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retailers that look good. so remember, they're just rotating from expensive to cheaper. like i say, there's always a bull market somewhere. i'm jim cramer and see you tomorrow! welcome to today's "worldwide exchange." italy leads european stocks higher as gen rally shares rally. they posted better-than-expected earnings after the ceo promised a revolution. lufthansa is taking flight saying its revamp will help boost operating profits. and samsung fires the next shot in the global smartphone wars, getting ready to set its next device right in apple's backyard. and pope francis begins the day with a prayer outside the vatican as the pope continues to

celebrate the election of the first non-european pope in 1300 years. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >> well, the dow did it nine days straight, 16 days higher. about 34 the points above fair value on the dow. adding about 20 at this point. the nasdaq is pointing higher. take a look at what's been happening worldwide. the cnbc ftse global 300 is up about 11% today. pretty much a mirror image of what we saw yesterday. the same is true when we take a look at european markets. it's rebounding, adding about 1.3%. this follows yesterday, italy coming to market with four bonds

that didn't necessarily go over as strong as expected. italy will be looking to raise longer term debt. the same is true for spain today. if you look at the ibex 35 rallying about 11% ahead of that auction, it was one of the lone green spots on the map yesterday. and the ftse 100 which has underperformed on earnings weak ps issic maing up ground this morning above 6 500, we should add. here is the bond space. you can see here relatively steady 37 italy is rallying today, 4.65%, the yield coming down. spain meanwhile is moving out a little bit. it's interesting to see out here the opposite of what we have seen. italy, again, we're seeing some demand. investors are filing out of german bund this morning. for more on what that impact we're seeing across the forex space, let's take a look here. the aussie dollar is was to one

in particular adding 0.5% after stronger than expected data that suggested perhaps this loosening cycle is over. in fact, also according to the city analysts, maybe the u.s. dollar strength story isn't the only story in town that people still like some of the commodity or other stronger based stories, as well. dollar/yen is at 96.41, weak weakening about 0.3%. on that note, let's get straight out to li sixuan. more weakness for the yen. what's going on with the nikkei? >> the nikkei, in fact, outperformed the rest of asia. but as we can see, it's a mixed bag for asian bourses. regional issues over-shadowed another record breaking close for wall street. the nikkei 225 gained over 1%. hopes of reflationary policies boosted property counters ahead of kuroda's widely expected

confirmation as the boj's next governor. but seiko cut its full year dividend outlook and dropped over 4%. the shanghai composite today gained a modest 0. % after losing for five sessions, so nothing to shout about. some sectors that had recently lablgd the market made a modest comeback such as law eshg mas, environmental stocks, media and medical shares. both miners lost their sheen. according to chinese media reports, the lower prices of the pressure metal have put pressure on local miners. meanwhile, the hang seng reversed early weakness to finish marginally higher helped by utilities and financials. prudential's hong kong shares jumped a whooping 12% after the uk insurer posted higher dividends and profits. property plays took the brunt of the selling today after big banks hiked mortgage rates for

the first time since 2011. elsewhere, south korea's kospi ended marginally in the green with automakers and technology shares capped by losses and financials. australia's asx 200 lost over 1% today as strong jobs data dampened hopes of another rate cut by the rba. and india's sensex still in action, now trading higher by a slow 1%. back to you. >> good to see you this morning. thanks for that. the s&b has given its view that it will enforce the minimum exchange rate with, quote, considerable determination. this in the last hour or so. you can see the euro/swiss stronger by more than 0.11%. steven, great to see you this morning. there's much to talk about. let's start with the swissy. any major news here? at this point, swiss has been one of the world's biggest buyers of foreign reserves. it says it will continue to

