Meanwhile, roach is still on the hunt for a targeted acquisition. Sales of nestle and car four tradi carrefour trading in the red. Good morning and welcome. The stoxx 600 was up as much as 1 about an hour or so ago ppts now down just below flat, 0. 13 . But even a decline of 0. 13 does not tell the full story. The uk and germany were both down nearly 3 . Frabs, italy, spain down nearly 4 and greece was down 7 . 7 in one day. What on earth is going on . Unsurprisingly, we see a bit of a bounceback today across the board relative to yesterday. The other european bourses are struggling particularly over the last hour, particularly portugal down 1. 3 . Portugal and greece are now down 30 from their highs earlier this year. Thats significant correction territory and most of the other major bourses in europe are now down 10 from their highs earlier this year. Lets look at bonds. We also have volatility in the bond markets yesterday. In particular, lets check on the u. S. Tenyear. It hit 1. 8 before settling just above 2 . This is meant to be a safe, secure asset, seeing huge volatility through trading. Weve seen yield compression across the board. Germany is now 0. 75 . Look at the uk, its now below 2 . It touched 2. 6 . Massive yield compression there. Theres countryspecific examples going in the opposite direction. Greece now above 8 . It was below 6 a few days ago. Massive moves in greece. Thats mainly a political fear. Will there be early elections, despite winning a vote of confidence last friday and will greece exit its imf loans early . Lets look at forex. The u. S. Dollar gave up some ground early today, but its now strengthened in the last hour or so. The competing worries, it has stronger growth than elsewhere. Should it be strengthening . But lower bond yields make it less attractive on Interest Rate differentials. Anyway, as we look at things now, it is in stronger territory for the day. The euro, 1. 2795 against the dollar, against the yen, flat, 105. 9. Aussie dollar, giving up quite a lot of ground today. 0. 8757. Cable is at 1. 5991. Thats basically flat. Lets hear whats happening in markets in asia. Sri jegarajah is in singapore for us. Good morning, sri. Good morning, wilfred. The contagion that we got from the european markets and stateside with the exception of a few pockets of brazilians, the aussie, asx 200 in positive territory, up by 0. 2 . And the jakarta benchmark sticking its head above the powerful. But again, only just. Take a look at some of these losses. The lending data was better than expected, but the losses at the close. Down by 0. 7 . 4 1 2 month lows for the nikkei. This correlation with the markets is still very, very tight. We have seen safe haven flows go into the japanese yen appreciation in the currency. That labels the exporters and by implication the broader index, as well, well below 15,000. Wilfred, seema, i think its going to come down to the data, is going to come to the down to the fed speak, as well, culminating with janet yellen on friday. This is going to be interesting. Is she going to try to draw a line under this volatility and is she going to reassert her credentials . If she does, is that going to be the salvation for these markets . Absolutely. On that note, take a look at what happened on wall street. It was a roller coaster ride on wall street, a sharp selloff in equities. Traders saying it was a combination of factors, slowing growth in asia and europe. Plus, that disappointing retail Sales Numbers coming into question the strength of the u. S. Economy. The dow at its lowest level since early 2014. The dow, in fact, ending the day down around 173 points. But keep in mind, incident was down as much as 460 points in mid day, so a lot of volatility just in the Dow Jones Industrials. Stronger dollar and Global Growth also sent oil prices down. Once again, keep in mind, the price of crude now down about 24 just this year. But if you really want to take a look at where we saw the action, that is in the vix. The volatility and fierce of a more pronounced correction since the vix up higher. It was above 30 at one point indicating that there is a lot of fear in this market. Wilfred. Thanks, seema. Joining us now, james butler. James, huge volatility, Monetary Policy, which for you was the most profitable . Probably Global Growth. If you look at the retail sales figures in the United States, well below expectations. But in these sort of times, you really have to question, step back and stop and look at the fundamentals and do they really justify this sell off . I think the u. S. Down from peak now is around 7 in world equities are down 9 . So think really want it. Weve looking at quite a few indicators here and there seems to be a manufacturing slowdown. If you look at pmi. But thats quite limited to europe, primary my. And a lot of services pmi figures are still quite low. There are positives to look at, particularly if you look at retail sales. The average Consumer Household spends around 3,000 a year in gasoline. Gasoline has fallen, what, 11 . Thats 300 for those 220 boom to that wallet. So actually there could be some winners, particularly consumerism here. And, james, asiding Global Growth worries, there seems to be a massive shift in confidence. How much Investor Sentiment is impacted Going Forward . Yeah. I specifically at some measure some markets will capitulate. Late trade yesterday on the s p, where we quite divergent sector and that suggests maybe theres some profit taking going on there. James, the upcoming slowdown in europe will be a shallow one and you remain positive on european equities. Do you maintain that or did yesterdays selloff worry you a little bit . Thats quite hard. In europe, particularly this earnings season, its a fight between the weaker euro, which is still at 26 over