hi, everybody. good morning. it's friday. welcome to "strooit street signs." i'm louisa bojesen. >> and i'm nancy. these are your headlines. sfwh we are not sure of ammunitions. we do not anticipate that it would be necessary to reduce further rates. >> communication error? the euro holds much of its gains after mario draghi's mixed message over-shadowed the big fazuka. and europe yap banks are extendsing their rally after a liquidity plan that pays lenders

to take on loans. and don't count on an outlook. that's the view from the iea which says the worst may not be over. a cheap shot, apple accuses the u.s. government of a smear campaign just hours after they wrap up the encryption site. hi, everybody. welcome to "street signs." it's friday. a very interesting week. we'll talk much more about the ecb, coming up. let's get you the latest from ia, as well. because they're splishing their latest reports and they're basically saying that there are signs that oil prices may have bottomed out. they talk about seeing a second half 2016 global oil stock spilled and 0.2 million barrels per day. it was 0.3 million, the previous report. they see u.s. oils and flat in 2016. that its prices maintain their recent upward momentum and there

could be further weakness, they say. they're leaving 2016 oil demand growth establishment unchanged at 1.17 million barrels per day or 1.2%. i think we should just jump straight to us. a man that knows quite a lot about the support because he's part of it. neal atkinson joins us from paris. what are some of the other main points on the report? >> i think the main points is, it is in the first half of 2016, we're still saying there is going to be a major surplus of supply over demand. so there's no real relief in site as far as the market balancing is concerned. and any efforts by leeing producers to freeze production or even develop that idea further are very unlikely to have an impact in the first half of the year. but as you said a second ago, as we move into the second half of 2016, the market is beginning to

tighten, although it still remains in surplus. so the markets essentially positioned as we move to the end of this year and can moving into 2017, to move into balance. we believe the market will balance in 1207, just about. we aren't exactly sure when. but i guess the overall message is there are better signs ahead for the market, but we shouldn't perhaps jump to conclusions prematurely. >> you talk about in the report that there has been this recovery in the oil prices, but that we shouldn't take that as definitive. you say that the worst necessarily is over. why do you not think that? >> well, about a year ago, slightly later than this, we had a spring rally in 2015 where the prices did recover by the kind of margins that we've seen in the last few weeks to 2016 and it didn't last. the fundamental data was still very negative. and i guess what we're saying

here is that there has been a recovery in prices recently, perhaps taken people by surprise. but we can't be sure that it will be maintained, not least because the fullbacks are starting to see whether those fullbacks will be maintained. if the price starts to rise and keeps on rising, it's an incentive for higher cost producers maybe to think that they shouldn't shut down operations, they should stay in the game and wait for better times ahead. so there's al of uncertainty. >> and, neal, if the price continues to rise it will call into question any sort of agreement that we've been talking about when it comes to nonopec and opec members getting together here on abduction freeze. how likely do you think that is? >> well, i mean, we don't know very much about the details of these negotiations. i only got very vague information. and it's for the producers themselves to come up with an

arrangement. but we perhaps should point out that before any take place or any kind of agreement announced, that there have always been production cutbacks, not deliberate, of course, in iraq and in nigeria in the last month or so because of sabotage in the case of iraq and nigeria and there has been field maintenance.. so there has been a fall back in production in the last month or so with those countries going down and iran coming up a little bit. so, you know, maybe the market, the magic of the market, which is the phrase i use in the overview of the report, maybe doing the job for the producers. >> and you just mentioned iran there which continues to be the big wild card here, whether or not they would be willing to agree to any sort of freeze, given their just coming back into the market. but in your report, i noticed that the ia's return to the market will perhaps not be as dramatic. exactly what are you expecting

there? >> well, i mean, there are a lot of forecasts or statements made, not least by figures in the iranian government and the iranian ministry saying that output would rise by pretty large margins and other people thought it would be measured. as we got into 2016 and we've seen data showing volumes of oil moving on ships out of iran and other indications, yes, iran is ramping up. and it looks as if it's up by about 300,000 barrels a day since the beginning of the year. but it's not ramping up as fast as some people might have thought. and i think one of the reasons for that, perhaps, is that marketing extra oil into an already very, very well supplied market is not as easy as some people might think and the iranian return is being, perhaps, taking place at a more modest pace than some of the initial forecasts led us to believe. >> all right, neal, thank you for walking us through the details of that report.

