And lofiason bank sees profits rise sending the stock to the top of the stoxx 600. Coming up, nobel prize laureate tells us why president putin commands so much power. Announcer youre watching Worldwide Exchange, bringing you Business News from around the global. All right. As anticipated, the eurozone pmi data is just hitting our wires right now. The eurozone august flash composite data coming in at a level of 52. 8, a little below the reuters poll. Reuters forecasted 53. 4. So its actually quite a bit below. Again, its weaker than what we saw in july and its weaker than what the reuters poll anticipation had been. The flash composite pmi data. The output price index, 48. 9. Thats a slight dip from what we saw in july. The flash manufacturing pmi data coming in weaker than anticipated according to the polls again. 50. 8. The expectation was for 51. 3 according to the reuters poll. What were looking at is a flash manufacturing pmi figure for the eurozone, which is the lowest that weve seen since july of 2013. Just glancing through some of the data they say the eurozone is august Flash ServicesBusiness Expectations index, 58. 6. Wow, thats a drop from july. July was 61. 7. Just be aware, this data is sitting on the wires right now and it looks quite a bit weaker than anticipation had been heading into the states. The euro dollar right now, 1. 3268. Dipping a little bit after weve had this reading. It comes off the back of the Flash Services pmi data for germany. That was slightly stronger than anticipated and the french pmi data more or less stabilizing. Lets talk about whats going on in europe. Why not . Tom elliott joins us here at the top of the show. Hes welcome, tom. Also with us is rob doddson, senior economist at robson. What do you make of the data . A little des appointing, but was that priced in . I think its a little more disappointment than what people were expecting. A couple of years, getting some swag. Not very much, very muted growth. Its weaker than expected gdp numbers for the Second Quarter. Really what were looking at in the eurozone is weak growth. I dont think this is changing that picture at all. Are we worried because its impacting core europe now . I think so. In this data weve had today, so close in august. Stabilization, again, theres a big difference between the service sector. Its Manufacturing Sector which would be hit more by exports. The two economies continues. Yeah, i can see this being used by some people to put further pressure on the ecb. The easing announcement out of the way. What do we know is inevitable. Weve done enough heavy lifting for you. Interest rates are due to be squat. Its not going to make any difference to the economy by dropping a third. You, meaning rome and paris, have to have structural reform in place. I also think as a separate problem we have a bank switched, needing some form of top. I think eventually well need it to be done. Ive made note of a couple of your points. Do you think that the ecb does need to do more or is it down to the individual governments or is it down to pushing the markets through . The market probably will shrug that off. I think the ecb are more likely to wait and see what happens in the coming months. Again, were looking at some growth in the coming system. From the Financial Markets to moving into the real economy in the months ahead. Some of the things that targeted longterm fpsing options, theyre coming into play in the second half of the year. People put pressure on the ecb to maybe soften the gap and a stance going forward. I think its probably a bit too early to say thats necessary at the moment. Were still in the middle of that old story, then. Were talking about a little bit of everything. Pay to play, we tell you why superstars like rihanna could have to part with their cash for the privilege of performing at the super bowl. Tough times for the tooth fairy, shes now giving 8 less than what she was giving last year. Whats the going rate, though. . Talk about inflationary or deflationary scenario in tooth fairiness. Where in the world are people most sleep deprived . Well tell you all a little bit later on. Sorry, i had to yawning seeing those pictures. Well talk about this and, of course, much more in the markets. Lets talk about our european markets because this morning here in europe, weve been trending a little bit high high higher. We were called a little higher. We had the hawkish minutes from the fed and from the bank of england, as well, so were looking cozy at that. Now, whew, sorry. I have to catch my breath. So the ftse 100 a little higher up by approximately 0. 25 . Trading a little higher this morning as seen. Infineon shares on the rise after the german shipmaker agreed to buy the for 3 billion. At the same time, raiffaison has been getting a bit of a boost after reporting Second Quarter earnings and reported its full year outlook. It assured investors saying it does not expect a major impact on russia. Over here, trading lower by 2. 35 on ahold. Shares falling to the bottom of the stoxx 600 after posting weaker than expected profits in the quarter. Now, earlier here on cnbc, we spoke to the cnbc of our hope. We asked about difficulties with the u. S. Consumer. They have caused suspendble income for most of our customers going up. And so you see customers, some wages are increasing again. But the spendable income, what they can spend on foods and others is still very modest. I think this is the Biggest Issue we see in europe. Now, i want to show you the place on the bond markets, as well. You would have noted yesterday after we had the minutes released that you saw treasury yields climbing on the back of the fed minutes. This morning, were still seeing yields pushing higher and you have the 10year bund yielding around 1 . The tenyear french o. A. T. Yielding 1. 4 . The tenyear spanish, 2. 