good morning. everybody. happy friday. welcome to "street signs" i'm louisa bojesen. >> and i'm nancy hulgrave. >> phillips lighting. >> we are on the verge of reinventing the lighting industry. since we are moving from led to connected lighting. from a product cell to a system and service well present on the full life cycle.

. >> and no skeletons in this closet. david cameron denies claims that he would have voted to leave the eu if he wasn't the primus. >> i've never been a closet brexiter. i'm absolutely passionate about getting the right result and remaining in parliament. it is in britain's national interest. >> president obama set to become the first american commander in chief to visit hiroshima since world war ii. >> good morning everybody. how are you. fine, fine, fine, fine fine fine. >> long weekend for some at

least. >> bank holiday here in the uk. lots of you heading off for travel. they are saying basically if you don't have to travel don't because the airports are going to be a mess. >> avoid the queues and everything. >> yeah yeah. here the markets. we're flat to a little lower. but the mangt of our european equities are just trading down a tad as seen right there. spanish banks weighing a little on temperature picture. surprise cash call from banco popular weighing on things. >> right. >> and bigger stories. >> right. and friday here we've got ipos. g7 and the countdown under way for janet yellen. first let's get to the ipo picture. philips lighting is pricing

higher this morning. the dutch conglomerate says the offering was oversubscribed multiple times. the pricing implies valuation of 3 billion euros for the division. let's get to steve cedric from amsterdam and this has been a long time coming. off to a solid start. >> yeah absolutely. and van outen who's the hub of the --. and for years we've been talking to him. saying are you going sell this unit to a trade seller. loom leds is still owned by philips. not part of philips lighting so it has been a long time. yes the shares have rallied a little from that 20 euros share price ipo. but let's face it. raw philips still owns something

something something. other concerns about low cost rivals and the product and china etc. if you add in debt it has enterprise value shy of 5 billion euros. he seemed pleased with the deal and how it lets the company go forward as a stand alone lighting company. let's listen in to eric ronda larks t. >> a special day in the history of innovation and global leadership that started 125 years ago. i can tell you we invented. we technology districted the world by doing something. and today when we are having the birth of our new company we can make another revolution. >> straight to the crux of it,

1891, i know the heritage. i know what edison did with ge and how fantastic that battle has been between ge --. but your product, i'm going to say this. i think the product of led lighting philips and the rest is fantastic. the problem is who's going need the next one if you have a product that lasts 50,000 hours. >> when you look at the investors that believe in your story we were absolutely excited to see the interest in our company. confirming that we have an interesting investment case but very strong cash generation. now with these new shareholders we're going to further expand our leadership in led lighting and connected lighting systems and services. >> aaron, my point is the same. you have a product that is going reach peak sales perhaps in the next five years or so and then perhaps a decline in the growth rate. you have really big growth rates in the moment in led traditional

lighting of course waning aggressively. how are you going to grow it with especially with the new cost whatever out of china? >> we are on the verge of reinventing the lighting industry. it will not be as it used to be since we are moving from led to connecting lighting. from a product cell to also a system and present on the full life cycle. >> all these lightbulbs pailing in significance compared with how long you can use these ones. that 50,000 hours claim about led and this isn't specific. this is across the instry. if you had it on for 8 hours a day 17 years then you get to --. so you have a little bit of a problem. once you sell one of these to someone they don't need anymore. and a huge market growth rate.

could be $70 billion by 2020, once you have that situation where even in the world has led and they don't use the old ones anymore, the old inefficient ones, well that is a really good thing for the environment and companies having gobt got there but thereafter a host after areas. and as you heard mr. rondalat talking there innovation will be the key here. i would also draw attention to cree and last year. >> right i was out looking at lamps and i was surprised by how many designer led bulbs they are making and all kinds of strange forms. have you seen any of those steve? >> yeah all kinds. >> yeah, yeah i have.

and you can have them changing to different colors. so if you are in a different mood in your home and want it a bit cooler you change to it a blue light or if you want it a bit warm or intense maybe a nice warm red or something. so they have a lot of adaptations and the internet and everything will give us more excitement about led in our lives. >> lightbulbs that changed colors constantly in the bathroom and go from yellow, blue, red that etc. try getting ready to that in the morning. great for -- >> -- mood lighting in the studio. >> yeah. exactly. macy's duh monday is trading higher maceance maisons mace .

