That offset the departure of ceo. Demonstrations continue after an 18yearold is shot by police after 17 weeks of antigovernment protests the risk off tone was set by wall street overnight. A heavy close after a very disappointing ism manufacturing print coming out of the United States showing it deeply in contracting territory. That set the tone for equity trading. You can see the stoxx 600 today, almost all of the heat map is trading in negative territory. We are only about an hour into the trading session or so. So very heavy losses lets talk about the indices the ftse 100 today with Boris Johnson expected to deliver his keynote speech the ftse 100 is down 1. 2 well get more about hard deal or no deal luxury hit there well talk about that in a second ftse, mib in italy down as well about. 8 travel and leisure the only spot in green basic resources down 1. 8 . Chemicals in decline down almost 4 there anything that has international expose youre or exposure to this trade war speaking of germany and the trade war, i want to bring you some flashes we are get egg out of germany this is out of the German Economic Institute saying there is no need for additional fiscal action now but berlin should use fiscal leeway of the debt break in case of worse than expected data so the germans have been resisting on opening up tabs now that they are saying, they shouldnt be in a rush to use additional fiscal action i also want to bring you the comments on the gdp as well. They have revised the 2013 forecast to 0. 5 so slashed lower. And determined the gdp forecast from 1. 1 . This year and next a lot lower as well. Also saying that this isnt a time for additional fiscal action it makes you wonder when is a good time to resort to additional fiscal action those are already down 1. 1 . There are more and more cries from ichbter National Community to do something and be more proactive than dealing with the down turn. The German Economic Institute has slashed their forecast this year and next. Elsewhere, the minister is on a panel at Russian Energy week well bring you some of the flashes when they come and some highlights as he continues with the speech it has been a very tumultuous time in saudi arabia since the attack a few weeks ago weve seen the price of oil go full circle. Brent is now just shy of 60, around 59 well head out to that panel and listen in. The Worlds Energy market must be nonpolitical to prevent any unilateral and illegal interference according to irans minister he accused the kingdom of the damage done on the attack by hootie rebels. However, he said he is willing to meet the Saudi Energy Minister on the sidelines in moscow a lot going on and a lot to unpack lets bring in the chief oil analyst. It is great to have you with us. I want to take you back to the price of brent we are back down to around 60 it had shot up to around 70 it seems many have a shortterm memory when it comes to these attacks. This is the biggest attack in the history of the oil market. I think the problem is that there is so much concern about the Global Economic growth, u. S. china trade wars. A lot that has come out on the u. S. Macrofront has been so poor the question is, which one wins out . The supply or demand side. Youve got a huge amount of the geopolitical answer with the Administration Currently in office you dont know if they are going to change their mind that is keeping investors away from prices. It is extremely tight. All of this is telling you that the supply side is winning there needs to be less uncertainty. Take you back again, the market wants to put this incident behind it quickly i wonder whether the people you talk to are concerned of the sankity of the saudi oil here given the huge role in the global oil market, do you get the sense that another event like this could happen in the future i think the physical markets buying and selling absolutely are. All we are seeing. Production isnt fully back yet. We are not going to really feel the stock drop we need to wait until november, december before we see the market tightening up if you are in the market, there is extreme concerns about the ability of saudi arabia to defend its oil structure but what does it mean for oil supply security either because of demand or because people think shale is going to grow, which by the way, isnt growing either that is the thing between the physical and paper market. Opec is trying to keep on the pricing. The Swing Pricing coming specifically from the United States are they at the risk of becoming a bystander in terms of Oil Production weve discussed this before in terms of the opec role. The reality, arguably, we would have been significantly lower in prices weve been around 60 for most of the year. I do think the perception is that shale is driving a lot of the sentiment. If you look at the u. S. Data, production at the end of july is lower than where we exited 2018. U. S. Production just isnt growing whether geological factors or investors dont want the companies to grow. It hasnt dropped yet. It is really estimate it is opec that is controlling that swing price. Good insight ahead of the next opec meeting. Thank you, chief oil analyst tesco has announced chief Ceo Dave Lewis will step down. He said the decision to leave was a personal run the Company Reported a price in Fourth Quarter profit. Boris johnson will unveil his final office to the European Union today. He will reveal details of his brexit plan before submitting the proposal to brussels he will describe his deal as a, quote, fair and reasonable compromise and is expected to rule out negotiation delay if brussels does not move on with the