and, of course, the oil price continues to influence the direction of equities here. we have to mention the ecb because that is the big story here, continue to go drive investors and taking a look at the numbers, you'll see we are strongly higher just about an hour into the trading session here on the stoxx 600. yesterday it drops about 1.7%, a dramatic reversal. the big bazooka draghi saw out there. but once again, the market is p up. 4% this morning again as a sector. in case you are having a life or something like that and not following every minute over the last 12 hours or so, 24 hours, this is what happened.

mta mario draghi announced the following policy actions. he cut the main refinancing rate to zero, flashed the deposit rate by ten basis points. bond rates, 120 million increase. and they announce approximated this is what the chief said before the beginning of the q&ap. >> it allows me to address that as far as central banks are concerned. one is central banks have no ammunitions left. central banks have no policy instruments. but i think the best answer to this is being given by our decisions today. it's a fairley long list of measures. and each one of them is very significant. and devised positive the visible

impa impact. so we have shown that we are not short of ammunitions. >> now, that long list of measures there did help the euro hit a five-week low. but that was before the following comment where the currencies soar in the opposite direction. >> from today's perspective and taken into account the support of our measures to growth enwith the return to our price stability objective, we don't anticipate it will be necessary to reduce further rates. of course, new facts can change the outlook. >> julia chatterley joins us from frankfurt where she's been following every move from the ecb. it was the line we don't anticipate a further recollection that sent markets in a different direction. but today, the uk investors are

starting to focus on what they have. >> well, it looks that way. it was the f xw markets that react to these or the euro rally to the point they were not looking to take rates any lower and that they didn't decide to tear deposit rates effectively to allow them further downside. but, k, they've given up points of currency depreciation in order to hone in on what they can do to get cash out to the real economy. so i think initially there was some confusion in the market. but i think given the sheer quality of detail and the measures that may apply here, it will take some time to understand. the deposit rate of 10 basis points, we got. we got the increase in monthly bas basis.

and that message on not cutting rates further, i believe, instead of fueling the leg kill you get to a pick and tl tro, four-year money. and banks will be paid to lend if they can get lending above a certain threshold. there are a number of questions to be asking. is it about to buy more time for the peripheral banks, allowing them to roll over some of the bad debts? how are going going to be buying. i think there's a number of reasons for investors to be cautious been but in terms of whether or not this was a bazooka can, i think this was a mini arsenal. >> and, of course, you mentioned the purple banks there sharing

the action we got at least. pleasure to have you with us. let's bring in a panel around the desk we have michael from jpmorgan asset morgan and michael, let's get to you first and exactly, dourchk investors would short you when it comes to that movement? particularly on the forward guidance line. >> i think it took some time to digest what was announced. this is a bop bold message from draghi. everyone says don't fight the fed. i think this is exactly the staimp same. they decided they're going to pay banks to lend money. that's revolutionary. and put money out into the eurozone economy. on top of that, they're going to increase the amount they're

purchasing by $20 billion a month, that's close to a quarter of a trillion euros extra. and they're going to bow corporate bonds. >> and for investors, it's clearly supportive fof investors, people are currently holding investment grade bonds into buying high yield. it will be supported for that. >> and that point there is good for the banks, as well, which we've seen higher this morning. do you think also an insleft er that's negative. >> i think you're going to have negative interest rates for a long time. everyone was complaining that negative interest rates were bad

for banks. draghi acknowledged that and said they're not going to take interest rates significantly lower, but they're going to do other things which more support the banking system, more support for assets. so i think it's a positive. >> david, do you think you misspoke of saying, you know, that you're not going to be. >> i think it's very difficult to tell. beyond that, it can keep changing in draghi's approach. he was always taking care of funding the. we've been saying that this is not the topicses for banks. and for the first time, profitability, because bringing down the refinancing rates

simply is steeply the yumko. look at japan, one year to two years, we told it to keep the japanese banks are struggling to get the most 6%. these miners, you have the highest slow derve and guess what? this is why banks have account, which is the highest, between 12% and 15%. >> i understand what you're saying, but i think the kind of raips, a bit of confusion by the sense of things this morning. we can see that in our viewer interact, as well. a lot of people tweeting in saying he's ruined the conference debt mark, not

because they've moved. >> clearly, it's this marmgin. we need to reserve the back margin. and the second one, it's a question that to be asks. we took the occasional defense consistency. either way, not guilty nobody asks the question, are we going the take care of bank capital? and he mentioned the communication on the new mission on the so-called mda. and the ecb said it was too acron acronym. you know, we've had tremendous amounts of liquidity pumped into banks for the four or five last year. nothing really happened, okay, because it was capital and profitability and this is what it's talking about today.