42 . Given that we had the hawkish stance and we had these yields riding in the debt markets, we then saw the dollar climbing to 11 1month highs against a whole basket of currencies on these hawkish minutes. At the same time, dont forget the housing data that was out on tuesday, as well. Quite a bit stronger than anticipated. Do keep in mind we had the weaker than anticipated chinese data and that has had a little bit of a pressure on some of the currency commodities out there, for example, the aussie dollar trading a bit on the back of that. Lets talk about whats taking place when it comes to the state of the worlds second largest economy because hsbcs preliminary reading in china has said coming in at a threemonth low. Sri jegarajah joins us from asia with an update on what the impact has been there. Hi, sri, good to see you. Good to see you, too, louisa. Lets start with that china data. Manufacturing activity for the month of august, it is subject to revision. Threemonth lows as you mentioned for the headline, 50. 3. The market is expecting a reading of 51. 5. A lot of these markets are off the low of the day with a sharp decline in about six weeks, still beating in negative territory off the lows. Similar story, the shanghai comp, as well. The market was down by well over 1 at one point during the session. I do want to talk about the composite. These headlines just in from the indonesian capital. There are reports that the police there have been using Water Cannons and tear gas to disburse supporters of the former special forces general who are waiting on a court ruling on an Election Fraud case. In indonesia for the markets on the whole seem to be taking this in their stride, up marginally at 5,198. On this market, louisa, marking time. Quite a kaut cautious mood here ahead of yellens address at jackson hole. Thats where we stand. Back to you now. Sri, thank you very much for that. Now, nowhere does a property boom or property bust like dubai does. Does it now represent a good value for investors . Well find out. Apparently im supposed to find a property for 500,000. This is the show apartment. Theres for our clients who slip their properties throughout the construction period. Youre looking at around about 13 , 15 in nine months. And all of this for 500,000 . That is the advantage, 500,000. Ill think about it. The money is in the car, so ill give you an answer after that. Do a deal. In india we have 400 Million People who dont have electricity and i just figured that its time i do something about it. What were doing right now, along with ibm, is to actually transfer data through a satellite from our wind farms directly onto the cloud. I think we could create a far more efficient system across the whole network where we could actually draw down different kinds of energy based on when its needed by the consumer. A smarter Energy System is made with the ibm cloud. The ibm cloud is the cloud for business. Well, welcome back, everybody. This is Worldwide Exchange and im louisa bojesen. We probably all feel like we could do more sleep. Where in the world are you most likely to miss out on shut eye . Head to cnbc. Com to read about the city where they get less than six hours a night and find out where the most rested workers are with the most leisurely sleep patterns. How much do you sleep, tom . In the winter, i do hibernate and get about eight hours. Six hours in the summer . Yeah, yeah. Thats enough for you . I do get up early in the summer, yeah. What does hibernate mean, ten hours . No, no, up to 8, 8 1 2 hours in january, february. I never understand. If youve had a tough week, you go to bed and you sleep like 14 hours or something ridiculous, you feel like a zombie the rest of the day. It feels like you havent slept. But its amazing how you can get used to that. We want to hear from you on this topic. How many hours of sleep do you get each night . Whats your average . It shouldnt be what your average is. It should be whats your i feel good average, you know, when you bounce and you come to work and you feel good. Whats the ideal amount . Let me know. You can find us on email, world would it cnbc. Com. You can find us on twitter, cnbcwex. Let us know how much do you sleep. My director says stay awake, stay awake now. This is interesting. The decision by majority shareholders to trim the company shook the dubai stock market and brought back memories of the dubai crash. Were looking at whether dubai is heading for another property crash. Dubai would have been the place to make a big buck in realty. The market is still going strong. Property prices increased by a modest 2. 3 in 2014. Bringing gains over the last year to 211 . But thats exactly the problem. Memories are still fresh of the last real estate bubble that blew up in 2009 and exposed a debt laden emirates. The Residential Market is getting close to the top. We expect continued growth for another 12 or 18 months. But certainly not at the rate weve been seeing. Its been unsustainable. The government wanted to cool the rally, doubling transaction fees to 4 and introducing revised caps on mortgages. Still, the International Monetary fund has warned repeatedly over the summer that more measure res needed to avoid a replay of the previous disaster. Beyond the announcement of architecture grandeur are those that never saw the light of day. Cnbc visited several abandon construction sites and spoke to many investors hurt by the last property crash. Nobody agreed to appear on camera due to litigation or fear of retribution. From libya to syria, wealth is often looking for a new home and most roads lead to dubai. If youve got money, there are plenty of ways to spend it here without getting asked too many questions. If i have to buy land on even an apartment, a nigerian apartment, the best price i pay in the best hours is 1,000. I compare that to i compare that toland. I compare that to bombay. Reporter the rapidly growing pipeline is only fueling they forecast more than 40,000 Additional Units to come online through 2016. A large chunk will be filled by strong economic growth. The imf expects expansion to average 5. 