A warm welcome to you. This is Worldwide Exchange on cnbc im wilfred frost. Sa sara is off today. Lets get to the Global Market picture. Losses yesterday the dow was down 0. 2 . The s p down 0. 4 the nasdaq the laggard down about 0. 6 it was a broad selloff 10 out of 11 sectors were down te telecos were the worst sector. But we had had six straight gains for the dow and s p, and decent gains last week for all three indices. This morning were pointing higher just under a tenth of a percent for the nasdaq and s p the dow up 0. 2 this morning we saw yields get close to 2. 4 the back end of last week, but we slipped back a bit. Rising a fraction. Still not above 2. 4, but 2. 39 you can see that pick up in yields weve seen over the course of october. Lets look at asian equities japan was the stand out performer yesterday after shinzo abes resounding election victory. Today up about a half percent. Hong kong down 0. 5 . Shanghai slightly higher an update from china on the latest out of the communist Party Congress, which is ongoing as we speak. European markets for you which had slight gains yesterday, seeing for the most part slight gains today. We did have pmis coming out, october pmis, which for the most part were strong the Services Number just behind expect expectations, manufacturing ahead of expectations. Very much pointing to expansion across the eurozone. Lets look at broader markets. Oil prices, which saw slight gains yesterday, they are seeing slight losses today. Those slight losses just exaggerated in the last half hour or so so we now do have over a half percent of declines for wti, at 51. 6 looking at the dollar, not too much happening today on the dollar we got slight gains yesterday, 15 basis points high r for the dollar index today slight gains for the dollar against the yen losses against the euro. The kiwi dollar did hit a fivemonth low affleck of detail from the incoming labor Prime Minister gold prices, we did see pretty much flat yesterday and pretty much flat today. Gold price at 1279 the wall street agenda earnings are front and center. Five dow components will report, 3m, caterpillar, mcdonalds, United Technology and at t eli lilly, fiat chrysler, Lockheed Martin and chipotle among the top corporate headlines. Reports of major changes at under armour and landon dowdy has the details for us reports say under armour chief executive kevin planks first partner, kip falks will take a sabbatical from the company. The apparel maker is also said to be exploring the exit of tennis and other outdoor categories as it struggles to grow in an increasingly difficult sports wear market fulks has changed roles numerous time, most recently strategic adviser after working on Product Marketing sourcing and operations fulks began his sabbatical earlier this month this is a benefit to all flee pl employees with ten years of service. Stocks on under armour dropping on the news. This stock is down 40 year to date the stock is up 0. 2 in early trading. Were watching shares of General Electric this morning. The stock coming off its biggest oneday drop in six years. Analysts say theyre worried ge may have to cut its dividend,. It fell 6 yesterday you can see the tough time it had. It did fall sharply on friday but recovered before the end of trade. The fall yesterday cementing by the close. Whirlpools Third Quarter results missed forecasts they cite higher costs for raw materials. Sears will stop selling whirlpool brands including may tag and kitchen aid due to a pricing dispute. They will sell the remaining inventory in the stores and has stopped listing products on its website. Hess is selling its oil and gas assets in norway for 2 billion. They will start the process to sell interests in denmark. The move is expected to reduce hess debt by 5 500 million the ceo of Tenet Healthcare is leaving the company five months earlier than expected this comes amid pushback over the hospital operators strategy the chairman will assume the ceo role as the Company Search force a replacement. Hasbros ceo says the toys r Us Bankruptcy wont stop the company from selling its toys there. We didnt know it was going to happen. And obviously when you first hear about this, you take a few days off, we wanted to understand what the impact might be it has taken us a month to get a plan together and a new agreement with them. We wanted to be clear that we are making a new plan with them. We are shipping to them. Theyre partnering with us we are partnering with them. We had to relook at our plan for the rest of the year given how close we are to the holidays and how important these months are to the business. Disappointing back drop there from the hasbro ceo. I would have liked to see more toys hasbro shares got hit hard yesterday on the companys muted guidance for holiday sales related to the toys r Us Bankruptcy filing. And they fell. But today in the premarket down about 0. 3 still to come on Worldwide Exchange. An ecb meeting draws near brexit talks pick up steam and chinas 19th Party Congress comes to a close. Fts Peter Spiegel joins us for a round up of the global headlines before we go to break, lets check in on european markets. Slight gains for france and germany off the bank of strong eurozone pmis. The ftse 100 slightly lower. Cme group can help you navigate risks and capture opportunities. We enable you to reach Global Markets and drive forward with broader possibilities. Cme group how the world advances. Whentertaining us,es getting us back on track,hing . And finding us dates. Phones really have changed. So why hasnt the way we pay for them . Introducing xfinity mobile. You only pay for data and can easily switch between pay per gig and unlimited. No one else lets you do that. See how much you can save. Choose by the gig or unlimited. Xfinity mobile. A new kind of network designed to save you money. Call, visit or go to xfinitymobile. Com. Good morning welcome back to Worldwide Exchange. Lets get you up to speed on the market action. U. S. Equity futures are pointing higher today after declines yesterday. The dow down 0. 