Tours the u. S. Ahead of his meeting with u. S. President Barrack Obama. Boeing the big beneficiary state side as they win to provide china with a range of aircrafts. Lets show you whats happening in japan right now. We are looking at Prime Minister shinzo abe holding a press conference to discuss his Economic Policy and according to the Japanese National broadcaster nhk, abe will be announcing a plan to try to increase the countrys gdp to 600 trillion yen and thats up close to 22 hopefully launching that third arrow and fiscal measures in the future. The yen not really going anywhere with these comments from the japanese pm. Also want to draw your attentions back to shares in bmw. Were off by roughly 3 last time i checked and this is on reports oh, now, bmw has limited some of its loss. Were only down by 1. 22 . Quite a bit of a recovery. This is on reports in auto bild one of the influential car magazines in germany saying that bmw too overstepped emission limits. Theyre talking specifically about their nitrogen oxides. How many more car makers have cheated on those emissions tests . Lets get back to volkswagen itself. Shares are trading higher today. Were looking at a rally of 7. 5 after being pummeled this week and the gains come suggesting that volkswagen sent letters back in april to california car owners of these diesel cars asking them to bring their vehicles to a dealer for what theyre calling Emissions Services actions. Reuters reporting that the car maker said that new software would be installed but did not explain the action was in the hope of trying to satisfy government regulators. Now as for Ceo Martin Winterkorn stepping down yesterday, of course that was a big headline saying he was resigning to give the auto maker a fresh start. A source told cnbc they expect more people to follow the ceo out the door with decisions possibly due this friday. Who is going to replace Martin Winterkorn as the new ceo . We have two potential candidates for the head role. That includes Herbert Diess who recently joined from vw and mueller. We also saw impact in japan. Absolutely. Japanese auto makers were down quite heavily. We saw quite some massive losses for them. Toyota was actually out performing. They are seeing benefitting if some of the people move their money out of vw. Lets get back out to nancy. Lets talk about that race for the ceo. Who is the front runner here nancy . Well, carolyn, the feeling on the ground were getting here at vw headquaters is that its the ceo of porsche is currently the front runner. Hes known to be a favorite pick among the families and hes someone that has experience across all brands under the umbrella. He had a stint at audi and now overseeing porsche. So he is currently the top pick. Bear in mind he was just brought over in july to turn around sluggish sales growth in the mass Market Brands so he has a serious task ahead of him even if he were to take on more of responsibility. But lets get back to the point you just made. We did see the shares of bmw fall off and this hits hard at the fear that this could stretch beyond voblgs wag again and go into the other european auto makers. Keepd its simply talking about emission standards going beyond what regulators require. Theres no suggestion of cheating however there could be a concern that as we get beyond this were looking at a lot of the auto makers having to reconsider their investments and technology and this question of whether diesel is Clean Technology and the x3 having worse emissions than the passat and the x3 is a crucial car for the u. S. Markets. What has started out as a scandal over the u. S. Cars and emissions scandal there is quickly stretching off into europe. For all the breaking news on this story you can head to our website for a live blog on the vw scandal and were asking you, would you still buy a diesel car . Head to cnbc. Com and take part in our online poll to find out what people have been saying. Lets check in. Yesterday we had another down day but pretty thin volumes with declines of 26 of course since most people are on holiday. Implied open is showing us were going to be flat for the s p 500. Meantime, the Dow Jones Industrial pricing and gains at 27 points at the open and the nasdaq is seeing an advance of 5. 5 points or so lets check in on the global 300 index. Were down by 1 and this tracks not only Companies Across europe and how theyre trading but also the asia pacific session and telling us globally on this thursday were flat so far. And the ftse saw the best day since the beginning of the month and the second negative month in a row for the ftse 100. Were pretty much flat and we hit session lows now. Not going anywhere and seeing maybe a small advance so far. The positive effect from the ifo data didnt last very long. Lets have a look at bond prices too because we saw a little bit of pressure on bunds before and were still seeing the yield tick some what higher. This is after bunds were unchanged yesterday after Mario Draghis speech. He down played the need for further easing. The u. S. Treasury note is also dropping a little bit with the yield up just modestly at 2. 15 . In the currency markets the euro did rally quite a bit after mario draghi said he had not made a decision as to whether more easing was warranted. Any gains were seeing in the currency probably wont last too long. Were not seeing a major reaction to what Prime Minister abe has been saying. Dollar yen is down by 0. 