>> let's get stuck in there. change the things we don't like. and i've said this throughout the renegotiation. the best outcome for us was for britain to stay in the european union. so i'm absolutely passionate at getting the right result and remaining in -- it's in britain's national interest. >> that was mr. cameron responding to comments from a former senior advisor who had claimed that the uk leader would vote to quit the eu if he was

not prime minister. cameron added the g7 shares his concerns over brexit and the british public should listen to the country's allies. joining us now akiko with the latest in japan. >> we're just watching a feed of president obama. marine one landing a short time ago in hiroshima. he'll be headed to the peace memorial park there, where he is expected to lay a wreath right by the arches which is right near that very spot where the u.s. dropped an atomic bomb on the city 71 years ago. there are still survivors in japan and this is a moment they have waited decades for. they are certainly not looking for an apology this time but they believe this visit will be a very symbolic one and one that will help the world recommit to

a world without nuclear weapons. sueichi describes the day. he was five years old, knocked unconscious, his face badly burned. an experience that still badly haunts him 71 years later. >> i couldn't even recognize my mother's face because it was completely burned. charred dead bodies everybody where. people kept yelling give me water, give me water. the attack killed more than 70,000 people, just three days of after a nuclear attack on hiroshima. kiro hopes obama's visit today

will shed now light on survivors. my sincere hope is that mr. obama listens to the stories that played out below the mushroom cloud. the focus isn't just on the u.s. but japan. as prime minister shinzo abe struggles to confront the country's wartime past, its use of so called comfort women and atrocities committed against american soldiers. just one of three pows who survived the baton death march. he says it is japan who owes the u.s. an apology. >> the road out is paved with dead bodies of american soldiers through cruelty. and that i'll never forget. i'll never forget it. >> kito has spent the last 20 years making sure the world

doesn't forget his story. traveling to the u.n. campaigning to eliminate nuclear weapons all together. president obama said there will be no apology and kito say's that's not what he's looking for either. this was a mistake that humanity causes, he says. it can never happen again. we need to accept that. that is the most important things. >> and this visit not without controversy for the president and the prime minister. obama's critics saying that this is an apology to her, for the president to be visiting that very site where the u.s. dropped an atomic bomb and japan's neighbors have criticized prime minister abe for using this visit to paint japan as a victim at a time when they have yet to confront their own wartime atrocities. certainly a controversial visit on both ends. we expect president obama to reach the memorial park within the hour and we will of course

bring that to you. we'll be watching it closely. louisa back to you. >> thanks so much for that. as usually you can always get in touch. we have plenty more coming up here on the show. ipos. ipos. oips >> always fantastic to hear from you. now hear to tell us everything about what's been going on in the asian markets. sri. >> yes the turmoil associated with the air bag recall and takata doesn't seem to be abating.

no sooner do we get some sort of restructuring idea due to the fact that yesterday we learned kkr is taking a 60% stake in takata lazard bank may be helping with cash injection today. we learned the recall is expanding. another 7 million vehicles in japan alone. so that takes the grant total of vehicles recalled to just under 20 million in japan alone. so what this means is that there is going to be potentially more recall costs, potentially more litigation. and a higher bill at the end of the day for takata. so kkr and lazard really have the work doubt for them. no surprises there. and we went limit up yesterday and now we are down by 8% for takata. >> broadly. solid picture in the asian markets. but we are in something of a holding pattern until we

genoty get some clarity from q1 and hear from janet yellen and see what kind of tone she strikes when she speaks at harvard university. so that is where we stand. also next week it will be interesting to see the competition and what pmi from china tells us. the factory and services activity data. the latest print will be released so it is doing going to tell us tentative stabilization in the global economy or are we hit with news of a deeper contraction. back to you now. >> thanks for that and as you suggest we'll be looking out for janet yellen later. >> she speaks on the 6th as well which people say could be even more important because right after non pharm payroll day. >> still to come here on "street signs," there is no love lost

