Courtney reagan in for sara. Good morning. Happy to be here on this monday morning. Well kick things off and see what the futures are doing at this hour. A rollercoaster ride, particularly the last couple of days of trade all resting around what was happening in germany with Deutsche Bank. We ended friday up about 1 . But for the week as a whole, largely flat. And we are looking pretty flat this morning. The s p just below and the nasdaq slightly higher. It was all about the Deutsche Bank rally on friday that allowed 1 of gains. We mentioned the Fourth Quarter open for trading day. We could be in for a choppy octob october. Stocks have surged every year theres an Election Year since 1992. Well see if volatility picks up at the moment. Right now it is down with headlines around deutsche. No confirmation of what the doj found, but we have a long way to go. The tenyear treasury note saw sentiment improve and ticked back up from 1. 5 to 1. 6 where we are right now. Now well look at the global picture this monday morning. Germany is closed for german unity day. Other european equities are in a mixed picture. France is just slightly positive. Italy and spain are seeing some slight decreases here Early Morning on a monday. Now in asia well check out Mainland China which is closed for the golden week celebrations, but markets are shut down for National Foundation day. Holidays around the world, there are some asian markets that are open for trade. So check out the japan nikkei. Higher by about a percent. The hang seng, the bombay sensex and the australia asx200 are up by a percent, give or take there. The japanese tanker in Manufacturing Survey coming out broadly in line. Thats helping the nikkei. Also, asian markets are playing catch up with friday. They have not enjoyed the post Deutsche Bank rally we saw around lunchtime in u. S. Trade. Well have a look at broader markets quickly, oil prices are having a good morning. Getting close to 50 for wti, we are at 48. 70 plus 1 . There was some up and down moves after that deal early last week in algeria. But the conclusion one week later is oil prices are much higher. The dollar, lets have a look at that for the course over the whole month. We were down about. 6 and down. 5 for the quarter over the broader index for the u. S. Dollar. Today the bigger mover is the pound slipping 1 . Its at 1. 2874. Theresa may over the weekend saying the brexit will be invoked by First Quarter next year. Oil prices right now are a little higher, plus 0. 09 . Just a bit higher. Among the top corporate stories, Deutsche Bank has rumors swirling about a possible settlement deal between the u. S. And the lender. We are joined from outside the banks headquarters in frankfurt. What a busy week for Deutsche Bank. Reporter absolutely. Theres a sense and long determined push by the Deutsche Bank execs to come to some kind of settlement with the department of justice as soon as possible. I think the hope from investors is that this is less even than the 5. 4 billion dollars that lifted the abr markets with the u. S. In fridays session. Remember under german law, if that sum has been agreed, Deutsche Bank would have announced it almost instantly. So you have to assume that the negotiations are ongoing. And Deutsche Bank execs are in washington for the imf meeting. So at least the geography works. But guys, i can tell you there were spicy headlines here over the weekend. One, in particular, the United States declaring economic war on germany. And guys, i have to say, if you look at some of the other settlements made with big banks on the mortgagerelated issue, then you have to wonder about the mathematics to show you the numbers. Goldman sachs just over 5 billion. Morgan stanley just over 3 billion. And remember, these are a kind of comparable in terms of consumer related businesses for Deutsche Bank. Obviously, some of the u. S. Banks have far greater sums, but thats a different story. There were other battles going on here. We saw a whole host of big german businesses bashing Deutsche Bank over the weekend. The chairman saying he actually bought Deutsche Bank stocks, a brave man, given the volatility we have seen. But then comes the politicians, the deputy chancellor over the weekend saying he doesnt know whether to laugh or be furious at the fact that a bank that has made a business out of speculation is now being concerned about that very issue. Guys, the only way to shut the speculators up is to come to a settlement. Thats what we wait for. Back to you. Julia, touching on the political fallout, what does it mean for Angela Merkel . Is it something she could use to her advantage to try to do something to save germanys inquiry, or is it too hot for her to handle ahead of the Election Year . Reporter i think shes between a rock and a hard place. Obviously, at some point if its needed, but its not needed yet, they will have to back the largest bank. They have to. The fallout will be politically damaging to her anyway. But on the other hand, you have politicians here sticking the knife in and saying, do not break your promise to taxpayers here and force money to be injected into a bank. So quite frankly, given the pressure shes already under with the likes of the refugee crisis, this is pretty toxic either way. Absolutely. Because you want a deal, i wonder whether shes got involved with any pressure on the doj. No confirmation of that, but one can only wonder. Reporter im sure theyre talking. Exactly. Live in frankfurt, thank you, julia. In other corporate news, tesla posting 70 rise in quarterly deliveries. Heres a look at how this stacks up against expectations with landon dowdy. Good morning. Its a strong number that tesla will vu positively with the best quarter with 75 rise in deliveries. Thats a key metrics for the manufacturing and performance. And they are now at 24,500 reaffirming expectations to deliver 50,000 in the second half of the year. And suggesting that they have not been hurt by the tesla crash in june as the automaker missed the targets in the previous two quarters. And maybe they talk about the priority for the firm raising additional cap that they need. The 3000 model is slated to be released next year. The market is up 2. 