 600, on a very busy day like today, its not moving much. But that belies some bigger moves were seeing in individual stocks on the back of earnings well get to those in a second whats keeping us busy from the macro side today is obviously the expected pick for the fed chair likely to be jay powell but also the boe rate hike decision, and were waiting for more details when it comes to tax reform in the u. S. We have banks trading to the upside, Credit Suisse put in a good result. Real estate also up by a half of a percent. Travel and leisure off by 0. 8 healthcare is off by a half of a percent. Tech stocks also lower by 0. 4 all eyes on those apple numbers later today. Quick look at the biggest gainers and losers on the stoxx 600, much of this is driven by the earnings story like hugo boss up 6. 4 , despite weakness in the u. S. , we saw an uptick of sales in china and tenaris is up 6 and randgold down by 6 . And playtech off by 22 mr . Not sure why that is swiss re posted a also loss 8 468 million in the latest results. The reinsurer expects claims of 4 billion from hurricanes, and they will proceed with a Share Buyback program set to start friday steve has more on the latest results from the company i hear caroline jumps in the water there for a quick swim i dont think you have done that. I actually swam here from Credit Suisse. No, its a great town, you can get around easily. Its a perfect location as well. We have a stunning view behind us ill give you another view david coates, the cfo. Not as stunning as the lake, but pretty smart david, the headline figures are huge theyre dominated by catastrophe. So how abnormal a year is this for swiss re and the industry . Do you expect more of this Going Forward . Let me start by saying these are significant events, they have an impact on our ninemonth results. These are events weve seen before in 2005 we had a series of stores in the u. S. 2011 asiri seearsearryes ser catastrophes in asia i hear what youre saying, these big catastrophic events, they happen, go away, you have some profitable years, but do things need to change in the industry this year we had harvey, irma, maria, two powerful earthquakes in mexico, cyclone debbie which hurt you in australia. Thats a lot of events are things changes and theyll happen more often . As far as earthquakes, theyre hard to predict, they happen around the world. On the storm side, we have reason to believe the frequency will go up, the severity might go up, but the exposure is certainly going up because weve been building homes and businesses in areas that are suspect doing hit by these things you are a cfo, given what you just said, i thought the same thing as well, population explosion, building on floodplains, more insured people, more reinsured people. That says there are worries about the model Going Forward. Its something your ceo talked about. Withdrawing from us Sustainable Business lines i think Society Needs to wake up and realize things are changing if you continue to build in areas subject to floods, you need to be prepared to deal with the aftermath of floods. We need to make teapeople aware things and we need to make sure were writing an attractive business for clients and shareholders if there was one person you could persuade about the changing environment and changing risk levels, maybe that person is President Trump. Are you concerned about the direction the administration is going regarding flooding, climate, and alleviating the worst effects of that . I think there are many leaders around the world who need to be aware of the consequences of Climate Change i wont refer specifically to President Trump, but its important for all of us in society. Governments, businesses, individuals to realize that Climate Change is a fact, and we need to prepare for it. Im sorry to bangon about mr. Trump, he is the only world leader who is not fully endorsing cop 21, even those like xi jinping and mr. Mody, they are fully behind this the Trump Administration seems blindly unaware of the Climate Change despite whats happening in their own country something has to change, doesnt it i agree you mentioned some change. Were happy to see the chinese and most other countries around the world sign on to the climate acco accord we see concrete evidence theyre taking it eriously the combined ratios this time around in pnc and Corporate Solutions, they were pretty awful. Anything below 100 is profitable business. You had some high numbers north of 100 . Pnc 114, Corporate Solutions 152. Thats an aberration can you get those numbers straight back down again to get to profitable business on the basis of a normal loss expectation, yes these are unusual events they do happen from time to time we absorb these losses there are also periods when we have few losses. On a sustainable basis were comfortable with the quality of our portfolio, and the quality of our underwriting. Im surprised swiss re, as brilliantly financed as it is, has spare capital for a buyback. Im surprised youre launching a buyback. Is that to hold the hand and reassure investors rather than something you, mr. Again, mr. Purse strings really wants to do the strategy of swiss re has proven itself again. We want to maintain a superior Financial Condition that allows to us respond to events when they occur and write new prot t protecti protection we are also looking for opportunities in the market to expand our business when theyre attractive opportunities when we find we have more capital than we reasonably can deploy, we look for good ways to expand that to shareholders. Its a testimony to our commitment to our Capital Management philosophy. Another angle is how you deal with competition in the market we know so much money has flooded into areas where it was previously inconceivable, insurance and reinsurance is one of those profitable returns on equity, returns on investment, do they remain under pressure because of this flood of money under qe, whatever you wanted to call it, theres a lot of money