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good morning and welcome back to "street signs." let's gave check of roche. shares have been surging, its best day in about nine months. this after its drug gaziva showed superior results in a critical phase 3 study. shares up now nearly 4%. >> angelo american has named bruce cleaver as the new ceo of debeers. 2015 was the diamond industry's toughest year since the financial crisis. there are signs the world's

largest producer is turning a corner. >> and kah shah bank criteria will reduces stake by the end of 2017 in order to bypass stricter regulations. under the new rules any holding company with a majority stake in a bank is subject to the staple restrictions as the lender itself. fears renewed over the health of spain's banks. that after banco popular announced plans to raise 2.5 billion euros. it said it needs to make new provisions over 4.5 billion euros this year due to regulatory uncertainties demanded by the ecb. filippo is a credit analyst at --.

welcome. let's talk about the capital increase. two and a half billion euros. why are they doing this? is it purely down to the property aspect of the business? >> yes, essential. 2.5 billion was quite a lot. to some extent it is fine because they say the first quarter called the provision fully adequate which turned out to be quite an understatement and -- raise their game. you have to remember in spain on average those type of bad loans in the property sector have provision for 50%. and these guys were 38. so they were screening very poorly in terms of provisioning. >> they expect to see improved organic capital generation capacity as you point out as

well. do you think it is going to be a make a difference to them in the short to medium term too because it does seem like there is more than one problem they are dealing with. and you need to think of the entire sector being presumed. >> -- bonds are probably --. of course rates are not going up in any significant way in europe and also there is this. the plan of popular they want to expose of bad loans by --. that's ten times more than last year. i think it's quite ambitious.

>> not the only bank. who is next? do you expect we're going to see other lenders across europe rushing to raise capital? >> i think so. next week is starting the --. that is the italian one. they are raising 1 million in order to merge. i think everyone is expecting the new executive unicredit come up with capital raise and there are also the investment banks, potentially deutsche and barclays and should those not bear fruits short-term they could come up with --. and also looking at in spain and the like of santander and --. lower than before the --. >> we've seen european banks

enjoy a little rebound here kicking off what was a terrible start to the year. some people were citing optimism over the greek deal. from the credit perspective does this make a difference to the european banks? >> to some extent yes. lot of issues remain. at the moment it seems to me all those improvement at the expense of the --. k kah. >> do i as a shareholder buy in

whole do i buy with the intent of selling off again in three years? how should i think about my investment strategy is this. >> spanish bank wills tell you probably play the range. by one over sold and capital raise coming up and have to readjust because the community will prize the capital raise before the spanish election and the brexit referendum. physical the spanish election result in new government than could be. >> how -- for banks once rates start going going up? that should be a positive for them. >> for example if you think of america, bank like citi group they are skewed towards higher rates. bank of ameri

bank of america improved --. the problem in europe we don't see rate rise in the next 2 to 5 years. it is not for everyone. >> fee poe. thank you very much for being was. have a good weekend. we are just getting some live pictures through that you are seeing right here of president obama's visit to hiroshima. he becomes the first sitting u.s. president to visit the location of the world's first atomic bombing. so these are again live purchase coming through of president obama arriving in hiroshima. >> unbelievable to think the first sitting president since this happened. historic moment there and we'll be watching any comments that come out. meanwhile we've got sports

on the brain getting ready for the weekend. and madrid is set to be split in half tomorrow as two bitter rivals go head to head for the top prize, the uefa champions league temperature. real madrid take on atletico madrid. the winner scoops a modest 15 million euros for their troubles. not so bad there. so far for football it's been a season for the underdogs when you look at leicester. maybe we'll get another surprise out of this one. >> apparently there is a lot of focus on garrett bale. >> that's any lucky number gareth bale. >> and a lot of people think he'll be performing fantastically well. insisting he's in good form.

we're heading into a small break. during which of course take a look at our world markets live. that is our blog. of course. it runs throughout the european trading day. there is lots of stuff going on there. loads of people putting up stuff there. live time. whatever is happening of the markets. see you on the other side for more "street signs"