defend this 1.20 ceiling. >> they haven't had to buy that many reserves lately. they did lower their inflation rate, express concern about the economy. i was surprised that the market is buying euro/swiss on this. we feel that euro/swiss is going to head out, that they are very concerned. the actual statement didn't break any new grounds, but i guess the vigor with which they reiterated their desire to defend the floor influenced some people in the market. >> don't they just love a central bank to come -- i know the message has been here. in some points, the swiss bank is benefiting more from the fact that people seem more willing to take a risk with the euro as opposed to chooting to fight it on the floor at this point. >> i think so. it's interesting with respect to the italian election that even though this considerable uncertainty doesn't seem to be showing up in terms of the sorts

of tail risk factors that were taking the euro down last year. so i think that the snb is benefiting from that. they do have a lot of credibility and they indicate that they will use opportunities to push euro/swiss up. and i think that the market is mindful of that, as well. very few people think that there's a significant chance euro goes below 111 is.20. when they do downside/upside considerations, the downside is weaker than up theside. >> how much of that is going to affect the central bank and switzerland's ability to defend this cap here? in other words, if we're not necessarily seeing this kind of aggressive flight to safety bid for the euro but starts structurally, what would that mean? >> well, you know, i think that the -- the s&b wouldn't mind if the ecb cut rates.

obviously, in the short-term, that could put some pressure, but the real issue is tail risk. but by cutting rates and becoming more aggressive in terms of stimulating growth, we see markets even more convinced that the tail risk is diminished. i think that opens the door for the ecb -- i'm sorry, for the s&b to weaken swissy. i think they will take the risk of pushing up the floor, not very high, but just to indicate that there is a direction and to tell investors in switzerland that it's not just a rate differential that they have to pay attention to, they have to pay attention to the prospect of capital losses on their swiss holding. >> which is a great point. i want to talk briefly about the dollar, too, because it has become a main part about the story, trying to figure out what this new trading environment is that we're in. is it a strong dollar point, steven, or you guys were making a point about the australian

dollar today. is it premature to say that is where we're headed here? >> i'm on the -- it's relatively fragile. we're in a period where europe, japan, asia, the brix, they're all disappointed they're going sideways. so u.s. asset markets have been the only game in town. the real test of the dollar cycle will come when we start to see the rest of the world the pick up and it looks to be now the uniqueness of u.s. assets right now is nowhere near as profound as it was, say, in the late '90s and we had the internet boom or the reagan period. so, you know, as far as i'm concerned, the jury is still out. we've gone long dollars, but i wouldn't say that we're deeply committed to that dollar long. >> that's a great point.

so just in summary, what is your target for the u.s. dollar index here for the next couple of months? >> you know, we can see it drifting up a couple of percent. i think that the dollar index, even if it goes up, the bigger trades are still short the yen, short sterling, and short swiss for that matter. and if we begin to see asia pick up, probably the em will start picking up smartly again. so, yeah, it's kind of dollar positive. i'd say weak dollar positive rather than, you know, grabbing it with two hands. >> yeah, exactly. best house on a bad block, too. steven englander from citibank, thanks so much for joining us this morning. >> generale shares have rallied today after italy's biggest insurer posted a better than expected profit. up 60%, not the kind of move you typically see for an insurance name. in an effort to clean up its

balance sheet. claudia, good morning. for the most part, pointing more towards weakness than strength. what's different with generali? >> generali is, this is the clean up. the ceo took over in august and has been in the last month silently working on this clean up of all of the numbers at generali. you mentioned that the impairment that they took on for this year of 1.7, the majority in the fourth quarter was bigger than what the market was expecting. but they are actually really appreciating two things. one is the dividend of 0.20 that he said he is intending to keep going in this direction as far as dividends and as far as payout is concerned. he wants to provide return for

investors. the 20 cent dividend is what they had in 20121. the other part is the operating profits. they came in at 4.2 billion. the market was expecting 4.11. and on this mario grekco has said he is very confident that their core business is of high quality. the premiums rose by 2.3%. their ratio improved from 150 to 117% at the end of 2011 and also their combined ratio decreased, which is another positive note, came in at 95.7 from 96.5. so all of these numbers are showing positive signs for generali. and clearly, the fact that this is an important moment for mario grekco in taking over generali certainly given the market a move forward. we are going to be interviewing him in the next minute. we will be bringing you this interview later on today. and we will hear what he has to