5 . Back over to you. Thank you, landon. Good morning to you. Its a busy week for Economic Data ramping up to the jobs report on friday. Today look for september ism manufacturing, august Construction Spending and september auto sales. On wednesday the september adp employment report and the ism services index. Friday we get september nonfarm payrolls along with august wholesale trade and consumer credit. In news this morning, Fund Management firms Janus CapitalHenderson Global agreed on a merger. The company says the combined firm will manage more than 320 billion in assets. The group will apply for a primary listing in new york keeping the australia listing also. Henderson is currently listed in london. That one to be wound up. But a big move as you can see in henderson share prices this morning. Janus has not opened yet, but the market generally welcoming the deal. Thats a good one for all those involved. Coming up, theresa may is filling in the brexit blanks. Well tell you what she says about when the uk may start its departure from the eu. Stay tuned to Worldwide Exchange on cnbc. Audi pilotless vehicles have conquered highways, mountains, and racetracks. And now much of that same advanced technology is found in the audi a4. With one notable difference. The highly advanced audi a4, with available traffic jam assist. Welcome back to Worldwide Exchange and a happy monday to you. Well get you up to speed on the market action. We ended 1 higher for the week on friday. Deutsche banks reprieve allowed a risk on sentiment to end the week. For the week as a whole, we were pretty much flat. Were looking we havent got the futures here, but we are looking at a mixed open for u. S. Trade today. The s p is just below flat. The dow and the nasdaq just above flat. So we got oil prices for you, here we are up 0. 8 . So a week on from the start of the meeting, certainly a positive price to oil. Although the latter half of the week we have volatility around it. We have the ftse 100 suffering 1 because the pound is falling. The reason being the british Prime Minister theresa may started the firing gun on when brexit may actually happen. For an update on that and the latest on the team, well go to jeff gutmore Geoff Cutmore at the worldwide conference. Reporter theresa may is starting to talk about when brexit may happen. The socalled article 50 which starts the twoyear process of removing the uk from eu legislation. Well listen to what theresa may told the conference. There will be no unnecessary delays in invoking article 50. We will invoke it when we are ready and we will be ready soon. We will invoke article 50 no later than the end of march next year. Reporter so clearly we now have a timetable. We also heard that there will be a great repeal act that rolls back the 1972 european communities act under which uk legislation ultimately follows european legislation and which gives the European Court of justice privacy over uk courts. So we have a program rolling back as well. Two critical points here, though, the one piece that was missing, we do not know at this stage exactly how negotiated access to the single European Market will happen. We also are still unclear as to what extent there is a red line over immigration controls. And as you know, this is a key issue when it comes to negotiating with brussels over future access to European Markets. So we have the sandwich, but were a little short on the filling as far as the real meaning of this process is concerned, wilfred. Back to you. Yes, the very fact that the bread is on the table for the sandwich is one of the reasons the pound is selling up again this morning. But one of the other reasons cited is that Phillip Hammond due to start speaking any moment now, in his prepared remarks, suggesting the rebound in the economys performance is not as strong as some of the measures may have suggested. Reporter yeah, i think theres a nervousness still over the real impact of the economy of difficult negotiations. And its been something of a phony war so far. We know that there will be some tough discussions. But those are all ahead of us. So for the time being, things like this drop in the pound and Business People like carlos gohm coming out to say we would like guarantees for compensation if we lose money as a result of the brexit negotiations. All of these things are swirling around in the midst of the moment. Damaging confidence around the uk economy, but i think people have been surprised that the confidence numbers are still quite robust. We saw a Services Number come in for july, which was above the line. So that was a positive figure. So things here still feel relatively good. But you have to say theres still quite a bit of nervousness about what might happen to Business Confidence if those negotiations with europe head into choppy water, wilfred. Geoff, thank you for the update from birmingham from the conference. Phillip hammond will be joining me for an interview in new york on thursday. Lovely. Im sure there are a lot of answers to questions we all have. And colombia referendum voters reject the farc peace