looking for home the influence of swiss re has an impacted on the liability side that capital now will also be incurring some losses, nothing like a loss to remind people that they do occur on the investment side we experienced years of Strong Influence from the monetary authoritiespushing Interest Rates down theres some indication that approach is changing we think its long overdue so the combination of pricing impacts off the back of large losses, and some return to normalization of Interest Rates is a strong forward looking indication of the earnings power, earnings capacity of swiss re are you putting money aside to buy any other companies it seems taking out a rifle ka pa rival capacity may be something to do. We have been explicit about our desire to lock for opportoke opportunities on the Corporate Development side david cole, cfo of swiss re caroline, thank you as well. You have given me opportunities to reacquaint myself with one of my favorite cities in europe it is beautiful now you have all the time in the world to actually jump in that lake i have actually got a flight to catch midday, but never mind. Never too late. Steve, thank you very much for that we wanted to bring you an update on shares of playtech shares off by 2 1 this is a Gambling Technology company which came out with a surprising profit warning saying that annual profit will be around 5 below the bottom end of Market Expectations due to a slowdown in parts of asia and problems with a bingo contract i dont note detaiknow the detat contract but its causing plenty of problems for that business. A gamble gone bad. You have ever played bingo . No. They have strange ways of describing the numbers i have no clue what youre talking about. One day, maybe in about 30 years. Maybe more than that 50 years thats how long ive got. The bank of england will not gamble today theyre set to raise rates for the first time in over a decade. Expectations are for a 25 basis point hike reversing the cut after the brexit vote. Most analysts are forecasting a 72 majority in favor of a hike. Joumanna bercetche has more analysis yes the day is finally here. As you said, the rates hike is well telegraphed and its all about the messaging. Im standing with russ walker, the economist from Natwest Markets who can give us more of an Expert Opinion on what to expect what are you expecting out of the meeting in terms of messaging today . Messaging, there will be the vote we expect 72. Whether its three or four members voting against a rate rise, that would be taken dovishly well get the banks updated forecast we think there will be an overshoot on the cpi projection, signaling the market is not pricing in enough as far as rate rises and then the press conference where theres more rhetoric and commentary if they are to deliver the hike widely expected today, it would seem to be pointless to a company with anything other than modestly hawkish rhetoric so the messaging in the september minutes i think will be largely repeated. You have done a survey where less than 25 of respondents are expecting a rate higher than 1 by the end of 2018 do you think thats fair personally, my own forecast is bank rate will rise to 1 by the Third Quarter of next year by that point i think maybe the brexit related risks escalate, the economy slows, maybe weaker data stops them. Nonetheless before then there is scope for markets to reprice and put in a higher more aggressive rate tightening profile. Theres only one extra hike for 2018, and another hike priced in after that. Markets are skeptical theres still resistance to this idea that we can have anything resembling a tightening cycle. Many participants think this is a policy error beginning today i want to actually touch on that point a few people are saying this is a policy error why do you think theres so much skepticism about thebank of englands ability to tighten rates . Its not that much in and of itself, 25 basis points, 50 basis points makes marginal difference. There might be a risk to confidence so it comes against the back drop where consumer Income Growth is weak theres a squeeze from higher imported inflation and in broad terms the economy doesnt look robust. Though the bank has been protesting theres limited spare capacity, growth was stronger than they thought in the Third Quarter, most Market Participants look at the wider uk economy and the balance of risks over the next few years and think this does risk being a mistake. Thank you very much for that. A balance of risks indeed. Back to you guys in the studio we always have that one colleague, that one tricky customer to work with. I wont say who mine is, but i believe i might have your former one here, luis costa is on the set. He has a question for you. Sterling recently in terms of performance, its been a lot about this revision of boe policy stance, i would say for the past two months that has brought the sterling all the way up to cable 132 and 132. 50 now we have a soft message from carney knowing that its a tough situation here the consumer growth in the uk is not necessarily on a fantastic stance as other economies have mentioned. How you have been talking to all these economists, investors. Why is your perception for a possible downturn on the sterling is it the pinnacle of sterling i can throw it to ross on that i can give you my two cents. He is talking about the impact of the sterling and how that is weighing in on the conversation. Just my two cents, its not necessarily in their mandate, but they want to get the Inflation Numbers back in check. They said over the past several months the pass through to the cpi number has been 75 basis points, thats why the inflation is 3 here if you strip the currency impact out, its 2. 