5 until the end of the decade. Under hosting the worlds fair, the expo, in 2020. Its difficult to give you a sense of the construction boom that is under way here. And with more grandios projects announced, the new few years will be a real test for whether the dubai Property Market has really met cnbc, dubai. Joining me now from dubai, is the ceo of a large Property Developer in dubai. Welcome, sanjay. Good to see you. Lets start off with some of the basics for viewers that essentially you were very close to defate and you were forced to restructure your debt after dubais debt crisis back in 2008. Where are you now . Well, i think as people may have read in the newspaper today, that we have made considerable profit with our debt restructuring in as much as that we have repaid all of our bank debt of 9 billion which is equal to 2. 2 billion four years ahead of time. And thats a considerable achievement, considering that we sought is our restructuring completed in august 2011. In a space of three years, we have continued our obligations to the banks. And a lot has changed in the. Company and can has gone by the products and the investments in the market. Youve managed to repay all of this debt early due to the recovery in the dubai housing markets . That is right. And is this a sustainable recovery . A lot of people say were heading down the same route we did in 2008 and were at discrepancy with regard to 2008 as we did then and that is unsustainable still. Well, i think from there, we still the developer has the new projects in our sales uptick has been substantial. In as much as we have Something Like 14,000 units which are in the pipeline and in various communities. Everything has been sold and given the fact that we ask people to give us checks i dont see there is any real concern. The reason why i say that is because i think the investors will become very prudent. Location has become very prime. And value for money, i think, rules the game, particularly, and some of the projects which we launch right across to the village, the park, have seen an offparticular. There is demand for a good product. Sure. At the right price. Sanjay, let me just ask you, how about the higher seas and the mortgage cap that was recently introduced . Some again are saying thats going to put a damper on house price growth. I think if you look at it from the perspective of a global fee, which is normally worldwide, the average is around 7 to 10 . Dubai has this move, its regulation in line with what it sees. Initially, it probably stops in the tracks and says, it eats into my transition. But i think we settle in and this is involving the change in regulation into the markets. Sanjay, thank you very much for being with us, san yeah muchanda. Thank you. Now the minutes from the latest fed meeting suggests policymakers could be ready to hike rates. Official generally agree that the job market was recovering quicker than expected. Most wanted further evidence on the economy, on labor market, on inflagdz before changing their view. That view could come as soon as tomorrow. The fed chair janet yellen expected to talk about the jobs picture when he talks about delegates at the jackson hole meeting. Tom, what do you make of the minutes . Theyre driving blind. For them to make any judgment on the when were going to see Wage Inflation is absolutely, id have thought, near impossible. So what should they be focusing on instead, though . I mean, theyre trying to find a parameter and to say, well, when this happens, then we no, i think were looking at Wage Inflation. What they want id have thought what they want to see is to be looking at the dipping point between when youre going to tighten labor markets and when you get Wage Inflation about to pick up, yeah, and its going to be difficult to know when to reach that point. Youve got one of the lowest amounts of Labor Participation in the last 30 years. Unemployment is being absorbed. And the uk has similar things with the selfemployees data. Were definitely squarely looking at Wage Inflation, thats for sure, these days. Well be talking about Wage Inflation and thats for sure and other fantastic stuff. Tom, thank you very much for being with us. Thank you. And as the fed meeting gets under way in jackson hole, well be speaking to one of the leading u. S. Economists in an exclusive interview. And an old soirn nobel prize laureate coming up at 11 35 cet. Get your questions in so i can wroo them. Well see you just after the break. Hi, everybody. Welcome back. Investor sideline the mixed pmi data. Instead, eye jackson hole for more details on how hawkish the fed really is. Checking out, shares under pressure after sales fall in its key markets. The ceo telling us u. S. Consumers dont have enough spending power. And not hurt by sanctions, profits rise in key russian markets, sending shares to the top of the stoxx 600. And ukraines foreign minister telling cnbc the country needs russian influence to resolve problems at its borders. Coming up, roger minerson tells us why president putin commands so much power. Excludeing fuel, slightly higher than anticipated, 0. 5 growth month on month and 2. 4 growth year on year, which is bang in line with expectations. The downward pressure for nonstore retailing and petrol stations is dipping a little bit. After we had that retail sales and public net spending data through, as well. So this is what were seeing. Retail sales, though, weaker than anticipated. July is being a foggy month pretty much across the board. Youre looking at the uk yields there, heading a little bit higher on the back of this. Weve otherwise seen yields under pressure and that seemingly still is the name of the game out there. But thats just coming through on our wires now. In fact, the retail sales data weakened during the month of july. Now, u. S. Special forces launched an unsuccessful mission to rescue the american host aems in syria, the pentagon has revealed. They reportedly included u. S. Journalist james soley. Theyve threatened to execute another american journalist. Germany and italy, meanwhile, have concerns that they will supply forces in northern iraq. The United States of america will continue to do what we must do to protect our people. We will be vig