snoom particularly in restoring trust in fuel economy performance. >> and get ready for a trial. a majority of senators in brazil indicate they will vote to impeach president rousseff. >> chelsea blowing the whistle early on their partnership, ending a 30 million pound per deal year at the end of next season. hi everybody. welcome to the show we've got an hour together. >> and lots to cover here today.

>> and just hitting the wierts now on the regional central bank coming out announcing that consumer price inflation remains elevated but stronger kona may lead to something from back in march. development haven't deviated substantially at the march 2016 monetary policy reports. gave us the norwegian central bank a couple of additional comments there but by and large the main take way is they are leaving. left the rate unchanged at half a percent. and talking about the consumer price inflation remains elevated. >> and last week they were saying it is the one element that has been a bit stronger than they forecast back in march. h undoubtedly a big focus on oil

price as well. whenever they are looking at the forecast going ahead. keep an eye on oil prices and we are getting update from iea this mornings morning as well with their latest report and they are looking at oil demand growth to reach 1.2 million barrels a day. that compares to an april forecast for 1.16. the key for full year is unchanged but sthef seen slight up tick in this quarter and that came to china, india and russia as well. crucial here is oil stocks. constantly keeping an eye on global supplies. expecting stocks to rise by 1.3 million barrels a day in the first half of the year then a dramatic reduction in global oil stocks in the second half. also lines on expectations for iran's output. april output last seen in november 2011. forecast for about 3.56 million barrels per day.

actually he was the level in april. the person behind the report is neil atkinson. over at the iea. thank you for joining us. we're having a closer read here. and i want to get straight to the stocks. forecasting a dramatics reduction of stocks in the second half of this year. does this come down mostly to the non o poke production. >> the stocks aren't going down they just aren't growing by as much as they have been. and first half we're seeing stocks rising about 1.3 million barrels a day. second half they are still growing but only by about 1.2 million barrels a day. the point being we have a travel towards market balance. the change in the picture between tw two halves is as you say major fall off in production from the non opec countries as a

whole. >> and do you think the expectations for the reduction in stocks or the slowdown in growth for the second half, is that already priced in when you look at the drausmtic rally we saw yesterday? >> to some extent yes. but another reason we've had quite a significant increase in prices recently is yes partly that expectation of a tighter market ahead but also there have been son unexpected disruptions to oil supply. we've seen the canadian wild fire situation in the last week or so. we've had bigger falloffs than expected in fiej ra as another example. so there is physical factors out there that's meant supply is even lower than we thought it would be but the market is very forward looking and as they lieu through the second half of 2016 and 2017 there is growing expectation that the market will get very close to balance and in our next report a month from now in june we're going to publish

detailed 2017 outlook which will give perhaps greater clarity as to when we think the market will move into balance in 2017 if in fact it do so. >> on that point the extra capacity being taken out of market coming via nigeria or canada as you indicate, does that mean prices are going to drift higher towards the rest of the year? >> it depends on how much of that oil which has been taken out unexpectedly does come back in at what pace. but the problem we've got that we've got is that if you want to see higher oil prices in the rest of 2016 what you need to remember -- and we started with this point -- is that oil stocks are at very high levels. even if they are going to grow by a small amount compared to what we've seen. and they are not liking to start falling until 2017. so if you like there is a big damper on perspective oil prices

by the fact these norms stocks do exist and will continue to exist for some time to come. >> neil, what is going on in russia? you talk about in your reports global oil demand growth revised up and we're seeing a lot of strength from indiana and china and you say surprisingly also from russia. >> we've been a bit surprised by the numbers we've seen out of russia as relatively strong growth in the use of oil and industrial applications and also gasoline demand. it may well be that, you know, the effect of the currency fluctuations we're seeing in terms of the ruble versus the dollar having some kind of impact. it is hard to read and it is perhaps a little difficult to be maybe too definitive about russia at this stage. but the main action and i think where we are likely to have if you like a longer term growth trend and perhaps a more reliable longer term growth trend is certainly in china and

