John deere a bellwether for the agriculture and farming industry missed earnings and lowered guidance on friday due to the high degree of uncertainty around the u. S. Trade war with china Equipment Sales at the manufacturer declined 3 percent compared with the same last quarter fell in many men machinery manufacturer caterpillar also mr earnings and revenue estimates last month and cited farmers disappointment and postponement of major equipment purchases this data falls in line with previous reports of a slowdown in capacity as businesses tighten spending as trade war head winds intensify retail sales in the u. S. Were decent for the month of july as it increased by point 7 percent in july versus a cement point 3 percent the study pace of Consumer Spending is somewhat we assure and of the healthy labor market and the Unemployment Rate however keep in mind that these tend to be lagging indicators recessions have always followed through an all time low Unemployment Rate. And here now to orient us in a seemingly disoriented Global Economic scenario is steve keen the creator of economics on patron and author of can we avoid another financial crisis steve welcome back fair number of commentators were talking up Recession Risk in the u. S. Earlier this week especially since the final segment of the year yield curve inverted here in the United States and the end of a long shift there but then we see surprising strength in u. S. Retail but again on the other hand we see this weakness in the u. S. Housing market whats the real risk of the u. S. Recession and which of these divergent indicators should we be paying the most attention to. Well i found my general framework that ready is so right and that is that japanese are quite her eyes and that is that your aunt had a cross back in not its not a good ready spot so much profit. And the out of the mouth that its been slowly day laborer a level of 2. 00 times. That about one finds ons america exactly the same thing on the ballot at 70 s. And its being ignored by all of my instrument. Central banks so whenever these are Central Banks cross interests lie with it because nobody on any actually cush the private sector data leverage and that kills us all in the matter of suspects recession again so thats what i. Thats thats my general framework and what the reserve has done of course in the last couple of days right stop believing theyre going to time and i have that meeting call me thats actually. Pretty special and to borrow my credit its a matter thats whats causing a downturn right now so i think does the manager is having stepped down i dont think theres much interest. At the moment instead of the way the. Thing because the. Because the end result was. Much and its all been hasnt responded nothing thats a lot of what has happened but its not. Fools. For wanting anything like 2007. So another big slowdown scare this week was actually germany after the official g. D. P. Think i showed a contraction on point one percent in q tip so we may already be in a 2nd quarter of the contraction which would meet that textbook definition of a recession is the german recession already on its way and similarly whats the most important metric to follow when trying to make that call. I think it is germanys having a recession and germanys christ didnt have a credit because german banks and german policies are actually discouraged brought in borrowing and theyve survived mainly on huge strides. But that is a selfinflicted problem as germans are obsessed with running a balanced budget or even better that i think runs us but theres more monetary theory in the sauces if the government runs a service because the private sector they have the same deficit and the as a private sector doesnt borrow money to compensate then what you have is actually decline and. So this is an ongoing a lot of the germans theyre trading that the entire economy like a household when a house all of them can spend less than a day and they will put my own side when a country tries to do it what actually happens is the attempt to trade the savings actually turns out completely out of line and so generally. Having a recession. And steve circling back to asia china also seems to be slowing down but from a higher gear sort of speak clearly not in recession but with growth rates still well above the u. S. But when you back will mated to such high recent growth rates a significant slowdown can still be very uncomfortable at the margins what would you say is chinas status right now and where is it heading. Now china is actually a we have mixture of both governments that we have the sas luxury theory thats popping out as much government money as necessary to run a leave the structure its creating both in china and out saw china was so proud. It but at the same time they got through the 2000 and cross bar i dont think credit demands will compensate for western exports and youve had a pretty much a doubling of the difficult and shauna a huge amount of speculation. About a lot of which is coming coming across now but what youve got is even the usual Government Spending balancing the decline in profit spending with credit not necessarily slowing down but. A lot of those credit buy sed projects going bankrupt so sean islamists its very hard to answer for the fundamentally with the Government Spending and its spending its infrastructure in trying to continue growing very very vaults all my worry about china of course is not. Very levelheaded in ellis is always from steve keen the crown funded professor of economics on petrie on check out that content very interesting and author of can we avoid another financial crisis thanks for joining us. Next week with the last leg of the yield curve the 2 tens now in markets got spooked and lost some of the worst sessions of 2019 lets see how they ended up in moscow the molex ended down hitting a one month low where industrials and materials lead the decline as we see the 1st real signs of a recession on the horizon net capital outflows in the 1st 7 months increased by 1. 