so this is the most unconventional thinking about the consensus of yesterday. >> and the probability was supposed. there's no wonder you see deutsche bank, commerce bank up around 5%. some people say when you looked at the reaction of the euro yet during the press conference, some hopes you would give a little and reopen the doors for more. so what is the benefit of putting everything out there and saying, don't come back for less, more or less. >> everyone was expecting a tremendous amount of liquidity to the market. which he did. but i don't think it's flowing over, you know, at the same time. because there are few of

adjustments taking views. but, again, it's its own capital and i need to see a profit knowledge banks to pump money into the economy. i need profitable banks to stae establish the monetary policy. that's it. >> the second round of the rtos, then. good luck with mrs. round. >> irng the how many r hond. you're seeing banks, loans are starting to -- so i think it's an opportunitying trend. i think it will be a positive for the eurozone economy in the medium term. sfwh michael, thank you very

much. michael bell from jpmorgan asset management. thank you vep. david, thank you so you, as well. david, managing partner at axiom alternative investments. get involved, as well. find us on e-mail. streetsignseurope, many come. in the moment time, we can talk about what lye really is about. so atonefreak just tweeted in his next berg, i love the picture. >> i'm@louisa bojesen. coming up on the show, desperate and thoeg the calm to the maids. earth hour is about empowering people making a difference

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hi, everybody. welcome back. you're still watching "street signs." >> hello. >> battling it out over which start we feel is the most relevant to investors. taking a look at the euro dollars chart behind me, we saw this massive drop yesterday after the ecb announcement, only for it to rise again. you guys have been writing in telling me why you think it's most important. paul says because it's tied to the commodity market which has been the best market year-to-da year-to-date. there are those of you who say we're going to be looking towards parity now or a euro/dollar basis because the ecb's measures aren't going to be clear cut for the market and incidentally we're not cutting rates at any point in the near future. >> that's the summary. also those views, of course,

impacting the dollar right here and the dollar having a lot of weight on exactly what's happening in gold. yesterday, it's a very different story today as we look at the moment in the euro/dollar trade here. overall, spot gold off .5%. others, however, say that increasing the dollar is not continue to go raise rates, could be supportive of gold. and over at cmc, they see 1308 as the next level and that could send gold higher up there the. >> thank you. thinking about it. let's have sri what he thinks. he's in singapore. right here between us. always coming between us, sri. what do you think? euro/dollar being the most important chart this week, gold? come on, sri, give it up for gold. >> i love you both, but i've got to say, i think you both made

supplements points. now, euro and the dollar, the dollar works into the commodities cycle. that correlation is very is strong. that guy vergence is going to be broadened to sharper relief now through the fomc next week. and the gold rally, yes, still a very risk averse world, but it seems to be running a little bit out. seems to be showing some signs of exhaustion. could we even get to 1400? that's the perception that we're going to hell in hand basket. anyway, i think the fomc is going to be critical. the asian markets are watching that one closely. whether they will just kick the ball down the road, whether it's on the cards for june, that will be very important. and let's not forget the china story. over the weekends, we get some very, very important data. industrial production, retail sales, investments, as well. and i want to stress this, too. over the weekend, the pboc governors will be speaking to

the press about financial development and reform. that's going to be potentially market moving for the aussie/dollar. in the here and now, we are seeing conviction post the ecb, making this point throughout the day. i think the markets here are still digesting this one. i think they are arguably quite confused. yes, mr. draghi, as the ladies have been saying have overdelivered on market expectations. by staple token, he has stressed there is a shelf live life for easing monetary polz policy. so we're trying to work this one out and that's why we haven't seen a full blooded conviction rally across the markets today. i think the focus, like i said, is going to continue to be on policy, it will be on the fomc and the data and the pboc over the weekend. back to you now, ladies. >> sri, i know you're trying to sit on the fence there, but i think reading between the lines it's gold, i would say. >> okay.