of course even more importantly as we say in the report this month in the case of india. >> and another surprise factor is the production out of iron. we've heard so much -- iran. we've heard uncertainty how quick the production would ramp up and here you are saying it was actually faster than forecast. >> everybody's been trying to understand how fast iran would come back since the sanctions were lifted and there's been a big wide variety of forecasts and the forecasts we had has come in pretty close to the realities been pretty closes to our forecast. what was surprising in april was quite a big increase in the volume of exports from iran although we think that maybe some timing issues there in troelgs when the oil was actually produced and when it's shipped but there is no doubt that iran has indeed come back into the market very strongly in 2016. again to some extent that is priced in. although we'll have to wait and see in the next two or three

months how much further iran can push production and when it is going to push up against the limits of its current capacity. >> neil, pleasure to have you with us. that is neil atkinson head of oil industry and markets division at the iea. if we can recap. we're now seeing brent and wti in positive territory. at the start of the day here there was little bit of softness. weakness after that immense night in the u.s. session we got a rally of more than 3% of the wti. so there we are in the green again with wti above $46 a barrel and brent crude nearing 48. >> rm both contracts. our european equity markets this morning. seeing a little bit of red. we are just lower by just shy of a half percent at the moment. our main european equity markets having been a little mixed earlier on. but most of these equity markets

are somewhere around the flat line give or take something. >> and massive selloff we saw on wall street. the sharp sell -- >> retailers. >> exactly. >> -- in there. >> consumer effect there. we'll get into that more later on the show. here we want the view on some earnings here in europe and europe's negative rates are taking a toll on italian insurer. they have posted 12% drop in the first quarter compounded by fewer capital gains. the company's biggest insurer also saw net profits dip to 588 million euros. at aegon is company posted worst than expected first quarter profit. and other insurers this morning.

[ slow down ] sees softness across the board there. prudential off about 2% there in the uk. similar story for -- and similar moves at direct line. >> not bad moves for all of them though. because bucking the trend. -- insurance which returned to profit is seeing strength in zurich's general insurance business boosting earnings. speaking earlier here on cnbc. the cfo explained why he's confident that the upward trend will continue. >> the nature of the business we do. we write contracts. with write them for 12 months. so the challenges were bound to have impact in q1. and the impact of the new steps will progress through the year and you should see more and more impact as the year moves on.

>> let's get a check on ubs and credit suisse. both companies are under pressure after the swiss government agreed that strict too big to fail banking rules. and the more stuff. switzerland will now have one of the highest capital requirements in the world. meanwhile today is dividend date and neftly adding to pressurine pressure. >> 71% fall in first quarter net income. as restructuring of their shareholding ties with their parent group continue. the french bank said that its restructuring of these ties as well as weakness in retail and investment banking weighed on these earnings. i'm kind of liking our black and white theme today.

>> -- [inaudible]. >> as long as it's not krewella devil. >> speaking of retail. adidas and chelsea have now blown the whistle on their kits partnership. kit means gear in english. >> sports stuff. >> agreed to end their 30 million pound a year deal at the end of next season instead of 2023. chelsea society set to pay around 4 million pound for this termination fee. adidas shares have risen by more than 50% over the last 12 months. >> louiza this might be more of

your kind of kit. nice fancy italian shoes. >> all kited out in football gear. >> i think todds might be more in your alley. todds hit by weaker demand from china. the italian luxury goods maker warned it would be a challenge to reach revenue growth target this year. shares have fallen 26% in the last 12 months. >> claudia is in milan and has become look at closer at this. what's going on? >> definitely a big drop there. what's happening is first of all just to recap they did miss. consensus was 262 million. they came in with 250. so a fall of 3%. comparable store sales fell by 12.4%. the reason being the flat italian market, the slowdown in

china, less tourism spending because of the global security issues also playing a the role. the creative director of the women's collection has stepped down after three years. she was hired on to expand on the women's collection. keep in mind that the company is based on shoes. we see a lot of leather goods and shoes, 93% of their sales from that product range. and that did not quite work out in the sense that it was a very costly operation. and it looks as though the company wants to pull back on that. they have an understated and very tied totalian lifestyle brand and this attempt to go sort of more fashion brand has been costly. so the company looks like it may not be reaching its full year expectations. the cfo made that comment, reaching market consensus in

ebitda in 2016 will be challenging. once again if they get out this period they should expect things to improve in 2017 but the stock down and luxury in general down as we're seeing others also weak here on the italian market. back to you for now. >> we always care. thank you. claudia thank you very much. listen, get involved. e-mail the show. loads of you writing in already and saying good morning. always nice to hear from you. "street signs" at cnbc.com. >> i'm in the in the @nancycnbc. >> yeah and more stuff. is bank of england governor