the quarter, versus slightly slower Global Growth. And you have to balance the two. Balance became weaker euro is going to benefit europe. And its quite possible well see another. We saw the First Quarter last quarter of growth for almost three years in earnings. And we believe this next quarter well see continued growth. And what about greece and portugal, now trading in bear market territory, now down more than 20 from their recent highs. Is that concerning . A lot of that was due to banks and the statements, the European Banking Authority made statements. I think it highlights just how sensitive investors are to the upcoming stress test. And so investors are very volatile. James, also, we look at the greek bond yield particularly, i think it was perhaps more focused despite the banks announcement, more focused on political concerns. But one of overconfidence as recently as last friday. Is that creating a pocket of opportunity in greece at the moment . Its not an area that were investing in. But if you look genuinely whats happening, it seems to be a bit of a consensus trade. And i think a lot of people have jumped on that bandwagon. If you look at irish bonds, they were trading at one point below u. S. Tenyear. Is that really warpted . So i think theres a bit of a correction going on here in consensus trade. James, thanks very much. More from james in a few minutes time. Make sure to head to our website for all the latest market action. We want to hear from you, worldwide cnbc. Com. Coming up on the show, president obama cancels a Campaign Trip to deal with the ebola crisis as it emerges that a u. S. Health care worker was let on a plane despite having a live fever. We head live to washington for the latest. And whats on the script for netflix . We find out how they plan to restore subscriber growth as it sees shares plummet in afterhours trade. And after a roller coaster session on wall street, what should investors do now and would an official correction be a good thing . More market coverage coming up next. From fashion retailers to healthcare providers, jewelers to Sporting Good stores, we provide Financing Solutions for all sorts of businesses. Banking. Loyalty. Analytics. Synchrony financial. Bankinengage with us. Ytics. A single ember that escapes from a wildfire can travel more than a mile. That single ember can ignite and destroy your home or even your community you cant control where that ember will land only what happens when it does get fire adapted now at fireadapted. Org welcome back. Nest wli is off 2. 9 . Theyre looking at currency head winds for the miss. Shares in carrefour are flat after results showing weak Consumer Sentiment in europe, weighing on Third Quarter likeforlike sales growth. Stephane is in paris with more on that. Good morning, wilfred. In europe, the numbers were really disdisappointing. It questions the strategy put in place of a bounce one year ago. In spaen, for instance, carrefour posted almost 1. 2 contraction in the Third Quarter. It comes after an increase in the quarter. And italy spain dropped by almost 5 in the Third Quarter. It comes after the Second Quarter, but it was the first good performance in three years. This is having a negative impact on carrefour. Not only the Company Claims that Third Quarter sales in france also profit from the bad weather conditions in july and august and also it suffers from a cyclical decrease in fruit and vegetable price. In france, which is really important, because carrefour makes more than 50 of its revenue out of perhaps. The sales from the hyper market, a key metrics decline by 0. 2 in the Third Quarter, it comes after gradual decrease over the last 12 months for carrefour. All in all, the numbers are not so bad because they are in line with expectations. Stephane, diaggio, 0. 6 in the green. Its on Third Quarter sales for 1. 5 in weakness in emerging markets. The slump was inline with expectations and the stock has now given up some of its earlier gains. Roach, up 0. 8 . The pharmaceutical is trading higher after beating Second Quarter expectations. The cfo told cnbc earlier that the group is not making any changes to its m a strategy. The screening the market were very targeted opportunities, m a opportunities where we can build our existing franchises be it in technologies or products. We are not into mega mergers. We have a very targeted approach. Shire nears double digit losses on the ftse after abbvies Board Recommends voting against the 54 billion takeover of the uk company. The drugmakers board cites recent government changes and infraction deals. Abb have i es ceo says the breath of the new scope of rules add a level of uncertainty for the deal. Its a 1 million breakup foo fee. If the deal collapses, thats one of the reasons shire shares are trading down by around 8 . Shares are down about 30 after the past one month. And on the shire story, out about 20 minutes ago, the board of shire has said that they noted the announcement by abbvie, the board voted to recommend withdrawing its and a further announcement will be made in due course. Bob pisani wrote in his blog that the whole pushback on tax inversions and the hard tax deals is not much of a side show. Theres a fear that these deals will not go through because theres a lot of huj funds that have invested in these deals and now theres a fear these deals might not go through, thats a concern and one of the reasons we did see that selloff yesterday. Its a hell of a long way to go. I wonder whether this is a slight reaction. But its one to continue to watch. Important to note that even though we have seen a surge in the number of mergers and acquisitions this year, only half have been closed. After a roller coaster session stateside, how should you be positioning yourself in these markets . Earlier our