>> i think his body language wag saying euro/dollar. >> thanks, sri. great to see you. let's get another look at some of the top stock movers. old mutual saying it will split into four different part, a wealth division ae merging markets, asset management and the group. the break-up should be complete by the end of 2018. the group also announced full year net profits of 614 million pounds on revenues of 3.6 billion. but it warns that 2016 will still be challenging. if you can see there, shares up just about .7%. the banks, the banks, the banks, they are leading the gains in europe today, looking at some of the individual stocks out there. deutsche bank slashing management compensation by 36%. this happening as germany's biggest lender is warping that it will be a challenging quarter for the entire banking sector, despite the caution, the bank says it's still in solid shape. >> let's take a look at porsche

which has announced a 25% jump in 2015 certainings. now in terms of guide yaps, the automaker sees sales rising slightly in 2016. porsche sounding somewhat cautious on margins, as well. this is a key growth driver for the volkswagen parent county company. today, we're seeing volkswagen sharply higher of around 4%. this comes in line with a broader move to the up side. we're seeing autos which were hit yesterday. volkswagen among the weakest. earlier in the week web talk about the lawsuit concern, support coming up in the doj. but auto sales providing crucial, especially look at bmw this morning. on volkswagen's side, they released february passenger car sales, but exceptional weakness when it comes to the u.s., off about 13% on an annual basis and, of course, the united states is aware that diesel prices continue to hit them hard. arcelormittal is heading towards the top of the stoxx

600, as well. this after the steelermaker announced new shares will be price the at 2 euro 30 cent representing a discount. that was in a bid to reduce its near $16 billion debt. nestle is set to recall ready made meals due to possible glass mixed in with spinach. sticking to the sweet stuff, krispy kreme uk is -- acorporate together capital market, they've now pointed investec to manage this list.the. the ipo could take place as

early as this year. i'm looking through the menu of what krispy kreme offers. i maybe don't get out enough. they've got tenness ball doughnuts, strawberry shortcake eclairs. >> to me, this is a classic case of they he should have stuck to the original glazed doughnut brands. you could get them at 6:00 in the morning. perfect. >> that's something you grew up with. i had oatmeal. if you're lucky, it was warm. >> how about the calorie count. >> they've got green st. patrick's day doughnuts. strawberry ice doughnuts, football doughnuts. but you're right in terms of whether or not -- how much do you involve as a company? >> they kind of have to because ervel is. if you can stick to that one very well known thinking -- >> even like the shake shack, they have hot dogs now.

>> really? >> yeah. you've got to get up on your unhealthy food. >> when i hang out my burger places, they don't have those. anyway, feel free to e-mail us. on twitter. you're talking about the porps of the banking sector and i'm looking at purple ryan tweeting in saying the ecb moved yesterday. they were basically to save deutsche and the eurozone banks. i think he means that the german and the eurozone banks. it shows eurozone banks are in much deeper trouble. exactly. >> so europe maybe is in more trouble than what we think? >> i don't know. make sure the negative interest rates aren't -- but we'll debate that, come up.

good morning. welcome back to "street signs." these are your headlines today. >> we are not short of ammunitions. we don't anticipate it would be necessary to reduce further rates. >> the euro holds much of its gains after mario draghi's mix dollars message over-shadowed the big bazooka. european banks extending their rallies, investors have a new ecb plan that effectively pays lenders to take loans. don't he count on an output freeze to stall oil prices. and a cheap schot, apple accuses the u.s. government of launch ago smear campaign hours after the justice department ramps up the encryption sites. >> now, of course, we've got the

bank of japan meeting on the 13th and 14th of march. there is speculation they could be increasing their stimulus, as well. how are we going to position ourselves? >> we'll be watching norway next week. so much talk about here, but as you said, investors still digesting exactly weight was that the ecb announced. i was on the trading floor yesterday, and you could see people trying to work it out. at first, here we are. when you look at the market reaction today, u.s. markets set to begin a bit of a bounce after they closed basically flat on a volatile day of trade. the s&p 500 was the only market ending in positive territory. now the dow jones expected to move higher by about 140 points according to the u.s. future in and out. and let's get a look at the picture here in europe, because about an hour and a half into trade, we see green across the board here, largely ticking back from the losses we saw after mario draghi's press conference