over adding that the only way to move on is to come out of the eu on october 31 big day for the uk also coming up, Hong Kong Police respond to the shooting of an 18yearold protester. More on this story after this break. Your brain is an amazing thing. But as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. Thankfully, the breakthrough in prevagen helps your brain and actually improves memory. The secret is an ingredient originally discovered. In jellyfish. In clinical trials, prevagen has been shown to improve shortterm memory. Prevagen. Healthier brain. Better life. My gums are irritated. I dont have to worry about that, do i . Harmful bacteria lurk just below the gum line. Crest gum detoxify, voted product of the year. It works below the gum line to neutralize harmful plaque bacteria and help reverse early gum damage. Gum detoxify, from crest. Welcome back the Hong Kong UniversityStudents Union has released video of an 18yearold who was shot by police a warning, some viewers might find these disturning. The citys Police Commissioner defending the officer saying he acted in selfdefense. The students remain in hospital as students gather for a sit in at his school. A few weeks ago, carrie lamb announced the withdrawal of the bill what are protesters demanding now . At this point, it is not really about the extra bill anymore. There are four other demands they include an independent inquiry of the Police Behavior of the summer protesters this summer as well that is exactly what we are seeing and what we saw yesterday. Especially marking Chinas National Day yesterday the level of aggression both pro protesters and police are trying to quell unrest have reached a new level we havent really seen hong kong is realing from clashes and more fears than usual. That will really culminate the level of violence we saw yesterday. There have been warning shots but this is the very first time a person has been shot with a live round what they are saying is that the protester is now in a stable condition, while defending the Police Officers actions saying he acted in selfdefense and according to Police Guidelines we were teasing about this theHong Kong Police commissioner coming out saying at this moment that hes been arrested for assaulting a police officer. They are going to conduct further inquiries and decide whether they will press charges or not at the same time, theyve got a spokesperson calling them rioters calling them extreme violent acts yesterday in many different parts across hong kong we are getting conflicting reports about where this protester was shot police say it was in the shoulder some in local media say he was shot on the left side of his chest with this left round we have getting various videos going around details have not been confirmed. Im sure this investigation will continue weve got more than 100 videos of the injury alone. Of course, this is going to provide a new catalyst we are seeing angry criticisms coming from hundreds of Office Workers as well as students denouncing this incident from yesterday. Back to you. Thank you for spelling that out for us luxury stocks struggle for the second straight day. Shares have reacted negatively from global trade tensions as well as ongoing unrest in hong kong that is the key picture of some luchly brands there we are talking about. Kering is down, so really heavy trading for some of these key luxury stocks. Luca solca, it is great to have you on the line. Chinas middle class has really fuelled luxury it seems as though that has changed. How much of that can be put down to the trade war and how much can be put down to the unrest in hong kong . It is difficult to dial secretary the two effects. Clearly, it was the mark worsening in hong kong trends. As far as we understand, sales of luxury goods were down 40 and 60 in august and september. Hong kong remains one of the most important cities for lucxuy sales worldwide. All of this decline is not in that loss. There is a rebound and catch up in main land china the bulk of the demand is from Chinese Tourists with this decline, there is a concern that not all will be caught up. Hong kong is a profitable due t the tax being low in that market is it possible for you to give us more clarity on which specific names will be most affected by the unrest in hong kong i think hard luxury is exposed. If we look at swatch group, they have a deep distribution and Retail Network in mainland china. Theyll be in a position to catch up the other thing is looking at the net impact is the price differential it is small. Then chinese consumers may well buy at home rather than going to hong kong. It is likely those will be more exposed. Berberry will be impacted. One analyst put out a note saying, the smaller you are in hong kong, the better. Do you agree not necessarily i think in the grand scheme of things, if we look at long term chinese demand and Chinese Tourists traveling the world over it is important to receive them in the u. S. And other parts of the world. Hong kong used to be very much important. That was the only destination back then. Today and in the future, it is going to be just another Major Chinese city i think the trimming of the Retail Network in hong kong will be increment al profits. The same way the richest chinese consumers travel overseas and abroad, there is an increasing amount of chinese going to hong kong in the coming years, hong kong will be the first stepping stone for these chinese to go abroad thank you for taking the time to chat with us. The World Trade Organization will deliver its decision for the right on the u. S. To retaliate to airbus subsidies. Weve