> good morning and back back to "street signs." we've been talking about the impeachment process under way in brazil. live pictures of the marathon debate where a majority of senators have indicated they will vote in favor of suspending president dilma rousseff. the latest source there suggested only 17 senators indicated they were against impeachment. but bear in mind if they move this way today it leads to president rousseff going on trial and so then her vice president is sworn in by constitution. but still some time. >> longer process e. are

we'll be talking about prazal so get involved. nissan will take 34% stake in mitsubis mitsubishi. >> at nissan we are determined to --. >> sri joins us out of

singapore. good to see you. >> good morning. really interesting. what this deal comes down so brand rehabilitation of scandal hit mitsubishi motors after the fuel economy crisis. so let's see if he can really work his magic and turn things around. i do want to say mitsubishi shares in tokyo up by more than 16% another the settlement. investors like this story. they like the fact that nissan is taking a 34 percent stake in miss bishop. we still need to see more details in terms of restructuring. let's like at at the broader macro overlay in the markets because not a great deal of conviction. yes we have seen some firmness in the dollar yen. helped the market by association. the correlation between currency and equities in japan still a

very powerful one but elsewhere really not a great deal of conviction. underlying stresses have not been exercised. we still have this very sluggish export picture. we still have this bad debt situation looming over china as well. and let's face it. the earnings season hasn't really knocked it out of the park either. so that is keeping a lot of people on the side lines here. i think it comes down to what happens in the states. what happens with the dollar. what happens with treasuries as well and the overall fed outlook that. reel seems to be central to the transmission mechanism out here and risk appetite. so interesting to hear from this group of voters we have later on today including rosengren and george. what does it mean for the fed outlook, for rates, etc. that is going to color perceptions out here. back to you ladies.

>> sri thank you very much for that. breaking news. >> we were just talking about nissan miss bishop. let's give a view ontsubishi. let's give a view on. also forecasting an e bit marge on of 8-10%. of course the margins increasingly of interest to investors who are concerned about this great amount of investment that is needed in r&d and tech and innovation going on. >> another stock that is in the red and in fact suspended is --. they have been halted from trade after a 5% drop. they came through earlier announcing operating profit fouling by 12.3% because of

fewer capital gains and low interest rates. we were showing you some of the insurers in europe today. many of them seeing losses. seeing a bit of selling but generali having been suspended from trade. now it is super thursday for the bank of england. set to deliver a rate decision at 1:00 p.m. cet. jeff outside the bank of england. a lot of attention on this meeting. the last announcement ahead of the referendum vote on june 23rd. do you think we're going hear anything else with regards to which way the bank of england is leading on an brexit? >> no. i think mr. carney will be very careful to tread the line. the bank doesn't want to be drawn into sides as far as the story is concerned. obviously he's already come out

and said he's concerned there may be a liquidity issue if there were to be a brexit vote. so as you would expect mr. carney is preparing the bank and the government and saying we can put contingency plans in place to make sure we manage any volatility that were to come from a brexit vote. so i think that is pretty much as read. what we will be interested in of course is to find out whether he is prepared to comment further on remarks we've heard from george os burn, the chancellor who has said the bank could have a tough job with both inflation spiking and growth falling as a result of the brexit vote. not everybody agrees with that analysis. that is the treasury's view. that is the government's view. and that is part of a campaign to try and keep the uk in the eu. so we understand why george