2 , the s p down 0. 4 the s p down 0. 6 . 10 out of 11 sectors were downed yesterday. Utilities were the only ones slightly positive. We have had five or six straight gains for the s p and dow. We are looking at gains this morning. 53 points to be precise on the dow. A quick look at oil prices, which saw fractional gains yesterday and have just softened in the last half hour or so. Down a half percent for wti. Currency board the dollar had slight gains yesterday. The dollar slightly higher against the yen. Weaker against the euro. The pound is pretty much flat. Shares of commerzbank are trading higher in europe the ft reports that the bank hired advisers to analyze potential m a scenarios. The ft has been front and center its up 3. 6 on this reporting potential candidates being touted like unicredit in italy and pnb paribas in france. It has had a great run this year stock price up 63 novartis reported Third Quarter profit beat forecast on strong growth for its cancer drug and eye care business in alcon. Novartis ceo said novartis made progress on alcon for a possible spinoff in 2019. Wefrnlgt will look we will look at the strength of the market f we do exit, we want to exit at a time when the market is strong the market is strong and we expect that to continue. In the nearterm were focused on ensuring that alcon continues to grow sales, operating income and margin in a way that creates a sustainable business, that if it did come to market it will really be in demand. Jimenez says he is considering a separate listing for alcon. U. S. Tax reform would come into play on where the shares do get listed logitechs second Quarter Results beat forecast. The company is backing its outlook for sales growth of 10 to 12 they are upbeat about the current quart cher is ter which traditionally the biggest of the year. Toshiba is considering various measures if it cant sell its memory chip share by march. Its up 0. 3 in japanese trade this morning. Brexit taking center stage once again tensions rising overseas as the countdown to the end of the year summit begins. The final discussions on that. Lets talk to Peter Spiegel, news editor of the Financial Times. Great to see you as always good morning. Good to be here. I will start away from brexit for once and touch on asia president xi being labeled as chinas most powerful leader since mao. I wonder whether we should apply a similar label with japan and shinzo abes victory over the weekend. How powerful is he now in japan . Was a bit of a surprise when the elections were called, we expected them to lose a few seats. Then we saw his rival in tokyo, koike, sort of form her own party and win over some opposition we thought he was in real trouble which from an economic point of view rattled the markets. We have seen abenomics in play for several years. We werent sure if that would continue clearly now with his man dade, with the twothirds majority in the diet, he will be able to push this through. We are waiting for the big third arrow, proper reform structural reform in the japanese economy with the twothirds majority we may see that a lot of analysts i talk to on this, they have always been skeptical that he will be able to follow through on the third arrow or whether he was palatable to do it he has the two thirds majority now. If he wanted to, he could push it through he wants to change the japanese constitution to make it more weakened, but on economics we will watch that closely. That constitutional reform hes talked about to make things slightly less passivist, is that a big swing factor for relations with north korea what will china be thinking as it relates to that it is its a big deal also for the u. S. They wanted japan to take more central role in its own defense for many years now but as you say, it is likely seen by the chinese in particular as somewhat unsettling theres been a lot of despite between the abe government and xi jinping over disputed islands north of japan so it does raise tensions there. The u. S. Argued that having an ally more sort of responsible for defense of the region will help stabilize the region in many senses because the u. S. Has wanted to maintain its presence there. It sees itself as a stabilizing factor we are in a region that is the hottest of the hot points in the world. Abe did run on this issue because he felt the north korea threat would mobilize voters, and it worked. Because he was able to rally his base around that issue lets switch focus back to europe and to brexit in particular i noted that donald tusk tweeted something yesterday along the lines of its in the uks the ball is in the uks court to decide on whether theres a trade deal no deal or no brexit. Im particularly interested that the final option was included in the tweet. Are people genuinely considering the option of brexit being overturned at this stage. Certainly not here in london. This is something tusk said again this morning at the european parliament. But there is this back and forth now going on between london and brussels over who has to move first. You used that classic phrase now, whose court is the ball in. It seems to be every day the ball is somewhere else may went to the Parliament Yesterday and said were waiting for the europeans to decide what they want the bilateral issue to look like. Now we have tusk saying, no, its not up to us, its up to you. You can decide whatever you want no brexit, hard brexit, deal or no deal. Hes trying to ratchet up the pressure on may and the government to get their act together we reported that may has not had a debate within her own cabinet or what they want the post