when investors discussed the forward guidance. today, we're seeing banks moving sharply higher. the autos, which are hit yet yesterday, now on the rebound. the ftse 100 up about 1.5%. the main german market and the french market up about 2% and italy higher by 3.4% and the banks without a doubt among the outperformers. meanwhile, louisa, let's get another look at the desk. >> more than 2,500 top ceos are in dubai now for the annual ypo ceo summit. hadley, how are you? >> good morning, louisa. a lot of big names here. we've got everybody from the ruler of dubai himself to sting. so a lot of big names here. we're talking oil prices, renewable energy, entrepreneurs, but we're talking about the u.s. presidential race. i want to bring in sara,

codirector of inspire. talk a little bit, sara, about what's happening in the u.s. right now. we've put a lot of very highly toned rhetoric from some of these presidential candidates. some worrying words, as well, particularly from donald trump. when you come to this part of the world and you see how countries like the uae, like saudi arabia are trying to combat extremist, what's your take away? the united states is a major player. >> extremism is a major issue. terrorism impacts everybody. we know isis committed around 70 attacks outside of syria and iraq. whether it's a mosque in yemen or a concert hall in paris. the impact to all of us. what's important is that we build a strong global coalition against extremism. having language that talks about other people, so when donald trump yesterday talked about i think islam hates us, this kind of rhetoric feeds into the isis

narrative. if you look at isis, they say the west hates us. and, again, this kind of binary world view, all that it does, in fact, what we should be doing is building and -- that coalition. build shared value for coexistence and justice. >> it's interesting, that you look at some other comments, you were saying overnight in the debate, he's saying something like 30,000 troops will be necessary to take out the islamic state. it's not focusing on the core issues of social media and the internet are inspiring these would-be jihadists. you work closely with the uk government. what's your sense of what the uk is doing and whether the united states has been affected in that area? >> the uk is doing a lot of great work in taking downstreamist material. they do that regularly. they're doing a lot of important worng in schools. for me, that's a great area to get involved in where they're teaching young people critical thinking.

you've got the skills to understand what it is that you're listening to. and the ability to deconstruct that. so thinking about fundamental human rights and respect in the face and belief. the uk government is really pushing this within its british schools to try and build that resilience and human rights, respect for other places. by default, you're making people resilient to extremist narrative. >> talk about the conversation happening right now between the likes of apple and the u.s. government in terms of data and security and the question, of course, going forward is should the u.s. government or should any government have access to so much information? what's your take away there? the uk government is very ifkive in taking out these groups of jihadists. at the same time, don't they need access to this information? >> it's a complicated area.

they look at the whole intelligence, it's give-and-take here. we've got to look at the security, but showing protecting human rights. so this is a massive debate. what i think is real important is if you're going to be tain taking that off the internet, we have to actually counter the argument. you can take down as much as you like. until you're going to give young people an alternate powerful counter narrative, it's not going to achieve anything. i think that's where the effort needs to be. where government, private businesses and others can push and dominate the space at that level. >> sara, codirector of inspire, thank you so much. we're going to have to leave it there. thank you. >> hadley, thank you very much. hadley joining us live from dubai. happy friday to all of you. we're now seeing pictures of the doughnuts. i can't believe that you've -- >> the bear claw. >> crazy doughnuts. and this bear claw? that's a bear claw from a local

bakery. >> my goodness. >> but you've had one? >> yeah, of course. >> i've never had one. it's a type of a bastery. >> it's a cross between a danish and a cinnamon roll, i would say. >> yeah, but you have to go to denmark and -- you know, you walk in and get -- >> i'll have to work on that one. >> anyway -- i'm hungry now. all right. the euro paring some gains this morning, after a volatile afternoon for the currency. it touched with a five-week low followed by a 2 1/2 week high during the ecb press conference. it was all over the place, basically. the managing director at credit ag agricole. >> we were calling for a weak euro on the back of the exceeding market expectations. that's what we got. and then i guess the president

really got mixed up with the forward guidance, highlighting that under the current assumptions. they made no need to cut any further, undoing most of the gains and euro losses. >> that is what people are saying this morning. i mean, someone tweeted in and says, you know, i'm lost here. do you get it? i threw my trading books out the window. >> i think what they're dealing with is quite an interesting shift. it is the case that the euro resilience may go beyond that to really -- with the forward guidance. it is the case that i would be meeting in a lodge time where draghi spent any time discussing the euro. there is a question about the inflation in the eurozone.

