800,000 cars in europe and looks set to cost another 2 billion euros and heres a discount for you. Groupon shares are plunging 25 . This is after the ceo steps down and the deals website issues guidance well below forecasts. Midweek in the markets everybody. Were looking at the highest close for did dow and also the s p since july this year. Checking in on the implied open, futures are telling us were above fair value. Pricing in gains of 34. Should be looking at gains of 10 points. Heres the close from yesterday. We closed off the session high. Higher at the end of it all and at the highest since july this year. Two high profile investors are raising the flag over the Federal Reserve chief money policies. Its going to be real problems. Were walking into a mine field of whats going on with the fed. I think we have problems. This is not some permanent boost youve got. Your borrowing from the future and theres been such a misallocation of resources because this has gone on so long and so unnecessarily the chickens will come home to roost. Promoting the release of his new book, republican president ial candidate donald trump accusing the fed of not raising rates for political reasons. They are not raising them because obama has asked them not to raise them. In my opinion, he wants to get out of office because we are in a bubble and when those rates are raised a lot of bad things are going to happen or potentially going to happen and in my opinion janet yellen is highly political and she is not raising rates for a very specific reason because obama told her not to because he wants to be out playing golf in a year from now and he wants to be doing other things and doesnt want to see a big bubble burst during his administration. Lets go straight to washington d. C. Tracie potts joins us now. This has been a hot button contentious republican political issue. Not only donald trump. We have heard this from rand paul and ted cruz. Right. Their argument is that the fed is artificially keeping these rates low when given the economy and the growth that weve seen it would make more sense at this point to raise rates. Of course that could have some immediate implications for people trying to get loans. It could be quite a challenge for the middle class. People trying to buy cars and pay for College Educations but donald trump and as you noted, some others, say this is where the economy is right now. The rates need to go up. The fed and fed chair janet yellen have said no and theyre accusing them of being very political and bowing to pressure from the Obama Administration to keep the rates low. The response from the white house, of course not said the white house spokesman. They are independent and go to Great Lengths to make sure that they can do not necessarily what the white house is telling them. A quick question but if the vote took place today its neck and neck with ben carson and hillary clinton. Exactly. 47 each and he is the only republican that even comes close to beating hillary clinton. Possibly with one exception. Marco rubio is about 3 points behind. Thats within the margin of error but donald trump a fallen front runner now. In the latest polls is way behind. 8 behind hillary clinton. Thank you so much. Lets get to earnings and after the bell, tesla reported 3rd quarter loss which is the biggest for tesla in ten quarters and is on costs relating back to the launch of its model x. Its cross over back in september. However investors are cheering teslas promise to ramp up production in the future following the strong roll out of the model x. Tesla is also naming a new cfo. The former Google Finance executive Jason Wheeler is stepping in. Jumping some 9 in after hours. Also trades in germany as well. So were up close to similar levels, up from close to 7 . Staying with transport and autos, volkswagen and porsche shares are back into the red today. Being heavily sold down. For the first time, now petrol cars have been dragged into the scandal. Announcing 800,000 vehicles have been effected by another problem involving Carbon Dioxide emissions this time. And this could lead up to a 2 billion euro charge for volkswagen. The issue is another headache of course for volkswagen. It adds to the on going defeat device investigation which involves up to 11 million vehicles. It was made by an internal probe. It doesnt specify which models. Now separately, vw recalling certain cars in the u. S. And canada now according to a reuters report citing an internal memo. The issue could reduce engine and brake power with the car maker telling dealers not to sell any more vehicles currently in inventory. Lets talk through the vw issues. Joining us on the line, nancy has the latest. So its really concerning because now it deals with Carbon Dioxide emissions and not just nitrisoxide. And it gets at the heart of the problem which people speculated all along which is the device is really just the beginning here and more and more revelations could be coming out and the difference here being with the co2 emissions is this doesnt even come down to a defeat device. This is a discrepancy in the level reported. So this gets back to the problem of why the false statements here and questions of management and reporting will be brought up in this case and this is a preliminary estimate. Volkswagen saying they will get in touch to start a dialogue on what the penalties could look like and in this case as opposed to the 6. 