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good morning and welcome back to "street signs," i'm nance hulgrave. >> and i'm louisa bojesen. your head lines today. [ applause ] philips lighting dazzling on its market debut. the ceo tells cnbc the spin off will be beneficial to both the parent company and unit. >> we are on the verge of reinventing the lighting industry. it will not be as it used to be. since we are moving from led to

connected lighting. since we are moving from the product cell and also a system and service cell when we are going to be present on the full life cycle. >> maisons du monde also off to a good start in first day of trading. we'll speak to the ceo in around 15 minutes. >> no skeletons in this closet. damd cameron denies claims he would have voted to leave the eu if he wasn't prime minister. >> i've never been a closet brexiter. i'm absolutely passionate about getting the right result, getting reform in europe and remaining in parliament. it is in britain's national interest. >> and obama visits hiroshima today. the first commander in chief to visit hiroshima since world war ii. good morning. and a very happy friday.

back back to "street signs" here. markets trading just 90 minutes into the session now. flat and slightly lower across the board. but the picture does not really do the week justice. yesterday we had three straight days of gains and that was the best levels for european equities in some five weeks. wti crossing above 50. settled just below but still investors watching very closely. >> super closely. u.s. futures how we're setting ourselves up for trade stateside. flat to a little open. that is the right-hand side of your screen there. it has been interesting week as mentioned and a lot of the markets have seen a little bit of a rally. we had this big two day rally. major averages trading up on the close yesterday stateside. >> people want a reason to push the market higher.

they are looking for the catalyst. some wonder whether we'll get that from janet yellen later today. others a non event. >> do you believe in a rally? just go with it. you don't have to believe some say. but there are two big events in focus for u.s. investors as said. the fed chief janet yellen will be speaking at an event hosted by harvard university. she also receives the radcliffe medal. that is presented annually to an individual with a transformative impact on society. and a second reading of the u.s. gdp data. reuters is forecasting a slightly higher number than the flash figure of a half percent we got a month ago. and president obama is making an historic visit to hiroshima. akiko fujita is following the story in japan. the first sitting president to go to hiroshima there. we've just seen president obama arrive. what can we expect today?

>> that's right nancy. i know you are going to be following the images. watching here as well, the presidential motorcade has arrived at the peace memorial park weemplt expecting president obama to lay a wreath in that arch. right near the very spot the u.s. dropped an atomic bomb on hiroshima, 71 years ago now. and certainly that is huge event here in japan, wall too wall live coverage. helicopters tracking the motorcade as president obama was headed towards the memorial. just to give some context here, 71 years have passed. this is an attack on japan, on hiroshima and nagasaki. 2 200,000 people. still 180,000 survivors living. a president obama has made it clear ahead of the visit that there will be no apology. but the survivors i've spoken to

saying they are really looking for a commitment to a nuclear free world. and that is something that president obama laid out back in 2009. survivors i spoke to say they don't believe he has lived up to that commitment. so they will be watching that very closely. but just we know that the president has arrived at the peace memoriel and a short time from now we can expect him to lay that wreath by the peace arch there. memo memory. add second nuclear bomb drops on nagasaki two days later. is the feeling from the japanese side that there should be some type of apology? what type of a feeling are you getting in the press ahead of this visit locally? can you tell us a little bit about that? >> the overwhelming sentiment is

that there shouldn't be an apology. they don't expect an apology to be there. and 71 years later, that is really not what people are looking for here. they are looking for a commitment to really -- they want the president to first of all see what happened on the ground. keep in mind there's been no sitting u.s. president who has come to hiroshima who has visited the peace memorial and the museum, which is really powerful. so they are really looking for the president to go there and see it for himself and they think that is a powerful image there. in addition they are going to be watching closely, listening closely to hear president obama lay out that commitment to a nuclear free world. in addition to that domestically there are a a lot of japanese people watching this hoping that this is a reminder to prime

minister abe about the horrors of war. roll back that pacifist clause what he's looking for and there is concern that there are lessons that japan is starting to forget now with 71 years now gone by. >> thank you so much akiko. greatly appreciated this coverage of barack obama there live in hiroshima, the first visit by a u.s. commander in chief since world war ii. >> meanwhile we continue to get a check on the oil price here. wti and brent both slipping back below the $50 milestone. it just doesn't want to hang above $50 a barrel. the big question, what is the next step for crude? >> if history is any guide look