do about these numbers and for 2013 because so far he is positive this will bring in a full year of 4.4 billion. >> thank you very much. >> we're also going to talk to the ceo of ani yesterday. china's national petroleum corporation is just over $4.2 billion in smack. you can catch that interview later in the day on european closing bell. and staying with italy, some big news, it would appear, out of the region -- out of the country, i should say. the bank of italy is telling banks which recorded a loss in 2012 or have a core tier one capital below the central bank's target not to pay a dividend. it's telling banks to adjust their loan loss division to match current and future economic context. i believe what that suggests is

take future weakness into account. now, italian banks, we wanted to look at the reaction here which appeared to be shrugging it off. mario banko, up 278%. bmps up 11%. perhaps there will be more as they continue to digest the news. also bonus policy might be in conjunction with the gains. pope francis quietly slipped out of the vatican this morning. the former cardinal, jorge bergoglio is expected to meet with officials today. claudia, great to see you. you know, what was really unusual last night, because we had a pope who retired and

didn't pass away was this atmosphere of almost naked celebration. there was no sense of somberness, really. what is it like today? >> well, today is kind of business as usual here in st. peters square, kelly. as you can see, there's lots of tourists back there, but far away from the tens of thousands of people that packed this square last night cheering for jorge mario bergoglio when he appeared on that balcony. pope francis has been praying and one of the biggest -- for this year in rome is the measure. later on, as you mention dollars, he may go visit america's pope benedict xvi. we were told the vatican press

conference is here. tomorrow will be the official closure of the conclave. it's business as usual here in the vatican and he's already down to business. kelly. >> thank you very much for that. it's nice almost just to hear the latin as people around the world were tuned in, bilingual, almost a trilingual event. we're going to take a quick break and leave you with a look at how people around the world have been reacting to news of pope francis. zap technology.

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you are watching "worldwide exchange." italian insurer generali soars to the top of the ftse mib after the ceo suggests the company is cleaning up its act. samsung is stepping up its site with a highly anticipated launch later today in new york. and celebrations continue in vatican city to welcome the new pope francis. still to come on the show, corruption allegations tend to dominate headlines coming out of russia, but the country is scrambling to repair its image. more when we come back. [ kitt ] you know what's impressive?

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charles robertson from renaissance capital, he suggests this appointment is yet another politically motivated move seen in companies like japan. what's going on here? >> and hungary, as well. you have politicians who are trying to get growth higher. they're concern about the slowdown in russia. putin is concerned. he wants growth to be 5%, 6 of%, 7%. we think 4% or 5% is more reasonable. he's appointed one of his people from inside the kremlin to take over the central banks. >> russia is not japan. you could draw the parallels between japan, the u.s., europe, all of these countries which has been through the financial crisis in the period of bust, maybe if you want to call it the command sharp, whatever, there's a clear case for fiscal stimulus. not so with russia, correct? is it not a structurally different story that makes it more vulnerable? >> i agree with you. it looks less necessary. he could have appointed there someone from the central bank. he's appointing someone to try

and push growth up. we're concerned that's going to lead to a weaker ruble. she's got an easy job in six months' time. when she takes over in june, they'll have inflation coming down. they can ford to cut so she can be all dovish. the markets won't mind that at fist. but a year out, i think the markets might be more skeptical about. >> tell us what's happening in russia generally now. what kind of condition is it in? >> it's going to best unrecognized credit boom going on in the world today. everything is loving thailand, indonesia, philippines, but it's happening in russia, too. it's been happening for two years. they have a current account surplus. they can afford this credit boom. inflation we think will turn in the summer. so there's no problem on the inflation side, too. growth is going to come back stronger in the second half, anyway. whoever is at the central bank. so we're not convinced they need