00 times to 20000000000. 00 as investors now seek safety over in asia the shanghai markets rallied up in a ball of how weak and they are 1. 3 percent Chinas Central Bank now set the daily midpoint weaker than 7 per dollar for the 7th consecutive session markets seem to be bouncing back as the Terror Threat has been pushed back temporarily until at least december 15th giving exports a little boost over in japan the nikkei recovered from its midweek scare when the benchmark member. But it still ended up down 1. 3 percent for the week as investors are now betting that the bank of japan will ease further and expand stimulus of a global slowdown the economy recovery there quickly shifting to a more preemptive easing stance rather than waiting for any hard evidence indicating a loss of the momentum down in hong kong in the hang seng continued to fall closing down about one percent for the week as a rise continue for the 11th straight week disrupting multiple businesses and shutting down the airports now this resulted in a huge disruption of the day to day functioning of one of the worlds most important Financial Centers it is now turning into a struggle of wills between the bears betting against hong kong equities and the mainland chinese investors who are now rapidly buying that dip and attempting to restore stability short selling volume on the climbed up to 17 percent this week in total turnover the highest since 1908 main then now remains the net buyers for the 21st straight day on friday over in india the sensex managed to eke out a very small game barely a percent the positive Market Reaction to all the data released showing that retail inflation had eased to slightly in july however the upside right now is limited as the rupee is now the worst performing asian currency in august slipping 3. 2 percent since august 1st down australia suffered this worst week tumbling down 2. 9 percent leading into the weekend the dailies on the chart look nasty as were breaking all sorts of major support levels here the market actually lost a total of 60000000000. 00 in value wiping out all of the gains it made over the past 2 months and finally the all shares in south africa they ended down as local sentiment still remain bearish treasury yields for the developed markets have continued to high with all eyes now on the inversion materials mining and resources also declines as forecasts are now being adjusted for a slowdown in the near future now lets head over to danielle for that years and then america. Thanks kristie there is a big trend in this weeks arrows in europe in the americas see if you can spot it starting in paris with the cac down for the week in response to that weeks events significantly down on monday rallying mid week before another sharp drop on thursday then up by more than one percent on friday not enough to make up for those earlier losses and in the week in the red the dax another red arrow no surprise there with the gloomy news this week on german g. D. P. Growth contracting point one percent in quarter 2 footsie in the u. K. Also down with a similar story with gains of 7 tenths of a percent on that index on friday not enough to offset the results from earlier in the week as brecks it drags on and well have more on that later in the show moving to the americas starting with the cold we get another red arrow on the board for the week despite a favorable report out last friday from colombia predicting 3 point one percent growth for colombia in 2019 overall from 2. 7 percent in the 1st half of the year another red arrow at the brazil and if you look at the 5 days across these markets and exchanges its remarkable to see the pattern falling on monday rallying mid week before sharper drop on thursday muddling through friday and we see that pattern again here turning to north america and why you see the nasdaq and s. And p. 500 index all down for this dramatic week we see that same shape i mentioned in the charts for these exchanges almost to the minute tracking the Market Movement moving events of the week and finally ends iran so canada its no surprise following the trend all red arrows as we can europe in the americas the ts acts like the dow had its worst day of the year this week on wednesday and that is your global stock market wrap for the week. Time now for a quick break but hang havoc as miley attack. As they i guess thats continuing coverage from china with an exclusive interview with the Vice President of strategy we just. Implications if Boris Johnson pulls the rumor early august greg said and as we get a break here the numbers at the close. Range to. Put themselves on the line. To get accepted or rejected. So when you want to be president injured. Or some want to. Have to go right to be close to support them before 3 in the morning cant be good. Im interested always in the waters in the. West sydney. Came here where did you work before you came here when you live well. In many u. S. States Capital Punishment is still practiced convicted prisoners can spend years waiting for execution but most of the time the victims families they are very much in favor of the Death Penalty there are some people because of what they did have given up the right to live among us somebodys been proven