osbourne is making those points but mr. carney may be under pressure to address some of those assertions at the press conference. so far as today's meetings we'll get fresh forecasts on inflation. i has to be said that depending on where you measure it. whether it is core cpi or rpi, there has been a tendency to a little bit of a resilience in the prices. so i expect that we are not going to get a downgrade or too much concern about the inflation or the deflation story. growth though will be interesting because 2.2 is where we are penciled in for gdp this year by the bank. will we get a downgrade of that 2.2 given that we've seen a bit of weaker data on the industrial production side and other areas of growth for the first quarter. back to you guys. >> thanks for that jeff. if you can just stay with us for a minute. you have mentioned really the delicate balancing b act governor carney will have to

face. we also want to bring in john baker here. european equities portfolio manager at j.p. morgan asset management. when you see the movements in the equity right now how do you think investor are receiving the risk of brexit is this. >> i think investors have realized the key issue coming up to the brexit referendum sta there is going to be a large degree of uncertainty and a generally a degree of volatility within markets i think it is very much a wait and see. people are following the polls and also looking at the odds that are being our offered by bookmakers which do suggest that there is a lower probability of exit than the straight pools would indicate. >> potential on impact on the data when you look at the weak data out of the uk, just the shear uncertainty is weighing on consumer, weighing on investment.

duke that is accurate? >> hard to ascertain the key reason for the slowdown but as you point out we've seen a weakening in retail sales data. investment fallen off and slowdown in manufacturing as well. also interesting that a key expectation has been that the pace of development of office property in london, for instance, will slow down. however we're seeing one of the fastest pace of developments in london for many years. somewhat contrary to people's expectations. >> jeff, how about the thinking that the next cut -- the next move rather from the bank of england might not be a hike. it might be a cut given that we have seen underlying slowdown in a lot of the data and surely all of it can't be due to these brexit fears. >> very interesting point louiza. the expectations are that we will see no change in the half percent that we currently have base rates but it is just worth

bearing in mind that this is the penultimate meeting, not the last meeting, before the brexit vote. there will be one more meeting in june. so if anything were going to happen you would imagine that it would take place at this meeting. but really the consensus is for a 9-nil vote on no change. john, i might just throw this back to you. do you think given that some of the weakness in the data that we've seen that actually the governor and the committee should be thinking a little more as to whether we go another rate cut this year just to keep credit conditions easy regardless of what happens with the vote? zblm do you think that we should be looking at potentially another cut this year? or a cut this year i should say, as jeff has indicated given the weaker data? >> yes.

it is not our core view that the bank of england will take further action this year. again it is a wait and see attitude. don't forget that the uk is still one of the more strongly performing economies in the developed world. so that is not our core contention. >> okay. thank you. jeff we'll be back out with you very soon and live coverage here from the bank of england so do stay with us. john, you are staying with us as well. we're heading to a break. we are heading to a break. so stay with us for a time being. get your e-mails through. your tweets as well. also the brexit campaign has hit the silver screen though. brexit the movie premiered in london last night. makes the case for leaving the eu and features some of the leading politicians and economists that are advocating a brexit. the film's director said he wanted to spell out the choice

before us adding that the film was a rallying cry to fight -- fight for our independence. >> how did we miss this one? red carpet debut? the glamour. >> i know. how does the vote to stay in campaign. how did they miss this one in terms of making another movie showing the other side of the coin? >> never put it past anyone. the movie "brexit." even before the vote happens. >> i might have to see it. just out of curiosity. we have to take a quick break. check out the world markets live blog throughout the day. cnbc.com. lots on there. take a read. we'll get to your questions and your comments after the break. so send them through. more on strategy in a minute.