been waiting for this decision lets get to willem in brussels. How much of a negative impact could these tit for tat tariffs have on the broader discussions between the eu and the u. S. . It seems like a negative framing. Yes context is key here. This is a dispute involving aircraft subsidies going back almost 15 years. It is a coincidence this ruling will be coming out today the boeing ruling will be coming out. These processes will be suspended many, many years by agreeing on that suspension. Talking to the eu trade commission, she says the plan a, she would like to see negotiations continue. She did acknowledge that given the fact that since last summer, shes been working on a broader trade agreement between the eu and u. S. , the timing could have been a little better strictly speaking, the u. S. Is allowed to do so. It comes at an unfortunate moment in time because this has been going on at least two decades where we are trying to find a positive agenda whether it has those effects or not, i dont know. We do tandcontinue and i have wd a year for those clearly this dispute predates the Trump Administration but that meeting between President Trump and the European Commission president last july was prompted by u. S. Threats of tariffs on the auto sector if there are tit for tat tariffs, to they oppose them and the eu parallels that ruling, it could mean, a, those broader trade discussions are essentially poisoned and b, we could see those tariffs on things like autos become a central focus in this market thank you for the break down. For more of willems coverage including how the eu is bracing itself for looming tariffs, head to cnbc. Com. Coming up, swiss banks often get a bad rap. The latest scandal of Credit Suisse isnt helping yes the discreet world of central banking and Swiss Banking blown open by this latest scandal. Well have details and perhaps a few suggestions as to why the share price isnt acting better this morning othn e investigation outcome. Stay with us upbeat music no coverup spray here. Cheaper aerosols can cover up odors in a flowery fog. But febreze air effects eliminates odors. With a 100 natural propellent. It leaves behind a pleasant scent youll love. [deep inhale] freshen up. Dont cover up. Febreze. Welcome to street signs. Im Joumanna Bercetche these are your headlines the global selloff spreads to europe after falls to a decade low and the dow wipes out Third Quarter gains on the first day of the Fourth Quarter. The ftse 100 is on track for its worse day in six weeks as Boris Johnson prepares to reveal his final brexit offer to the European Union but rules out asking for a delay tesco shares rule out earlier losses after earn lings offset the departure of ceo. With world trade decision will retaliate its right over the airbus decision with billions worth of goods under threat of tariffs. We are just gating some data out of the uk. The construction pmi number has come in at 43. 3 versus 45 in august so construction continues to be a weak, weak spot. Manufacturing has been in the dull drom. Services have been holding up. This data is very, very weak this is a small portion of the gdp. Not worthy that this number has come in. That is sterling we are trading slightly on the back today all eyes on the political development. It will be a continued number of days for the uk and proposed deal we should get more on that when Boris Johnson delivers his keynote speech in a couple of hours time the ftse 100 down, worst day in about six weeks. The dax is also down the German Economic Institute slashed its forecast for this year and next and warned the possibility of using further fiscal space cac in france is down. Focused on luxury names there. Euro trading some what stable around 1. 0920. A little weaker. U. S. Dollar trading on the back after that number came out yesterday but seems to be recovering some what this morning. Especially versus euro and cable trading a little on the back. 3 weaker you would think on a day like this, the swiss frank would see a bit. Perhaps what is happening with the swiss bank back drop has an impact on the back drop as well. As for u. S. Futures, a weak session for wall street. It looks as though today, well see a continuation all pointed to open in negative territory after a very weak ism manufacturing was weakest in a decade the bank coo responsible of spying on the former head of management khan. The examination cleared the ceo. Separately, Credit Suisse said a change to how it calculates adage will increase 250 million in profit for a full year. Lets get out to goff in zurich. A lot of questions whether the bank can put this incident behind them. It has been embarrassing and sin sister, i should say the reaction of share price is a reasonable measure of sentiment towards an organization and its behavior and reputation, then i guess the lack luster performance weve seen since revelations of the investigation and its outcome, it would seem to be that there is still a very large question mark hanging over the current reputation of Credit Suisse. This latest piece of news from the bank that theyve adjusted upper wards of 250 million because of an adjustment in the way they are handing the risk weighted profits we understand the findings and the ceo has been cleared the coo has taken the rap. One of two Senior Executives who will leave the organization over this spying story, this botched surveillance of the outgoing khan, the head of Wealth Management going over to ubs in an attempt to prevent him from poaching stock ultimately led to the suicide of a middleman Security Officer who was handling this story. That is an unfini