colleagues on squawk box asked Dennis Gartman for his thoughts. You stay in cash and you stay in shortterm bonds and you dont move out. This is a very difficult period of time. And im afraid i dont like to think about it, but im afraid that this might be the very jennings of a bear market that could last for some period of time. I think its going to be more than a mere 7 to 10 correction. I dont like to be that way. As an old friend of mine once said, you have to remember in the business of trading, bears dont eat. I. E. , bulls in the market enjoy the upside. Only bulls get paid over time. Mr. Gartman saying you stay in cash, you stay in bonds. We want to hear your thoughts on the market moves. What do you think is behind the selloff and how are you protecting yourself on the volatility . Worldwide cnbc. Com, cnbcwex. Our personal handles are on the bottom of the screen now. Well discuss your view and various expert views throughout the show. James is still with us. Hes a Global Equity strategist at coup. James, equity markets seeing volatility. The other area were seeing a significant selloff is the oil price. You said that created some opportunity for consumers, but what did it mean for Energy Stocks particularly . It feels quite shocking at 23 in oil prices. But actually, if you look throughout history, we had a very similar fall in 2002, 2003, 2004. I think, what, 2005, 6, 2011 and 2012. Very similar falls. And so at 23 , theres lots of geopolitics here and lots of market increasing supply. But from a historical perspective, it is not unusual. And naturally in the Energy Sector, you see selloffs. We have been long Energy Sector and it has hurt us. So when you see these falls, if you look historically what happens to the Energy Sector, it tends to rebound six months after and outperform against the market. If you look at the fundamentals in the Energy Sector, they are restructuring their businesses, becoming leaner, improving cap yex discipline and we see great dividend play, too. In 2008, the price of oil fell from 144 to 33. Does that mean oil prices could potentially move even further south from here . If you look at the reason why, that was a mega bear market and real problems with Economic Growth. Weve just come off a massive bing. Are we in that same position now . We dont believe we are. If you look in the United States, economically, it seems to be on much sounder footing. So its unlikely. What do you think is weighing on price more, stronger dollar or the oversupply of oil in the middle east and u. S. . I think its probably a mixture of actually, historically there are examples where a strengthening dollar oil can do quite well. But its probably a mixture of weak sentiment, strong dollar. We talked about all the possible reasons for why market volatility picked up, why equity markets are down. But one hasnt been mentioned much over the last month is that quantitative easing is ending this much. Decisions about rate rising aside, how big of an impact for the markets . There arent any historical examples to take from. But what you can look at is whats happened when rates in the United States have been low for a long period of time and start rising, which is effectively you know, tending of qe is a form of tightening. What we see is roughly example since the 1950s of this low rate environment. And markets tend to have a bit of a bobble because youre moving from a stimulusled economy to an economy that has to be more selfsustaining. And markets tend to question is the growth sustainable . This might be what were experiencing right now. James, thank you very much for joining us, james buckfeld, Global Equity strategist. Now, hedge funds could be on path for their worst year since 2011 as theyve been forced to cut losses. In september, the industry lost 75 . Other betts from u. S. Lending giants fannie mae and freddie mak have unraveled recently. The second dow patient identified with ebola has been identified as amber wilson. Shes been transferred to atlanta. She was moved from cleveland to dallas on monday, the day before testing positive. Reports say she told the cnbc her temperature was 99. 5 degrees, below the agencys threshold so she wasnt told she could not fly. But the cdc says the chance other passengers was affected were minimal, but reports say the crew has been put on three weeks leave. Ordering the government to respond more aggressively with a cdc s. W. A. T. Team dispatched to any place there is a case. The chances of an outbreak in the u. S. Is very low. These protocols work. We know that because theyve been used for deckads now in ebola cases around the world, including the cases that were treated in emory and in nebraska. So if theyre done properly, they work. Congress is holding a hearing today on the u. S. Response to ebola. Cdc director tom freed sxn other Health Officials set to testify before the House Oversight committee at noon eastern time. House Speaker John Boehner says president obama should consider a temporary ban on travel from the u. S. To west africa. The italian cabinet has approved the countrys 2015 budget, ignoring concerns that rome is not committed to raiping in debt. According to the italian prime minister, ma tateo renzi, the budget lowers by 18 billion euros. The biggest tax cut in the history of the remember. The plan will be send to the european commission. Although there is concern brussels may reject both the italian and french budgets. Western president Vladimir Putin will join european leaders when they meet asian counterparts at the asian europe summit. Claudia is in milan with the latest. We are awaiting the heads of state. They are expected to arrive any minute here at thi asia european meeting which is held every other year. This is the 10th meeting. Now, what is expected to come here of co