to be taking a more dovish stance. >> if it becomes clear that russia's economy is doing well, that it doesn't necessarily need or should want rate cuts, how much pressure will she really be under to cut rates? i guess what i'm saying is it almost describes what you're describing as a win-win. putin is pretty happy or it doesn't do well and so then there's the case for her to cut rates and maybe that will help with growth. >> we will fairly bullish on russia. now, we're saying that. the capital is based in russia. but we are fairly optimistic. i guess the question is two to three years out and whether or not you've got inflation expectations picking up, people potentially selling auftd ruble, selling rates and that then being an impediment. >> that's a great point on the ruble, as well. we've seen it weaken, a lot of structural problems with that economy, obviously looking to pressure monetary policies as policy tools. but in russia, do you sell the ruble here?

>> too early. i would have thought the ruble would be fine for the next few months. i might have thought with interest rates, ruble bonds are trading at, what, 10.7% yield, that's attractive globally. if you like the global dead did he tell trade, you should be in russia, i wouldsy think, for at least the next six months, maybe a year. >> so we have our first potential g8 central bank chief, a russia story that while it has its concerns isn't making headlines as much as it should be. sounds like it will be roughly intact here. what are we most concerned with when it comes to giving up the independence of monetary policy? >> hungary worries us more and it's not just monetary policy. it's the combination of government policies across the board. you're seeing the markets worried about south africa also with a female central bank chief, but that's irrelevant to the issue which is seen as the sell off on the rand. there is concern there about the market. they do have limits on the emerging market, just how loose

monetary policy can be on the emerging market. and that issue we're seeing on the rand to the dollar. >> last question, has there been any change in correlation between the emerging markets doing well because they're tied to rash ya and china relative to the u.s.? meaning who is the strong -- who is powering the global economy at this point? >> china is still the most significant. i think the one thing which is getting missed on the chinese slowdown is if it slows to 7 1/2 this year, it's going to be a bigger gdp lift in 2013 than in 2012 even if the headline growth number is slower. it's still china, which is playing a massive role. >> and still russia, which has some interesting times ahead, we shall say, but you like the story? >> we're bullish on russia and bullish on africa. >> we'll leave it there. charles robinson joining us, chief economist. thank you very much. we'll be hearing from one of russia's most powerful men in an exclusive interview today. that's coming up on closing

bell. make sure you tune in from about 1700 cet. still ahead on "worldwide exchange," well, europe's periphery be granted wiggle room when it comes to meeting deficit targets? we'll go live to brussels coming up when we come back.

welcome back to "worldwide exchange." i'm kelly evans and these are your headlines from around the world. >> generali stocks rally as the insurance giant posts better than expected numbers. the bank of italy reportedly warnings lenders not to pay a dividend if they're operating at a loss or have less than expected capital ratios. samsung is getting set to launch its latest device right in apple's backyard. and pope francis begins today with a quiet morning prayer outside the vatican as the world continues to celebration the election of the first non-european pope in 1300 years. >> announcer: you're watching "worldwide exchange," bringing us business news from around the globe. >> well, the dow did manage a nine-day winning streak yesterday. will it be ten today?

it does look as though futures are pointing to a higher open. the dow jones industrial average about 27 points above fair value. the other indexes haven't been quite as strong, certainly haven't seen the same nine-day winning streak, but are rallying, as well. looking down a couple of points for the nasdaq and the s&p respectively. european markets, we mentioned that the ftse mib in italy was rallying. it was down 1.7% yesterday, now today it's adding better than 1 is% and so is the ibex here. both spain and italy are going to market with longer dated paper. the results from the spanish auction should be out very sool soon. the cac 40 adding about 0.2%. the xetra dax strong, the if it is rebounding after being one of the weaker performers yesterday. and that's your recap of european markets. and now we're going to take a look at what's been happening in the rest of the world. but first, how do you make money in these markets? here is what some of our guests have been telling us all morning.