25 . I would love your take on how important the currency will play in terms of decisionmaking publicly the banks tend to play this down, but i think the currency is front and center of their thinking the real problem that arises is if sterling were to see a sustained depreciation over the next few months, maybe the next year or so, or if we had another harp leg lower on brek riie bre or another shock to the market then it becomes a much harder policy tradeoff. So they want to avoid that at all costs. Russ walker, thank you very much back to you guys in the studio well be back with you in about 45 minutes time. Looking forward to that the feedback was elegant we have plenty more coming up on the show. Were staying on strcentral bank watch. Mohamed elerian thinks the bank of england is in the worst position of them all find out why nt. Ex i just saved thousands on my loan at lendingtree. Com. In less than a minute, i found out how much home i can afford. 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The bank of england is set to raise rates today for the first time of ten years, but Mohamed Elerian told cnbc the central bank is still in a difficult position Central Banks are in focus at the barclays 2017 asian forum in singapore. Nancy is standing by it will be a balancing act for mr. Carney today what did Mohamed Elerian have to say about that it certainly will be. I will tell you, Mohamed Elerian doesnt envy mark carney thats for sure we talk about the issues that Central Banks around the world have to face the primary one is the stubborn inflationary issue the other is growth and the move down in unemployment when it comes to the bank of england, Mohamed Elerian points out governor mark carney faces a different set of circumstances listen to what he had to say i think the bank of england is in the most difficult position bay it faces some elements of stagflation. Stagflation is a nightmare for Central Banks. Lower growth, higher inflation, makes Monetary Policy hard to calibrate correctly. I think they will hike because of inflation dynamics. Inflation is at 3 and may go higher theyre doing so in the context of massive uncertainty about brexit and all these other uncertainties. Y theyll hike but remain vigilant Going Forward there you have it thats Mohamed Elerians verdict on why the bank of england has the most difficult job when it comes to their own decision surrounding rates theres been a lot of discussion about brexit uncertainty we talked to another economist, paul collier, he said he would warn the bank of england to be cautious on this one he, too is very worried about the knockon effects from brexit uncertainty as we get closer to the actual divorce thats another uncertainty governor mark carney has to navigate wetalked about elerians opinion of the fed he said the fed will stay on the same course for now no matter who the next fed chair is. Nancy, thank you very much for that lets bring luis costa back in by t bitcoin, do you want to own bit cone at any point . Absolutely not. Because its not a proper currency im so glad its not part of my corporate there are talks about bringing it on to exchanges. Theres so much hype and so much confusion in to which extent this appreciation in cryptocurrencies has to do with capital outflows, its a nice way to send your money abroad and dollarize your money not dollarize your money but steer away from your Currency Denomination where you have assets i think its a complicated issue. Theres a lot of hype. Im not necessarily fond of hype i dont like it. And, you know, i think its something that has to be better established as a potential way to invest in the markets just on the notion of hated currencies what is your most hated currency hate is a bit strong. But i think you we do have vulnerable currencies. Weve been talking about sterling for the past two hours. I do believe we have a pinnacle in the sterling here its a good moment to establish shorts those can be options, via forwards but sterling has we were discussing if the break, for the past three, four months we only had bad news, please tell me one good positive thing about the Brexit Process in terms of negotiations its been like an endless wrestling process here in the end, like i said before, we do like the ruble the rand is still very vulnerable in south africa its a very tough political game, very tough political process here we have the december convention, the main Party Convention that will define the way for Economic PolicyGoing Forward we will a horrible budget. So the fiscal is not doing well. Concerning degree, south reminds me of brazil three years ago its not good. Lets talk about one of the currencies thats driving pretty much all of them, cha thats th. Dollar the big drivers are tax reform and the next fed chair well probably get a dovish one in the name of jay paul. What about tax reform . Looks like well get something by the end of the year,do you think the dollar can run higher on the prospect of this . Since we are already pricing it in, we are going with the we took the dovish flags up and people are once again very comfortable buying fixed income. I think that we actually have the risk to the other side yes. U. S. Is a 2. 5 growth economy, but if theres a little bit of fiscal stimulus, it doesnt look like well get a lot what if you unlock that . That can be a little bit detrimental to fixed income. And elerian is right. It looks like the u. S. Is on autopilot, but the market should be afraid of autopilot, thats when you have accidents. I do think that we could be dealing here with a potential upside risk in rates over the next six months in terms of this fiscal package the deflator here in the story is the russian investigations. They are getting worse is hard to switch from auto into manual if you have driven both luis costa, thank you very much. Thats all for today thanks for watching. Washington front and center today as President Trump names his pick for fed chair and how republicans unveil their new tax plan. Facebook beats again the social Media Company reporting better than expected results for the Third Quarter. And houston strong the astros are making history last night with their first world series win its thursday november 2, 2017 Worldwide Exchange begins right now