to tech, small caps and japanese tex on the heels of oil hitting $50 a barrel. in the past they have seen significant and reliable gains one month after crude rises above that threshold. the direction for oil itself is unclear after hitting 50 but look what happens to the nasdaq 100 and russell 2,000. both trade positive a month later more than 80% of the time returning upwards of 3% on average. but the best bet after oil hits $50 is on your guys side of the pacific. japanese equities are the most reliable gainers among the assets we tested. it's traded positive more than 90% of the time with this scenario and returned more than 4.5% on average. if oil keeps climbing to 60 bucks a barrel consider these trades. for more trades when oil is on

the rise head over to cnbc pro. back to you. >> joining us now is chief oil analyst at energy aspects. good morning. pleasure to see you as always. just a little while ago we were asking will we get to 50? the next question is will we get to 06 will we hang here. >> i think the secular trend is higher. the damage is tremendous at this point to non effect supplies. when last year we were doing price focus for this year our q3 focus was $54. and if anything i'll say we kind of arrived there two months at least compared to our expectations, it is mainly because of these all planned outages. even if they do get resolved but

the unrelining damage is tremendous so yes we can get a bit of a correction in the near term but the secular trend is up. >> now just a few day there is the next opec meeting. the first meeting for saudi's new energy minister. does that change anything? >> not really. other than the fact that the commitment very much listen to not do anything. he is very pro market. believes the fundamentals drive prices. and ultimately with iran not seeming very keen to freeze production, really the opec meeting should be a non event. >> amrita, hi, going back a year, 2015, we initially saw a bounce to oil heading into the year and half way into the year a drastic change. do but we risk a similar scenario this year? >> i don't think so. because what happened last year was that was very much a premture rally.

based on the fact we had fall on the 40s in january. they were unsustainable. rerallied onbacks of expectations that things were going to fall. there is a big time lag takes about a year and a half, even two years. that is why this year you are seeing the supplies actually come off. so i do think there is a much more fundamental basis for rally. having said that it needs to be a slow move higher. any sharp increase in prices can ultimately derail the rebalancing process. >> you point out this drastic you turn in balances taking place by saudi arabia. what is going on there? >> simply a lot of the market analysts have been consistently saying that saudi arabia is going to increase production imminently to 11 million barrels a day or increase capacity to 1w5. we just don't think there is any reality to that. recounts have been consistently

falling. they need to add rigs to produce at a higher rate. and that is basically it. at the moment saudis are producing 10.2 million a day. maintaining that for now and ultimately need to raise production to balance the market but it is going take time. >> amrita thank you very much. have a lovely weekend. chief analyst at energy aspects. >> and let's take you back to hiroshima where president obama the first commander in chief to visit the site since the u.s. dropped the atomic bomb is speaking. les listen. >> -- unleashed in the not so distant past. we come to mourn the dead. including over a hundred thousand japan men, women and children. thousands of koreans, a dozen americans held prisoner. their souls speak to us.

they ask us to look inward. to take stock of who we are. and what we might become. it is not the fact of war that sets hiroshima apart. artifacts tell us that violent conflict appeared with the very first man. our early ancestors, having learned to make blades from flint and spears from wood used these tools not just for hunting, but against their own kind. on every continent the history of civilization is filled with war. whether driven by scarcity of grain or hunger for gold, compelled by national

nationalist fervor or religious zeal. empires have risen and fallen. peoples have been subjugated and liberated. and at each juncture innocents have suffered a countless toll. their names forgotten by time. the world war that reached its brutal end in hiroshima and nagasaki was fought among the wealthiest and most powerful of nations. their civilizations had given the world great cities and magnificent art. their thinkers had advanced ideas of justice and harmony and truth.

and yet the war grew out of the same base instinct for domination or conquest that had caused conflicts among the simplest tribes. an old pattern, amplified by new capabilities. and without new constraints. in the span of a few years, some 60 million people would die. men, women, children. no different than us. shot, beaten, marched, bombed, jailed, starved, gassed to de h

death. there are many sites around the world that kroenka chronicled t. many stories of bravery and here ritual. graves and empty camps that echo unspeakable depravity. yet in the image of a mushroom cloud that rose into these skies we are most starkly reminded of humanity's core contradiction. how to very spark that marks us as a species, our thoughts, our imagination, our language, our tool-making, our ability to set ourselves apart from nature and bend it to our will. those very things also give us the capacity for unmatched destruction.