>> i'm sure euro/aussie. dollar/yen, we've got kuroda next week. we've got turn house buzzing tonight. it's a shoo-in. through the monetary easing, i'm shorting yen and i'm also long dollar, but i think there's a trade to be short the euro. >> outside of london, yeah, the picture is pretty bleak on the high street. like you said, i think it's a relative value play during the retail state and the same sector. they were trying to -- from the uk consumer, generally. >> what we're gradually seeing is we're seeing the winners emerge, the return of stocks coming back up as the kospi comes down. but they'll never recover to anything like that. so it's a question of calling back, we think we're getting close towards the end of this

year, maybe, and picking the winners based on cost, balance sheet and differ yen rating. >> and here is a look at today's other top stories. it is pie day, as well, by the way, march 14th. big u.s. banks will find out today whether there are plans to raise dividends or do share buybacks have been approved or rejected by the fed. the central bank will release the second part of its results at 4:30 eastern. the fed's decision comes after it determines if banks can afford the payouts. ahead of the fed's announcement, take a look at bank shares, trading in frankfurt, generally higher. goldman interestingly sitting it out down almost 11%. the rest led by morgan stanley led by 9%. and the senate subcommittee on regulations will release its report on trading losses this afternoon. the panel will hold a meeting on

friday morning. several jpmorgan top executives will testify, including vice chairman braunstein who was cfo at the time and the bank's former head, ina drew. jpmorgan shares like goldman's are trading lower in frankfurt. today, down about 0.5%. president obama makes his third trip to capitol hill this week having lunch today with senate republicans to discuss budget and economic issues. he'll meet separately with house democrats. he spoke with house republicans on wednesday, but apparently made little progress in convincing them to accept his demands for tax increases as part of a deficit deal. the senate budget committee began debating its counterproposal to paul ryan's budget. the sausage making process continues in the u.s. and in europe where the european parliament, get this, has stripped down a budget deal reached by eu leaders last month that called for significant changes. mvps did not change the 960 billion euro spending limit, but

pressed for the distribution of funds and a mid year review. the european parliament chair called the move an important step for democracy. >> the parliaments want to be taken as a serious partner. we are prepared to negotiate. this is an offer to the council to compromise and improve the framework. >> now, this comes as european union heads of state are kicking off another two-day summit in brussels today. leaders reportedly making plans to loosen the rules which will allow the companies more time to balance their budgets. julia chatterly is live in brussels. julia, germany made a point ahead of this meeting to say even if there's discussion to give people more time, it needs less time to meet its own target. >> absolutely. not only are they cutting to another 5 billion euros, but as i said, they're going to balance the books a year early.

germany's statement coming into this is far stronger than many of those other countries. a very important statement to make ahead of the german elect. making their view on austerity here likely. we've had the likes of italy pushing for an stangz to meet their deficit targets. this year, we've come out and said, hey, we're not going to meet the 2% target. it's going to come in at 277. do we get a language shift that's suggested we're going to see the draft move from short-term growth. we do need to move down. arguably, it's shutting the case down after this long since run given they're bending the rules, anyway. and you mentioned, too, the european parliament. they voted down the long-term budget. i'll tell you what, they may not like austerity. my cameraman has been coming here for 13 years. this is the first summit where he's not able to get a feel. 6% inflation on a cup of coffee.

so the camera crew is going on strike. never mind anybody else. the other thing on the agenda is going to be cypress and the potential for a bailout deal. the eurozone finance minister will be meeting here tomorrow night. lots of things to discuss over the next 36 hours. it will be a long one, as ever. >> julia, we hope we can follow this progress with you. if kurt walks off, we'll have no way of knowing what the latest nondecision to come out of the meetings is. >> i couldn't agree with you. i couldn't agree with you more. camera crew goes on strike here, we're completely lost as has been proven to me many times when my random outside broadcasts, lots of things to watch. >> and 6% inflation, as well. watch out for your cameraman. and xi jinping, formerly

elected as china's president today. we'll give you more on the analysis of what that means when we're back. all stations come over to mission a for a final go. this is for real this time. step seven point two one two. verify and lock. command is locked. five seconds. three, two, one. standing by for capture. the most innovative software on the planet... dragon is captured. is connecting today's leading companies to places beyond it. siemens. answers.