>> it will help this company address the challenges it faces. particularly in restoring consumer trust. >> get ready for trial. brazil indicates they will vote to impeach dilma rousseff.

good morning and welcome back to "street signs" everyone. we are seeing european markets pretty soundly in the red here. the bourses one by one. the ftsi 100 about .4% off. impact of negative interest rates weighing interest. xetra dax however off by .2% now. the french cac 40 in similar territory and the ftsi mib just barely in the negative. u.s. futures after the big moves we saw in the u.s. to the downside. it was the worst day really since mid february there and we are looking now at some recovery. and s&p called higher by 5 points the dow by 50 and the nasdaq by 15. more disappointing sales data

and the u.s. sector took the hit. worst daily performance for that etf since august 2011. part was driven by shares in macy's which dropped 15% yesterday and that was after announcing a drop in quarterly sales and a cut to its outlook. courtney reagan was following the story and she filed this report. >> there was no magic for macy's in the first quarter. sales disappointed analysts estimates and the retailers initial guidance. as a result macy's slashed full year forecast. comparable sales fell for the fifth straight quarter, this time down more than 5%, the worst since july 2009. earnings however were better than expected, but not good enough to give investors hope for a near term turn around. ceo terry lundgren confirmed sales meaningly slowed beginning

in mid march. what's worse the slowdown was primarily in goods macy's considers core categories. >> handbags having have been soft and footwear. >> reporter: lower spending by international visitors is a factor two. the second year our double digit declines for sales for tourists which in recent years has been a strong proponent. ceo terry lundgren has all but given up on the consumer, so they are working harder to give the customer more reasons to buy from us. >> i really believe that we're in an ocean change right now. the internet is part of it. i think the way the millennial think is part of it.

i think when you walk in a store and see a 65-year-old lady walking up and down the aisle with her phone checking price, we are in more than a sea change. >> consumers continue to spend more than experiences than material goods which means macy's isn't alone in struggles. other brands reporting disappointing results recently and likely more to come. to adapt, macy's has hired real estate professionals to unlock value it has a joint venture with alibaba in china rolling out its own concepts. but results aren't expected until later this year and the big question remains, is it enough? i'm courtry reagan for cnbc. >> yeah. people apparently spending more on health and wellness, things like that. supplements. people choose -- down that route --

>> apparepeople just rebate interested? >> fossil shares lower yesterday. slashed the full year profit as well. more and more buyers are shifting from more and more digital watches. >> i got a skein watch the other day. a danish brand. and had a watch from then and they couldn't fix it because it's vintage apparently so they gave a new one. you can engrave it. i'm not going engrave my own initials into a -- so i forced the guy to engrave reality rocks

on the. koles. --. john, we need to talk about european equities in general and what to do. you say that january and february, the market down quite a bit that it signalled a buying opportunity. does that buying opportunity continue regardless of what happens stateside with the fed? >> yeah. quite clearly the action of the fed in the u.s. will have an impact on european equities just as it will on u.s. equities but we certainly felt in mid february when the market desliend substantially that the valuation for the market as a whole had improved and we would still stick with that contention. nevertheless as active managers we are always looking at the very best opportunities. we're looking at companies that offer a decent valuation. strong earnings growth and also

companies with strong balance sheets and it is active managers we think that should deliver the returns regardless of where the market ends up this year. >> what are the companies, what sectors? >> we're seeing strong earnings growth from french construction companies. perhaps contrary to people's expectation, the french construction industry is recovering strongly now. whether it is public infrastructure or residential as well. we are also seeing relative strength from some areas of european consumer activity. and that is's pulling through to the earnings delivery of automotive company, particularly those more exposed to europe than elsewhere. >> the auto companies though have been rather unloved relatively speaking when you look at their valuations. i spoke to the fiat chrysler ceo and he said for whatever reason investors have decided not to like that. why is that is this. >> i think investors are always

aware of the cyclical nature of the automobile industry. so arguably and over time you get companies trading on multiples that are lower than the wider market. of course when the multiples diverge from those historic averages that is when valuation becomes apparent. we think we've been through a period of that. and therefore that's thrown off some investment opportunities for us. >> you point out speaking of sectors that are underperforming that the banking sector has been brutally sold off over the last year. down something like 20%. do we dip into selective european banks yet? >> precisely and again it is all about active fund management andic looing for individual opportunities and when there is a low dispersion of returns or everything moves in one direction it is almost like throwing the baby out with the bath water. investors are not doing sufficient analysis on those companies that are actually improving their returns profile