deal. It took more than four years which would have ended five decades of war. When Michelle Cabrera interviewed the president of colombia, he was extremely confident voters would approve the deal. When asked what would happen if voters rejected the deal, he said it would be a return to colombias civil war is considered to be the longest running in modern history. Back to Global Markets, joining us is the managing director and chief economist, paul, thank you for joining us. I want to kickoff on the main factor that drove sentiment last week, which is Deutsche Bank. To what extent are your clients concerned this could be a really big fine, too big for them to handle . I dont think its seen as a Systemic Risk at this stage. We have to remember, you look at the german bank lending numbers, for example, they are still positive. We are not seeing the real economic contagen. In europe, the Banking System is not as robust as the other economies. It is not just the issues, but it is the german banks and we also have issues with the banks in italy as well. So there is a concern about the strain of the situation. But at the moment i dont think people are looking at this to be in systemic shock. We heard a little bit last week that, in fact, it was not on the front page of many newspapers over in europe or even in germany specifically. What is sort of the ontheground sentiment with the Deutsche Bank concern . Well, i think in the real economy this hasnt come through at this stage. I mean, obviously the muted fine has only been raised as an issue, but bank lending remains relatively positive. As long as you can go along to a bank and get a loan on reasonable terms, there is not a motive, what seems to be obsessing the financial market. Ordinary citizens in europe are not perhaps as obsessed about Financial Markets as those opposed. Paul, what is your view on the economy particularly with swing factors like what the fed does this year and with the election. Can we see a real concerted effort for gdp growth to improve . Well, i think the fundamental underpinning of the u. S. Economy at the market remains the labor market. The labor market is really quite strong at this stage. If you look at wage pressures caused by the labor market, they have really started to build up, at least for semiskilled labor. The fed tracker, one of the best indicators of the labor market, is showing wage growth up 3. 5 . Thats pretty robust. And we have started to get really something of an inflation issue in the United States. Most inflation measures in america are running at or above their 20year average. The headline isnt, of course, thats just the oil price. Every other price in the United States is rising among the average. And that is something which the feds should get around to addressing. So the fed hike rate later this year . Absolutely. Then the question is going into next year, not whether the policy will tighten in the states, but how it tightens. Because there are three pillars, not just monetary policy, theres the issue of quantitative policy, does the fed perhaps accelerate the process of quantitative policy tightening. And then the issue of bank regulation, which has come up before congress, which is something of an issue in the president ial campaign. Bank regulation is another tight anything of policy. Paul, thank you for joining us from london. Coming up, the top political stories and controversy over Donald Trumps tax returns. This woman owns this house, with new cabinets from this shop, with handles designed here, made here, shipped from here, on this plane flown by this pilot, who owns stock in this company, that builds big things and provides benefits to this woman, with new cabinets. They all have insurance crafted personally for them. Not just coverage, craftsmanship. Not just insured. Chubb insured. Welcome back to Worldwide Exchange. A potential devastating hurricane is touching down in the caribbean. Hurricane matthew has caused flooding in gentlemjamaica. This could devastate parts of haiti. The winds kicked up in haiti yesterday and matthew could pass over near haitis southwestern tip later today. Hurricane warnings are up for jamaica, haiti and part of cuba. Now on to todays political news. The story dominating the head lions. Donald trumps taxes. The New York Times reporting that canadas 1995 returns show he could have avoided paying taxes for nearly two decades. Tracie potts is joining us now with more. Tracey . What a blow. Reporter well, its a bombshell. The clinton team says, anyway, but keep in mind he could have avoided paying taxes for that long, not necessarily that he did. Trumps team says he paid plenty of taxes. But we do start today, courtney, in ohio because some people there will be voting in just over a week. Early voting starts next week in battleground ohio. Donald trumps leading state polls. Hillary clinton is there today endorsed by nba star lebron james signing up new voters one day after addressing racial tensions in north carolina. Not everyone can march, but everyone can talk. And everyone can reach out. And everyone can vote. Reporter trumps in colorado today where polls are virtually tied. Hes going after clintons character. She is crazy. She should be in prison. I dont think even think shes loyal to bill, if you want to know the truth. Reporter trump is defending himself against the New York Times report showing he declared a 916 million loss in 1995. That could have allowed him to avoid paying federal taxes for 18 years. The reality is, hes a genius. Dont hate the player, hate the game. Reporter trump tweeted he knows tax laws better than anyone who has run for president. His Cam