it's official. china has a new leadership lineup. early this morning, the cup's parliament formerly elected xi

jinping is china's president and will i yuanchao is vice president. not only on the economic front, but horribly and environmentally, as well. eunice yoon has taken to the streets to find out just what the public is expecting from their new leader. >> a chance few people in the world will ever have, a sit down with china's new president, xi jinpi jinping. xi visited his family. >> translator: i felt like it was the starting point of xi reaching out to the people. he's understanding ordinary citizens, our work and our way of life. that's what a lot of people here are counting on. china has been on the same path for the past 30 years. its leader prioritizing fast economic growth as a way to keep the communist party in office.but now the economy is growing at its slowest pace in over a decade. the wealth gap is widening,

corruption is ripe, people here are calling for their leaders to be more in touch with the public's need. president xi jinping inherit these past, son of a revolutionary hero, he's backed by the thart, but is not seen as a great authority leader as past leaderships. to link himself to dong's legacy, he took a trip to the south of the country. when dong felt reforms had stalled after the protests and crackdown in tee an men square in 1989, he took a journey to the city of shenzhen, the birthplace of china's market economy, reaffirming his commitment to economic reform, known as dong's famous southern tour. xi laid flowers at the foot of a statue to the man who transformed china's economy, a signal that he, too, would

embrace reform. but public pressure is mounting. weeks after xi jinping became party chief, protests broke out in the nearby city of gaungho. lan li xian worked as a columnist in the until last year. people's patience wore out. the society is too oppressed. in a rare show of support, those who benefit from the system, celebrities, businessmen and lawyers publicly backed the journalist. online or otherwise by signing a petition demanding the party rule according to china's constitution. the constitution has long mention dollars people's right to freedom, he says. experts say reform needs to go much deeper. they say xi needs to reign in state enterprises, mirror the

income gap and accommodate civil liberties and rule of law. throughout china's history, if a regime cannot change, a power rises up and it's overthrown. china could have a revolution. back in shenzhen, he hopes the new leader will bring about enough change so that never happens. eunice yoon, cnbc. >> and eunice yoon now joins us live from beijing. a fascinating package. as the last person was saying, its reform or revolution. how urgent do these reformed need to be? well, they're very urgent. but what was interesting today was not necessarily that she inping became president, but who he choose as vice president. everybody until recently, was expecting the vice president position to go to a man who is a

conservative propaganda chief. but instead now it's somebody who is considered much more reform minded. so this is telling us two things. one, perhaps xi jinping is serious about reform and wants to do something about it. and number two, maybe he does have the chalk to stand up to the establishment. >> and eunice, what about, we're hearing the first lady in china may start to make more public appearances. if she is she something else to read into this move? >> she is very appealing. there's been talk about how she might be dispatched overseas in order to try to make some public appearances. it seems like it would be a no-brainer in a western contest. at the same time, women in china have not had a prominent role in politics. so we don't know exactly where this is going to go. >> well, we'll keep an eye on all of it, of course.

that trip to south africa will be an important one to watch for that reason. also important to look at that vice presidential selection and possib potentially a more reformist china. spain's latest debt auction, these have just crossed. there wasn't necessary lay formal target here, but spain hasn't reached the soft target of what markets had hoped it would raise in the longer term auction. it was a 2029, 2040 and a 2041 bond. altogether, spain has raised about $800 million euros. the market was looking for $1 billion to $2 billion euros to be raised here. the bid to cover ratios were pretty strong. the yields were down in the last time spain went to market with these particular bonds, but again, just shy of potentially what markets are looking for. you're seeing the spanish curve there from the 2 to the 30. we are seeing yields higher across the board, not majorly so. the ten-year is at about 4.83%. so there has been a higher move.