and that's certainly been the case in the banks industry as well. >> banks in certain countries that are looking healthier. like german banks for for example. do we buy or stay away. >> interestingly it is actually french banks we're finding the best for return. the valuations are we believe too depressed and their returns profile over time will throw up opportunities. >> john baker, european equities portfolio manager from j.p. morgan asset management. the 2012 republican presidential nominee mitt romney hammered donald trump over his failure the release his tax returns. romney right it is disqualifying for a nod earn day presidential nominee to refuse to release tax returns to the voters. romney added the only logical expectation is that his returns contain a bomb shell of unusual

size. trump tweeted he would release after the routine audit is complete. >> and paul ryan is looking forward to his meeting with donald trump today. but warned uniting the gop after the divisive primary season could take some time. ryan told reporters that after a tough primary season it is going take some effort. we are committed to putting that effort in. >> well let's get out to nbc's edward lawrence who is standing by in washington. edward, great to see you again. a lot of eyes will be on this meeting undoubtedly today between mr. trump and representative ryan here so what exactly are people looking for in the outcome? >> i think they are looking for unity in this outcome nancy. donald trump is feeling bolstered going into this meeting because of his large support among voters. he says he has enormous respect for the speaker of the house. trump is meeting with paul ryan

and other leaders. and the self prescribed outsider may be making some headway. he has now endorsements from seven house members o who chair very important committees here on capitol hill. donald trump is still working to try to unify the party in hopes that he can get a deal out of this meeting that is going to happen. hillary clinton also criticized donald trump ahead of this meeting like mitt romney about his taxes. donald trump saying again he'd like to release those after the irs audit. bernie sanders also weighing in saying that he's the man who can beat anybody on the republican side. sanders still saying he can win the nomination on the democratic ticket. back to the republicans, donald trump has actually won more primary votes than any other republican in history and he beat mitt romney out in the 2012 election. reporting live this washington here back to you. louiza, nancy. >> thank you for that one. and as trump tries to win over

paul ryan he's getting a vote of confidence from oil billionaire t boone pickens. endorsing donald trump saying i'm tired of having politicians as the president of the u.s. let's try something different. speaking at the salt conference in las vegas he also says he backs trump's proposed ban on muslims saying the u.s. needed a better immigration policy. he's pickens is planning a fundraiser for trump next month. >> interesting. because guess who the main victims of terrorism are. muslims. it's trick. that's why they're fleeg. and we'd love to hear your thoughts on this and all the other topics that we're covering. e-mail and twitter. and low are they going to check people's nationalities if it comes down to that. >> imagine the lines in customs as well. >> yeah.

and explain to a american immigration officer what a drews is. anyway. coming up on the show he's an innovator in music and wearable technology. how buzz will-i-am feel about a possible donald trump presidency. we'll be back just after the break. >> i think ooel be okay. because i'll move to london. so it will be great. >> would you really? >> i think a lot of people will.

good morning and welcome back to "street signs." let's give you a check on the $600. we've seen some red pair back. we're basically almost flat on the 600. off slightly by .04%.

a bit of a reverseem from the trend we saw overall. the individual movers here are trading higher after their first quarter profit beat forecasts. stock among the best performs in europe up 8% now. results thank to strength in. confirmed full year earnings guidance as well and raised outlook for net debt due to higher pension provisions. >> shares in la farj are in the red as well.farge are in the red as well. . ceo says he's looking at substantial divestments for 2017. >> and let's give you check on the developments out of brazil.

dilma rousseff on the brink of suspension now after a majority of senators indicated they will vote on putting the president on trial for impeachment. the final vote is set to follow in the next few hours when this marathon senate debate is expected to conclude in the next few hours. joining us now live from philadelphia is jamie anderson, managing principle at tierra funds. thank you for joining us this morning. pleasure to see you. we are still awaiting the conclusion of this debate under way in the brazilian senate. indications suggest dilma rousseff will be put on trial and at that point in time we expect the vice president to be sworn in and the big focus for investors seems to be on who the cabinet will be. what is the favored positioning from investors at this stage? >> yeah, it's been a real nail biter and great to be on the show. thanks forring are me. i went to bed last night