the usually, he would go on telling you about how past euro appreciation is responsible. this time, it's all about oil. and in addition, if you look at the projections, the ecb stop projections used to be an expectation and an assumption in the macro scenarios that euro will stay to the 2015 lows for the next, like, two or three years. now it seems to be an expectation and actually euro appreciation this year. and additional pressurization next year. if the euro is an interruptal driver of the inflation outlook, it doesn't seem draghi or the stock projections agree with that any more. we may have given up trying to feel inflation down the road by cheapening the euro. rather, to focus on the lending challenge in the eurozone and providing boost to the recovery, providing more credit can issuance. and that's a change in their approach. but i think it's going to have

implications for the euro. >> and how much is this when we talk about let's focus on the euro here is this an acknowledgement of so much external factors at play, when we talk about what the bank of japan is doing and we get this rush for ease among several banks here. >> the global currency war and the criticism of the global currency war is playing an important role. there's a need for coordination. you cannot just keep cutting and really competitive devaluation. and at the same time, actually, leading to more of the same from other central banks. so currently wars have to end. and, too, i think draghi highlighted during the comments negative rates are becoming increasingly costly, expensive for the banks to implement. because they're start to go hurt the lending channel. and the ecb is relying on the banks to stimulate growth. so from that point of view, i

guess from the fx point of view, it has taken a lot of that ecb related euro bearishness in the markets, right? you say you're going to cut again. are you going to cut again? talk is cheap. but cuts are costly. i think the bigger question is what impact they will have and whether there is a diminishing effect on the other tools that are out there. >> that's the issue, really. we had it when the boj cut rates below zero in january. lending growth is picking you up in the eurozone.

the fact is, however, that the ecb is so aggressive and at the same time investors are hoping that there will be some indication that the measures are bearing frooud fruit. all i can say is we have to wait and see. i can understand why investors remain skeptical. any indication that there is responding with, finally, could be quite positive for sentiment. ultimate ultimately, that pessimism need not be. >> they've thrown a lot in the market and given up what we anticipated. that means the economy or the banks are fairing worse than expected. they've said unconventional tools similar on the agenda, we're probably not go the going

to see rate cuts, but they're going to do other stuff. shouldn't they be selling the euro, then? >> i think euro/dollar longer term is on the down side. it is the case. the reason it's quite interesting i think is in the sense that the fabulous corporate bonds to the menu of assets, they'll be going to purchase means that the eurozone investors star for yield will have to look elsewhere. and that's elsewhere, actually, it was coming to them. last year, you got 09 billion of issuance of euro denominated debt by foreigners. americans companies coming over to europe to borrow more cheaply so they can pay the expensive dollar debt. what draghi is doing is making it more attractive for them to do it. so that is here to stay. that particular flow is going to continue to drive euro/dollar lower. and i guess the flow outlook for the euro should be an important down side risk. >> yes or no, lance writes in

and says is the fed going to be forced into negative rates? >> no, i don't think so. no need for that coinflation measure. i think what happened yesterday -- >> yeah, just a yes or no. gotta go. valentin, thank you very much, managing director, head of research at credit agricole. we're going to take a look at shares for a moment because we are getting a flash from reuters saying the halicom chairman is saying a potential merger of orange is a, quote, invention of the press. that is the latest comment coming from tel italea shares. we've been watching reports of additional consolidation in europe's telecom sector. earlier in the week, we got reports of warning about a reports of merger, concerns the merger could turn into an

acquisition. but here the chair is saying nothing to worry about. it is an invention. >> good to know. the eu has made plans to relocation at least 6,000 refugees. so far, the scheme has only moved 900 people. the man tipped to be the next prime minister of greece, the new democracy leader told julia many details still have to be ironed out. >> i would agree that under no circumstance we should sort of barter and use the refugee crisis in order to sort of evade commitments. but, you know, the truth is that there is an economic cost which needs to be addressed. greece needs to receive more humanitarian aid to address the situation on the ground. but at the same time, you know, our commitments need to be met. there are all sorts of structural reforms that need to be implemented in order to make this economy nor competitive which have nothing to do with the migration prices. unfortunately, this government has shown a colowsal amount of