7 billion we saw set aside previously was largely due to estimates of what a recall would cost and its believed that this 2 billion euros is really more tied to potential penalties and fines but this comes just a day after the epa in the United States said they werent investigating on 10,000 cars on higher end edges as well. This case seems to be grow big the day and investors want more answers from volkswagen. Thank you so much. Lets give you a rundown of what to watch for. The private report due out eastern time. That comes ahead of the nonfarms payrolls data set to be released. Versus 200,000 that we saw in september now at 8 30 a. M. Were going to get the september trade deficit figures and the ism Services Index comes your way at 10 00 a. M. Janet yellen testifying today before the House Financial Services committee that testimony begins at 10 00 a. M. It will be on regulation and bank supervision. Well also be hearing today from bill dudly. Patrick harker and fisher. 21st century fox, time warner, michael kors all with results before the open. The big one, facebook and qualcomm come out with numbers after the close. Still to come on the program, were going to take a breather here on Worldwide Exchange but groupon grilled in after hours as they discount the 2016 forecast. Well bring you the details after this break. Good wednesday morning. Here are your headlines today. U. S. Futures are suggesting a positive start to the session and the positive start in november to continue. This is after the nasdaq 100 closed at a record high during yesterdays session. The plot chickens at vw as petrol cars are being dragged into the scandal for the very first time and its a tough deal at groupon with shares plummeting in after hours in a weak forecast for 2016. Okay. Lets stay with commerce. Target has gone global with the u. S. Retailer teaming up to launch an International Website to attract shoppers in europe and in asia. The launch opens up targets products to consumers in over 200 new markets ahead of the all important Holiday Shopping season. Joining us in london today, she is stopping by, the president of global ecommerce. Good to see you today. Great timing. A assume thats just in time for the black friday and the thanking giving holiday. Absolutely. Big holiday coming up. What does this mean . Teaming up with a company like target. Amazon just opened a bricks and mortar shop just the other day. We see a lot of exciting opportunity for our clients going global. Target is one great example. It opens up their great assortment to consumers around the world and will be an exciting time for them over the Holiday Season. Being an international shopper, the one complaint i have is sometimes when youre overseas you dont get the deals you see on the north american website. Are you saying thatly get the same deal as someone in minnesota . Depends on the retailer. They run different promotion internationally and the shipping fees are different. So its those types of promotions that are different but as we gear up for this Holiday Season we see a lot of retailers thinking about flat rate or Free Shipping offers globally. So youll see a lot of those coming out. Duty and tax free. Thats a lot of music to some shoppers ears. Im just wondering, do you see the potential, bigger potential in europe or asia now that has a growing consumer middle class . A lot of growth around the world. China is growing for our retailers. Were coming up on singles day so thats a big holiday in china obviously and is becoming a global holiday. Traditional shops like walmart and target had a tough time recently with the traditional way of retailing. It seems like everything is going online now. Do you feel a company like target thats been in business so long, this is a little too little too late for them . Ecommerce is growing so much and in particular cross border its opening up. Even today only about a third of retailers are opening cross Border Opportunities to consumers around the world. Theres plenty of time left and opportunity in the market. What about data privacy and protecting my credit card information and all the like . Now that youre getting to a bigger international arena, i assume that you would need to toughen up and beef you have security a lot more. We spend a lot of time thinking about privacy and making sure that were keeping track of that and also the regulations different country by country. Theyre different country by country. Privacy rules. Theres more stringent or less stringent . More stringent in europe and asia period. Than in the u. S. . Yes. Thats interesting. Thanks for making time for us today. All right. President of global ecommerce. Now staying with shopping and groupon logged lower than expected Third Quarter revenue as the daily deal site was hurt by lackluster sales in north america and lower overseas. The company is issuing a weak guidance for the Fourth Quarter and in 2016. Groupon says its cofounder is now stepping down and hell be returning to the role of chairman instead. He is being replaced by the company coo. Shares getting hammered in after hours down some 25 and as you see over in german trade we were lower by close to 25 . Recovering a bit. 22. 5 down. Etsy with a wider Third Quarter loss and warns that Profit Margins could be shrinking in the 40 quarter. The online seller saw revenue rise some 38 but that was down from 44 in the second quarter. Etsy says the number of active sellers rose 19 . Buyers were up 25 but the company is facing fresh competition from amazon which launched a competing website called handmade just last month. Fell 7 after hours and going in the opposite direction were rallying quite significant today in german trade up close to 5 . All right. Still to come on the program, im real excited for this because you should be hyper excited over the hyperloop. Elon musks concept for a high speed rail system may be getting closer to reality. Were speaking to the ceo live from the dublin web summit. That comes your way next. 