how often does material advancement or social innovation blind us to this truth? how easily we learn to justify violence in the name of some higher cause. every great religion promises a pathway to love and peace and righteousness. and yet no religion has been spared from believers who have claimed their faith as a license to kill. nations arise telling a story that binds people together in sacrifice and cooperation, allowing for remarkable feats but those same stories have so often been used to oppress and dehumanize those who are different. science allows us to communicate across the seas and fly above the clouds.

to cure disease. and understand the cosmos. but those same discoveries can be turned into ever more efficient killing machines. the wars of the modern age teach us this truth. hiroshima teaches this truth. technological progress without an equivalent process in human institutions can doom us. the scientific revolution that led to the splitting of an atom requires a moral revolution as well. that is why we come to this place. we stand here, in the middle of

this city, and force ourselves to imagine the moment the bomb fell. we force ourselves to feel the dread of children confused by what they see. we listen to a silent cry. we remember all the innocents killed across the arc of that terrible war, and the wars that came before, and the wars that would follow. mere words cannot give voice to such suffering. but we have a shared responsibility to look directly into the eye of history and ask what we must do differently to curb such suffering again.

someday the voices of the hibakusha will no longer be with us to bear witness. but the memory of the morning of august 6, 1945 must never fade. >> we've been listening to president obama speak in hiroshima there laying a wreath as the first sitting president to visit the site of hiroshima. saying there we have a direct responsibility to look history in the eye in this visit. the symbolic visit is really seen a as a way to promote the pursuit of a nuclear-free world. we'll continue to watch the visit and bring you comments from president obama's visit. and we also have plenty more

coming up on "street signs."

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hi everybody, welcome back. you are still watching "street signs." french homer provider maisons du monde started trading on the euro next paris. gilles -- is the ceo and joins us live from paris. what is your reaction to what we're seeing so far this morning. shares are bouncing. >> thank you very much first of all your congratulations. my reaction is very positive. the interaction is big success, we are very happy with the quality of investors we have and

were very happy with the share price. we already at 18 so very good nice in a let's say quite volatile market to say that a good story a story of growth, a story of profitable growth can be very attractive for the market. >> and gilles, congratulations. and as you mentioned the price at 17 was near the lower end. do you worry the underwriters were a bit too cautious when it comes to pricing? >> well, you know, the story is quite unique here. we started 20 years ago. it was a small company but the main concept is quite unique in europe. combining on the mixing together furniture on decoration items through different universes with a unique opportunity to make evolving the styles of whether we propose to our consumers

according to the evolution of the trends of the consumers. and this is quite unique in europe. as of today we have 270 stores in the 7 countries on europe. and it is very interesting to see this model replicates perfectly in all the international country of europe. so this story of course is very positive for the market and as we deliver very good profitability i think it is a large part of the reason for the success. >> you mention the number of stores here which of course raises questions about the expansion, the growth plan. you are using part of the proceeds for debt but also for growth. do you expect to open additional stores across europe, perhaps right here in the uk? >> yeah. the plan we have more the next five years is ambitious. the projects is to double the

size of the company within the next five years. it is ambitious but it is also very realistic. we didn't want to sell to the market a story which could not be achieved. we're committed to deliver that. so this will be done through the happenings in the countries where we already operate. we do not expect to open a new country. we are also online. and wie are best in class on th rope the competitors are doing three times less let's say then we are achieving. and this gives us opportunities. and we decided to start in the uk market as the pure online player as we already done in germany to start with, where now we already have stores. >> gilles, congratulations

again. the ceo at mason du monde. looking to open a couple of points higher for u.s. trade today. and somebody is getting married next week. >> somebody. >> somebody maybe wearing white is getting married next week. >> totally coincidental on that one. looking forward to it. and that's it for today's show. i'm nancy hulgrave. >> i'm louisa bojesen. and have a fancyic weekend fancy fantastic.

good morning ux waiting on yellen. will her comments on interest rates help or hurt the recent rally. >> dentin fires back. gawker ceo writing an intense open letter to paypal founder peter thiel and reports the media firm has put itself up for sale. >> president obama becomes the first sitting president to visit hiroshima 70 years after the first atomic strike. "worldwide exchange" begins right now. it's friday, m