the bank of italy reportedly warnings underperforming lenders not to pay a dividend and are cautioused on bank dividends. samsung has a highly anticipated launchin new york and celebrations continue in the vatican city to welcome the new pope francis. but there are some things i've never seen before. this ge jet engine can understand 5,000 data samples per second. which is good for business. because planes use less fuel, spend less time on the ground and more time in the air. suddenly, faraway places don't seem so...far away. ♪

at a hertz expressrent kiosk, you can rent a car without a reservation... and without a line. now that's a fast car. it's just another way you'll be traveling at the speed of hertz. welcome back to "worldwide exchange." european markets are rallying today, shedding about 1.7%. today it's rebounding, although it's been dealt a blow on news that the bank of italy is telling banks not to issue a dividend if they've had a loss. we're still waiting for more clarification on that announcement. but we have seen italian banks

which were rallying to start the day now turn into the red, unicredit, san paolo there. the question will come down do to whether this is quarterly or an annual loss and who is really affected. now, u.s. futures are pointing higher off trades in europe. the dow is looking to add 10 points, extending its win streak today. and its nine-day win streak was the first in 16 years as of yesterday. nasdaq and the s&p 500 looking to add a couple of points. here is is what's on the agenda today in the u.s. weekly jobless claims are out at 8:30 a.m. eastern. looking for small gains. 330,000. at 8:30, it's february ppi. stripping out food and energy. towards 8:30, the fourth quarter current account as for earnings, look for numbers today from clothing retailer aeropostale and krispy kreme doughnuts. we'll seet that can tell us about the state of the u.s.

consumer. i expect they're still sucking them down. jack lew make his first appearance as treasury secretary today. he'll highlight the importance of investing in infrastructure, manufacturing and job creation. steve liesman will be travel, jack lew and we'll have a one-on-one interview with the new treasury secretary today at 4:00 p.m. on closing bell. samsung will launch the latest model of its galaxy smartphone tonight in new york at 7:30 p.m. eastern. the hype is growing for the galaxy 4 with reports suggesting an eye-controlled screen. apple isn't taking the samsung launch lying down. it's believed rival devices are inferior to the iphone. joining us now, david garrity

from new york. david, we're just, wa, a little more than 12 hours away from samsung's launch tonight. do they have to come out with this i controlled screen here, do you think, to justify all the hype? >> no, not necessarily the icontrolled screen, although that will probably be a nice of technological innovation from the company which is being seen as a user for other people's technology. for samsung, using other people' technology has risks with it as we've known from the successful verdicts that apple has won against samsung previously for ip infringement. samsung has been setting higher expectations of saying they're the next big thing. >> what do you make of apple's response here inspect the suggestion that people are switching away from android to the ios, anything to that? >> obviously, talk is cheap and it's more important for apple to come out with new product and

there's some speculation that the iphone 5s won't be coming out until sometime perhaps late in the third quarter here in the united states and around the rest of the world. so for the time being, as much as phil shiller from apple may say, you know, that they, samsung, are depending critically on google's an extraordinary and that android is a poor platform compared to what people have, samsung is coming out with newer products at a faster iteration more frequently than apple is and that subsequently has led to a significant advantage that samsung has built upon given strong execution. >> in the meantime, blackberry coming out and saying it's had a major order for the new device. i wonder at this point what is more important, is it brand perception generally, is it hardware, is it software? >> i think at the end of the day it ultimately is going to be software. software is what gives the manufacturer the ability to get a deeper understanding in terms

of the consumer. for google, the fact is, android, they give away the operating software for nothing. what does google get in return? google gets to develop an app library greater than apple's and going the gets to work across a wide range of hand set manufacturers and gain a greater owning what have people do online with their smartphones. >> and there's more to it than meets the eye, if i can use that awful bond. david garrity, thanks very much for your time this morning. again, that launch happens in new york. it's the first time samsung is launching a device like this in new york. it's 7:00 p.m. eastern, so i don't know if i'm going to be able to stay up for it. that's it for the show today. i'm kelly evans. thanks very much for tuning into "worldwide exchange." coming up on european closing bell, it's an exclusive with oleg, the ceo of russaou. in the meantime, have a great day. time for u.s. "squawk box"

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