leadership in driving through those reforms which will restore susta sustainable growth path for greece. >> that was mr. mitsotakis. you can watch that full conversation tonight at 11:00 p.m. cet. the war of words between apple and the u.s. department of justice has turned into an all out offensive on both sides of the encryption scandal. let's get out to wilfred frost. neither side appears to want to give any ground on this one. where do we go now snm. >> you're absolute lit right, a we're of words that continues with no immediate end in sight. we have a new court filing. prosecutors arguing that the probable cause that the iphone likely holds evidence of the eventual attack. the justice department says the government and community need to know what is on the device and if apple is the only one that has the ability to help. the government maintains it's

not unduly burdened to apple to aid in the investigation. in response, apple's jgz council is general counsel is accusing the apple of throwing all decorum into the wind. i don't think we'll have a final answer to it for some time and, of course, the pr hasn't helped apple, but it also haen hit their share price or their sales too much just yet. guys. >> wilfred, thanks for that one. we'll be out to you in just a little while after the show. let's get a look at how u.s. markets are calling markets today. it was a volatile day on wall street. now the dow jones called higher by almost 150 points. we'll be back following off the post ecb market reaction just after this short break.

welcome back to "street sievens." our next guest sees a future in immunotherapy. and he has tracking specifically cancer treatment. joining us now, brad. thank you for joining us this early hour. pleasure to have you on the program. talk us through a bit more what your etf actually does. several people have warned about the risks of investing in biotechs and yours is even more niche than others in the factor. >> sure. i think most people are away of immunotherapy. our immune system is different, it's natural. it can adapt and learn.

if you can harness it, you may see stronger and longer lasting results. so there's a group of companies working on these treatments. some of which are already on the market, like bristol myers, and merck. and then there's a ground swell of second and third generation things being developed. so i've created this index. so it gives investors the way to focus on this one area within the biotech space. >> and biotech has played somewhat of a central role here when we talk about the political debates going on. we know several of the front runners in the race for the white house have been strongly speaking out against the high prices of certain drugs. does that concern you when it comes down to what is needed for

research and development with those immunotherapyist simmunot? >> in this case, these are the companies trying to change the course of cancer. i think medicine should be based on the value that they deliver to the patients. in this case, if they're able to do that, they're goes to provide a lot of value to patients and health care systems all over the world. i think it's very important that we protect innovators who are trying to develop new medicines and a lot of those negative headlines that you've seen that have drawn the ire of presidential candidates here have been about companies that have been raising the prices on oil old medicines. and i think the public and members of congress are starting to realize that. as long as we foster that, that will be okay. >> in case people are watching and they're more interesting

interested, this is an index comprised of 30 companies. is that correct? >> that's right. >> and seven large pharmas and biotech companies the rest. . >> that's right. we have seven of those and 23 of what you're thinking of as though biotech companies working on those approaches. immunotherapy is not one thing. there are over a dozen different types of immunotherapy. as a biotech investor, it's important to be diversified not only in the number of companies that you look at, but also the number of approaches. and it's very hard to pick winners in this sector. >> brad, thank you very much for being with us. thank you for getting up so

early. here in europe, we're all green. >> good way to end the week. >> we're coming back if you're long. if you're short, then you've got the cac 40 higher by 2.5%. up by more than that, 3.5%. speaking of the outperformers out there, just checking in on the european banks and you'll note for yourself that we're seeing a lot of them rally today. >> and we saw quite a strong rally last week, so this will be encouraging in terms of the trend. overall, about 4%. u.s. markets are expected to open green across the board. the u.s. markets, as well. that's it for our show today. >> thanks for all of your salivating photos of doughnuts.

xxxxinto good morning. stock he rallying around world. and apple calling the justice department desperate. we'll have the arguments from both sides, straight ahead. and here is a change, a kinder, gentler gop debate. meeting for the last time before next week's key primaries in florida and ohio. it's friday, march 11, 2016. "worldwide exchange" begins right