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. Voters in San Francisco rejected a proposal that would have limited airbnb rentals in its city. They spent more than 8 million to defeat the measure with an advertising blitz across the city. Proposition f would have restricted home rentals to 75 nights a year and then require airbnb and other sites to pull listings that exceeded that limit. Remember back in 2013 elon musk group unveiled plans for a high speed transport system called the hyperloop. Reports suggest that work on a test track could start before the new year. Spacex invited independent engineers to submit their design proposals for the hyperloop pod and the deadline is on november 13th. So lets get straight back. Were going to the web summit in dublin. Im so excited by this interview because it gets you from new york to l. A. In 45 minutes. Susan, youll be even more excited if theres an alternative to getting around. We all want to go places quicker and we all want it being delivered these days. A whole bunch of companies are having a go at disrupting from drones to space travel and of course this futuristic style train transport system that were talking about. Joining me here live at web summit is the ceo of hyperloop. Nice to see you. Nice to be here. Im sure you get asked here all the time. What is hyperloop and how it works. Sure. If you imagine we create a closed environment, low pressure environment inside a tube and build that point to point between cities or between a port and airport and reduce the pressure to 160,000 feet above the earths surface. It creates a much more controlled environment. Not subject to weather and in r sbrepgss we have today. Then you have a pod. That pod could be moved quickly using an electric motor that shoots it along. Its levitated off the rail. And then you remove all the pressure from the front of that pod to ensure that you can move very very quickly. The result of all of this as a system is you can move people and goods in excess of 700 miles an hour. You can move them on demand. Coming here was an experience as we flew from los angeles to the beautiful airport of heathrow. It would be more on demand and youd arrive much more quickly and we could transform how we see ourselves moving goods and freight around the world today. For those that followed your company eagerly theyre aware that elon musk was involved in publicizing the idea but farmed it out to others to run with. How much interest has there been in the technology . Fantastic and the progress has been more impressive. Our company was founded by a wellknown venture capitalist and entrepreneur and a fantastic engineering mind. He spent ten years studying at the university of elon musk at spacex designing many of the key components of the rockets that have gone to space and that Company Since being founded has raised a significant amount of capital. We built a great team. Were guided by a board of directors that is a dream team of advise source and individuals that have made contributions in technology, in government policy that is exceptional and the interest that we see coming in from around the world about the applications of hyperloop is just astounding. So theres a Global Movement that seems to be happening that says we want Something Different and we believe hyperloop can be part of the solution in the future. Youre a 17 year veteran of cisco. Now youre with a company pursuing innovation. You have a whole bunch of billionaire investors. How different of a company is it because of that . The thing that struck me after all the years at cisco, building the internet, a network of connected pipes for the Digital World is that this company is moving so quickly. Its astounding what we accomplish in days and as weeks go by we make increasingly significant progress. As we turn the corner to the last part of the year well be completing our next round of funding. As we get ready in january were starting the first of the tests of our propulsion testing that will be in an outdoor environment. So without the reduced pressure well be moving our first test system 400 Miles Per Hour and all of that comes together in 2016 as we move our own kitty hawk moment in moving this at 700 Miles Per Hour for a couple of miles. This is the two mile test track. Its on course for launch next year. Its on course an your question about progress is something thats incredible. The team assembled, Brilliant Minds from disciplines across the world in some of the leading companies, theyre builders. So when you see our campus, a three acre campus in downtown los angeles, theres people building stuff. Theyre testing. Theyre taking theory. They build a simulator and go into production. Thats the new Development Model for hardware that our company is a lying to make this project happen. Can i ask you very very quickly about regulation . It seems theres a massive headwind in terms of moving people quickly across the world versus moving cargo. What do you think is more likely to get up and running first . People or cargo . I think the regulations for both will be different by country and heres the way we look at it. We can actually see areas of the world that can clearly understand the economic advantage of hyperloop. They can see how labor markets could change. How economic efficiency could be driven and we expect that very top level support for hyperloop will emerge and having that emerge in the first place is to build the first hyperloop is one of our key focus areas. Great to talk to you here at web summit. The ceo of hyperloop technologies. Let me toss it back to the studio. Amazing concept. Still to come on the program, its an elon musk day. Well check in on shares of tesla soaring despite the loss in more than two years. Well break down the numbers after this as we check in on the u. S. Futures. There are no medals won for earning a living. Its just what you do for family. But its hard to build a future if you cant see past today. Thats why walmart is investing in the most important part of our company our people. Because a raise in pay, raises us all. Hi, everyone. Good wednesday morning. Welcome to Worldwide Exchange. Im susan li. The winning Streak Continues with wall street marching toward all time hi