expecting to have some concrete resolution when i woke this morning but of course given brazil that is not the case. it is as you mentioned pretty clear now that we are going to have a majority vote in favorite of the impeachment. and we look at this as an opportunity now to turn towards more medium and long-term fundamentals that in our view are quite constructive regarding brazil and latin america overall. when we launched our current etf ticker la-a-r-e last december i was with an eye on some of the issues associated with investing in brazil that investors might take some issues with. specifically volatility and concentration of risk. and if we look back just monday of this week when there was that very quick brief concern in the marketplace that the entire impeachment process was going to be reversed and only to find 5

or 6 hours later on that the annulment had been annulled investors got a taste of above average volatility. our believe is this is an opportunity to turn towards longer term fundamentals and we believe the market is looking for that. >> jamie, i read through some of your thoughts and you talk about how the main greebts are in place for long-term gdp growth. place for long-term gdp growth. very bullish on brazil. it's been rated junk by all three major rating agencies. dropped in gdp terms almost 4% last year. a similar story is expected by many this year as well. you talk about how brazil is very cheap at the moment and it might be a good time to get in but there is a difference between being cheap and being investable. do you think really is that brazil is investable at this stage? >> sure. those are great points and look, on a pe basis, the ibov index is

still only trading at 11 times trailing. it is cheap. how long is it going to take you as an investor to perceive the benefits? it could take a little while, i agree. but the fact of the matter is that assets are cheap. on the macro front, yes. a lot of the lagging data like unemployment is, you know, frankly not that good. however we are at a 15 year high in unemployment. we've got indications now that the inflation issue is starting to stabilize if not trending lower. and there is some very constructive macro data. for example as a fourth quarter of last year they were running close to 5% trade surplus, which was new. so for the prior two years the country was running a trade

deficit. so there are -- >> jamie, thank you very much for being with us. now, two free concerts took place last night in london. the events were to celebrate the launch of a new wearable device that aims to change the way by listen to and pay for music. >> i need a night out so i've come to the royal albert hall where there are two free concerts to celebrate the launch of dial, will-i-am's latest dialable. free concerts. how did you come up with that concept and why? >> well on the dial to experience the listener does not have to subscribe or pay. music is gifted by anita. it is the operating system and the a.i. it is a type of interface that

you have conversations with. you experience music just by talking to her. more importantly you don't have to pay for music because anita paid for it. paying for music is important but a lot of these platforms a lot of people aren't subscribers so anita made sure everyone is a subscriber. >> croed space. you have apple, samsung. >> no. none of the products they all need phones. >> how are you going to make this stand out though is this. >> right now we are the only non tether device. this here is the phone. sim card here. i don't need anything but this. ♪ >> it's taken four years to create it, will. you have put a lot of time, energy, money into it. do you feel a pressure for it to

succeed? >> well like anything that you care about when you put it out in the world, all the hard work comes to fruition when people -- when it provides, you know, a new way for people to go out in the world and be at ease. and when you are starting a company from scratch, we don't have like a big tech company behind us. >> what do you say to your exerts like apple. >> apple is inspiration. when i was, you know, little willie. i didn't see michael jackson as a competitor. it is michael jackson. for you, apple is not a competitor. they are my separation. >> in you worried about the rise of trump in america. >> i think i'll be okay. because i'll probably move the london. would you really? >> i think a lot of people will. but, you know, i have faith in

the american public, you know, that we'll do the right thing. >> and will, i think your audience needs you. so i'm gonna have to say goodbye. >> people are there. >> and they are all looking saying i can't believe it. there is will and he's meant to be on stage. >> thank you so much for your time. >> should have been there. >> i take that one over the brexit movie. bit more fun maybe. >> that's it for today's show. thank you very much for being was. i'm louiza

good morning. markets now, the bulls look to battle back after the dow suffers its worse session in three months. >> breaking overnight. impeachment. -- dilma rousseff on trial for breaking budget laws. >> and decision 2016, house speaker paul riyan and donald trump will meet on capitol hill amid questions about party leadership and unity. thursday may 12, 2016. "worldwide exchange" begins right now ♪ i'm