innocent of 2 years on death row and how many more exonerations is it going to take before we as a society realize that this is not working and we actually do something about it. So what weve got to do is identify the threats that we have its crazy Going Foundation let it be an arms race. Spearing Dramatic Development the only. Mostly resist i dont see how that strategy will be successful very critical time to sit down and talk. Join me everything. Simon chill and ill be speaking to get us out of the world of politics. Im show business. In this community there are people who believe that its ok. Its really hard there are no jobs and you see the kids ask and as a parent. I can come up with arguments theres a lot of conflict within the game between the teams most of the conflict i would say overall is around money and most of them money is made. Close one of the childrens each other is Good Business the state of california alone makes 6000000000. 00 a year of prison complexes you get some 20 alive where. You dont care. Anything. Welcome back Hong Kong AirlineCathay Pacific c. E. O. Rendered his designate tendered his resignation on friday the move comes amid tensions between the airline and beijing over the companys employees taking part in antigovernment protests that have gripped hong kong for the last 2 and a half months the airlines chief customer and commercial officer paul lu who also serves under hawg resigned from his post hogg issued a statement about the situation saying quote these have been challenging weeks for the airline and it is right that paul and i take responsibility as leaders of the company Augustus Tonkin wing who serves as c. E. O. Of heiko an Engineering Company owned by the airlines Parent CompanySwire Pacific was tasked to take the reins of cathay the companys stock price has suffered having 10 year lows this week the chinese aviation regulatory arm issued a safety demands of cathay and required the airline to give full information of flight crew flying into the countrys airspace. China as well a Technology Based accusations of technicians helping the african governments to spy on their political opponents this is just the latest in a series of concerns about the Telecom Giants aspirations to penetrate World Markets r. T. America sara month is our fans and headquarters and sat down with one of the companys heads to discuss these allegations. Great tension between the United States and china have only gotten worse in recent months and the Telecom Giant has been the forefront of a lot of these United States that the Telecom Giant close to the National Security this is something while we have repeatedly denied Party America has been. We Head Quarters here in st johns diving deeper financer we sat down for an interview with Vice President of strategy Andrew Williams and its a private Company Owned by its employees as i say is about 100000 shareholders and to me as someone thats come to this company i think its extraordinary the benefits of running an organization like that because people dont necessarily just pick up their paycheck at the end of the week of the end of the month they have a real vested interest in the commercial success and the quality of the products and services that the company produces and the latest allegations against wall way the wall street journal reported while we technicians in at least 2 cases personally helped african governments spy on their political opponents unnamed senior surveillance officers said it was always employees received help from the offices in wallys headquarters ugandas top digital supplier while we were a few did the claim and said theyd never been engaged in such hacking activities we have neither the contracts nor the capabilities to do so you really have to check everything assume nothing. And trust almost nobody and thats thats a process in the system that we stick to and work with many of our partners around the world on that basis during our visit to always Cyber Security lab the Telecom Giant highlighted security as top priority and said theyre the most transParent Company in the world this despite facing growing International Scrutiny we refute it quite vociferously. Again it just feels like its one of those stories that come up now and again go to completely verify it it sounds like even other companies that have been cited in terms of involvement have made it very clear they dont even have contracts in. One of the countries involved so it looks like the story is unfortunately really just fake news and we have to suffer with you know as i say periodically why. A pledge its commitment to continue to provide the best technology and support for its customers all while continuing to fight the u. S. Ban reporting in shenzhen china. Are. Turning to climate politics and asia and oceania australia is not making any friends this week after an acrimonious regional meeting the australian delegation led by recently reelected Prime MinisterScott Morrison reportedly demanded the removal of references to keith climate protection goals such as phasing out coal limiting temperature increases to 1. 00 degrees celsius and reaching the 0 Greenhouse Gas emissions by 2050 the foreign minister of the island nation of ghana want to set the talks were fierce at times and nearly broke down as other island nations facing existential threats from rising sea levels prost for urgent action the Prime Minister of tuvalu n l a civil war the told mr morrison in a joint press conference you were concerned about saving your economy in australia i am concerned about saving my people into vall who later australian deputy Prime MinisterMichael Mccormick