relationship to look like. And this is sort of angered many and left brussels agog they dont understand why the british side still to this date has not got its ducks in order so youre seeing brussels slowly turning up the heat on may to try to get her to move and move quickly on the brexit bill, on the situation in ireland once they get those current Divorce Proceedings done, then they can move to the trade deal, to the transition deal brussels wants to get that done within the next two months, may wants to put those discussions off until she can get the discussions up on the trade deal its a big dance at this point what do you expect from the ecb this week . This is the most anticipated meeting in some time we will see draghi put a timetable to the unwinding of qe weve been waiting for this since he started will he go fast, over six months, 12 months, 18 months how much will they start tapering weve seen the euro be the strongest currency in the 4 x market because draghi has signaled they may raise rates. The fed is more squishy on this. Trump may think about appointing john taylor, a much more dovish chair that could come this week. Well see how hard draghi about be in the thursday meeting its one of the most an tess pated ecb meetings or even a Central Bank Meeting weve had in some time peter, thank you very much. People in london paying attention to you because the ftse 100 turned positive whilst you were speaking. Thats the effect you can have that was not my doing still to come on Worldwide Exchange, Chinas Communist Party enshrined xi jinpings political thought into its constitution today well tell you how important atth is when Worldwide Exchange returns. I just saved thousands on my loan at lendingtree. Com. In less than a minute, i found out how much home i can afford. I like how you shop for loans the same way you shop for flights online. I didnt realize at lendingtree you can save money on almost any sort of loan. I consolidated my Credit Card Debt with a personal loan. I found a new credit card with 0 interest for 15 months. You just shop, compare, and save. And its all free. Go to lendingtree right now and start saving. Okay, iunderwear thatsd say this, bactually pretty. Er leak surprised . Its called always discreet boutique. It looks and fits like my underwear. I know what youre thinking. How can something this pretty protect . Hidden inside is a super absorbent core that quickly turns liquid to gel. For incredible protection. So i feel protected. And pretty. New always discreet boutique. Welcome back to Worldwide Exchange. The Chinese Congress party wrapped up today xi jinping status has been named one of the most influential leaders. Eunice yoon has the details. Good morning good morning well, the delegates today managed to accomplish two things first of all, they changed the Party Constitution so that it includes president xi jinpings name its a bit of a mouthful, but significant in terms of the language xi jinpings thought on socialism with chinese characteristics for a new era. The language is important and the use of the word thought is significant because the only other leader who had their name enshrined in the constitution with the word thought is the founder of the chinese government, chairman mao zedong. That means the party elevates president xi to the same level addre as chairman mao zedong and they also voted in the Central Committee, a powerful body this Central Committee on wednesday will hold their first session and then decide who is going to be leading the country for the next five years. The top people are five to seven names, and xi jinping will be at the helm the number two is likely going to be the premiere but the other five names are up for grabs. What this tells us, the change in the Party Constitution, is that president xi is likely going to dominate that new lineup that theyre all going to be xi jinping loyalists. And for investors, that just means xi jinping is going to have a tighter grip on policymaking and including when it comes to the economy. You said five to seven names. I remember this time five years ago there were only seven on the Standing Committee that was a surprise. It was shrunk from nine, and that increased the relative power of president xi on it. So it could be as small as five this time . Thats right. Theres been speculation traditionally its been seven. But there was speculation that it could be shrunk to five so that president xi could consol da consolidate his power. There are five other names that are named as possible candidate. So, again, most of those people are very, very close to president xi we all can wonder whether president xi will try in five years time and go for a third term which would be unprecedented. And with links to that, people are saying if he doesnt name young people to the Standing Committee that would be a sign that he wants to hold on for another term later right theres a list of candidates going around people have been looking at it there were two names of men in their 50s. So they would be young enough to seventytwo terve two terms. What has traditionally happened in china, when jintao came into power, he introduced xi jinping. He had already named xi jinping and we already heard about him people were look at that and seeing xi jinping was going to be the next in line. This time xi jinping has not chosen anybody, thats the speculation that he wont include anybody in their 50s again, this could be the speculation is that he could be doing this so hes not perceived as a lame duck president , that he doesnt want to have a name out there that everyone will be focused on great stuff we look forward to that unveiling on stage tomorrow morning your time to see who is on that Standing Committee alongside the increasingly powerful president xi jinping. In washington, President Trump will make his fir