2 . In the commodity space while big, big drop in oil prices yesterday that came on the back of the build up in u. S. Gasoline stocks. Were seeing crude prices bounce back up by 1 and i want to draw your attention to platinum once again and were seeing that bounce back after pressure in the previous trading sessions because of fears over movement away from the diesel engines to gasoline engines. Lets show you whats happening in japan with shinzo abe holding a press conference to discuss his economic policies according to the Japanese National broadcaster he will be announcing a plan to try to increase the countrys gdp to 600 trillion yen. Those are the headlines that were getting right now. Japans pm saying he will aim for a 600 trillion yen nominal gdp in his country and that japan is no longer in inflation. Increasing by 80 trillion yen each and every year and they will continue to place upmost priority on the economy but there have been criticisms fired and lobed at the abe government for not doing more fiscally and relying too much on the bank of japan and monetary stimulus. Still to come on the program, a bundle of big chinese American Business deals have been announced to coincide with xi jinpings visit to the United States. Stay tuned to see which Companies Won some of these big contracts. Im watson. And today hundreds of companies are putting me to work. Im teaching watson to help your vet speak dog. Youre a dog, right . Im teaching watson to help you make healthy choices. Im teaching watson to help design a vacation around your personality. Dont judge. Im teaching watson to answer endless questions. How big is infinity . Where do babies come from . Why cant i have chocolate for breakfast . Im watson and im ready to work with you. Welcome back to worldwide exchange. These are your headlines this morning. Bmw shares are skidding on a report that the car maker has also exceeded emissions lilts but vw reverses after Ceo Martin Winterkorn resigns and president xi jinping continues his u. S. Tour. Interesting news on volkswagen to share with you. According to reuters sources theyll start naming people responsible for the manipulation of emission tests on friday. So friday is the all important Supervisory Board meeting. The all inclusive one. Were expected to hear the name of a successor to Martin Winterkorn that stepped down yesterday. The current ceo of porsche is the front runner but volkswagen may start naming people responsible for the emissions tests. Lets get the latest on whats happening in the United States. The chinese president going from west to east today heading from Washington State to washington d. C. He will arrive this afternoon where hell have a private dinner. A oneonone with u. S. President Barrack Obama ahead of a formal state visit and dinner on friday. More u. S. Companies are announcing major deals being signed with china. That includes boeing. They won 38 million in orders and come mittments for 250 narrow body jets and 50 wide bodied planes. Boeing will build a 737 completion plant in china that will finish paint and deliver aircraft built in the United States. Union members are protesting saying they stand to lose work and their jobs to china. Boeing says no jobs will be cut. Meantime, moo kro soicrosoft si pack to make baidu the home pages for those that use the edge web browser. Theyll make it easier for customers to upgrade to windows 10. Trading over in germany. Steep declines from boeing today. Microsoft holding steady. And janet yellen is back on the stand today. Fed chair janet yellen may offer more clarity on the Central Banks decision not to raise Interest Rates. She speaks at university of massachusetts amherst on inflation and Monetary Policy but wont be taking questions. Traders may be eyeing her comments on inflation as the fed cut its forecast last week not seeking inflation until 2018. Joining us now is the managing director and vice chairman of equities. Good morning to you. What exactly do you want to hear today that would give you more clarity about whether why the fed is headed . They have always been clear about inflation targets. It has actually done quite a lot of the Interest Rate increases and hes right about corporate profits and hes basically the safe guard. She is going to stay the course. Thats what we want to hear. She is cautious and will continue to do the right thing by the u. S. Economy. The comments about the Global Outlook in china and the emerging markets. Do you have a sense that she feels she needs to tone back on this commentary a little bit . You have to remember all the of this qe and Central Bank Intervention is an experiment. We dont have a blueprint for this so this is just an experiment so, you know, i think theyre all doing a Pretty Amazing job in a difficult environment and i think what youre seeing is a general sl slowing. Trial by fire. Absolutely. Can i ask if janet yellen and the federal reserve, can they tighten in this Global Economy where others are loosening . For instance we saw that today in norway cutting Interest Rates, that was a surprise in the market. Youre looking at japanese Prime Minister shinzo abe speaking in japan. Possibly expanding more stimulus and whats going to happen with the ecb, right . The ecb is obviously saying draghi is watching whats happening. I think thats happening slowly. Its only six or seven years ago since we had a major depression. Financial crisis. So as i said before were just working our way through that. So we gradually are recovering so i think yes they will raise rates but they have got to have a view to the rest of the world too. In the meantime as we deal with more uncertainty where do you want to be invested sectorwise . Well, i have been on this program a few times this year we have talked about the areas that we particularly like are health care, technology and also Consumer Discretionary because as you know the u. S. Economy, 2thirds of the u. S. Economy is basically consumer and the consumer, Consumer Confidence rose quite nicely last month. Housing continues to do well. Employment is reasonable. Wage gains arent fantastic and yellen is slightly worried about that so Consumer Discretionary, health care and technology are the areas we like in the u. S. At the moment. Thank you for that. Patrick spencer, managing director and vice chairman of equities. Interesting comments coming from Asset Management. They are banning their Fund Managers from buying vw stocks and bonds. The decision was made in the wake of the diesel pollution scandal and that vw actions were, quote, completely unacceptable. They do say, though, that they may hold on to the 2 billion Swedish Krona worth of vw stocks and bonds it has on its books. Quite an interesting line there. Yeah. So after volkswagens plummet this week some are calling this a short squeeze right now. So hence we have a 6. 5 rally taking place in vw shares. Lets get back to the u. S. Session. We have futures in trade. Declines again yesterday. Pretty thin volume since a lot of people are on holiday but the implied open is telling us well be flat for the s p 500. Maybe down half a point. The Dow Jones Industrial seeing declines now. Reversing those earlier. Implied gains lower by 2 points and the tech heavy nasdaq should be lower by five. Opportunities arent always obvious. Sometimes they just drop in. 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. Big day . Ah, the usual. Moved some new cars. Hauled a bunch of steel. Kept the supermarket shelves stocked. Made sure everyone got their latest gadgets. Whats up for the next shift . Ah, nothing much. Just keeping the lights on. laugh nice. Doing the big things that move an economy. See you tomorrow, mac. See you tomorrow, sam. Just another day at norfolk southern. Cast their ballots in the highly anticipated local elections. Julia now joins us from barcelona. Julia. Thanks so much susan. What this boils down to is a quasia referendum from spain and those that are for that separation make no bones about it. If we get a majority of seats in parliament this will kick off a process by which we declare independence from spain. Its not going to happen immediately. Its going to happen around 18 months down the line. This is not going to be a messy divorce. The emphasis that they keep putting on this is that its going to be about negotiation. Now the together for yes campaign are currently garnering around 41 of the vote. This is 66 to 67 seats in parliament. Its just shy of a majority. They could pull seats and Work Together with a far left party under the banner again of the separatist movement but that could cause tension. Thats one issue here. The other one is rotor turnout. While the separatists turn to be active the nonseparatists arent. So what this will mean for euro zone membership galvanized some of those so this is the other thing we need to watch for but i spoke with the president of catalonia and asked him to fast forward five years, are they an independent state. Listen to what he had to say. We are trying to get our freedom. I remember that president kennedy said once, probably at the beginning of the 60s, the great revolution in the history of man past, present and future is the revolution of those determined to be free. And i guess, im not sure about that, but i guess the majority of the c arkatalon people are determined to be free. This is something that you cannot stop. I also asked what would end the brinkmanship between catalonia and spain and he said a referendum. This is something not allowed by the constitution. Theyre addiment that this is not happening but what this vote really is as well is a push for leverage. Theyre trying to get leverage to negotiate with the central government. Do they get it . Back to you. As Pope Franciss tour of the United States enters its third day Mary Thompson reports on what the pontiff has been saying about free markets and capitalism. In his first visit to the white house pope francis seeking Common Ground with americans. His host president obama calling francis a pope of firsts. The first pope from the americas. The first jesuit pope and the first pope of the social media age. You are also the first pontiff to share a twitter account. While he embraces some aspects of the modern world he didnt refrain of mourning the troubles he believes it brings. Like Climate Change. It seems clear to me also that Climate Change is a problem we can no longer be left to future generations. Francis also urging the u. S. To join the International Community in protecting the vulnerable and the programs he said would let the vulnerable know the blessings of peace and prosperity. The focus on the poor often leading to Harsh Criticism from francis about the systems that exclude the poor and the people that run those systems. Whether theyre economies or enterprises. It caused critics to label him a socialist. A label dismissed by a virginia vish resident that brought his family in to see the 266th pontiff. If you go to church every sunday and listen to the readings in the gospel its the same message delivered since the beginning of our religion. That we have to take care of the least among us. On thursday the pope addresses some of the most powerful among us becoming the first pope to address a joint meeting of c