the best foot forward rallying in london as the luxury shoe maker, but it up for sale. looking for a buyer that fits. good morning, everyone. glad you're with us once again. i just want to bring you some economic data in the form of the business climate index it has risen in the month of april. the index up 129 points since mott of april versus a forecast of 112.5, so, slightly beating

expectations. and this comes after we saw in march, the highest levels both components of the epoe index in ten years. doesn't sound like a lot of uncertainty when it comes to businesses ahead of elections. despite the french elections there wasn't a lot of uncertainty when it came to businesses either. >> it is getting stronger month by month, with the ifo data the last time around it was interesting to look at the expectations. 105.2 for the expectations. >> but a forecast of 106. that's slightly below maybe it seems like expectations are coming off a little bit. it could be interesting to see what german businesses are actually worried about it. we'll be speaking with clemens fue tch fuest, the president of economics, that interview in ten

minutes' time. >> take a look at the markets we're still keller. look at the cac first of all, after the first round of elections. the cac 40 up by 4% so hanging on with strong gains with emmanuel macron winning the first round followed by marine le pen. both of those candidates are going to be in the presidential runoff in the 7th of may, of course. that's really what we're seeing this morning. and the banks seeing a big old rally in european banks. with the ecb, it remains to be seen what they're thinking with the expectation on thursday as well. to finalize for the rest of the year whether or not they're looking at tapering if the gains are holding on to what we've seen thus far. and indeed, also some of the bonds and some of the moves that we've seen, a narrowing especially in the french-german

bond deal that gap narrowing. >> i think it's in close to 40. those are the levels we lost in december. on friday, we're at 70 basis points. that's how much narrowing we've seen in one trading day. polls indicate that emmanuel macron is going into the second round of the presidential election with i comfortable majority ahead of his rival marine le pen. a fairly short night. one of the big surprises coming out yesterday, this time the polls were actually right? >> reporter: well, in those polls back in 2002 after a shocked turnaround national election made it through to the second round. this time, it was a little cautious because of the margin between the candidates. to me, it was the establishment

versus the anti-establishment parties. macron making it to the second round and marine le pen as well. the socialist and republicans through their support behind that urging their voters to vote for macron to be president and stop the front nationalists to march to the palace. to me that was extraordinary. >> yes. basically, that and the traditional partners as we know them, they've been leading the political landscape for years. two outsiders, going back and picking up on the pollsters, i think some of them french pollsters might be hired -- >> and think about the digital component which some of the reform that took place after 2002. i think from this point on, we've got two weeks now left until the second round. which has attached complacency. now, if you look at expectations, macron is looking

at 60% versus 40%. could there be a surprise now that impacts the pollsters. >> there was a surprise, remember, we expected about 28% to 30%. and it came out at 20%. so, in the average of what we've seen during the presidential elections. but it's going to be important to watch out at the extension levels. a lot of voters probably feel this morning that none of the two candidates is their candidate. for example, the melenchon voters, who are they going to vote for. the extreme opposite from melenchon, they might be tempted by marine le pen because she has christened them just like their candidate. they are also concerned about immigration. and what she said last night is going to macron, so the intention, also the uncertainty as to what are the voters going to do.

the ones that didn't vote for marine le pen. >> and also some of the policies particularly with macron taking some policies from the socialists to form the conservatives. i think if you look at me melenchon, there are tendencies from shift from the left to the far right. the focus has been hugely around personality. what's going to be key the debate how macron fares against le pen. >> when he's attacked, he can get real aggressive. and that's going to be his best really. and we've seen glimpses of that in the previous debates when he had the opportunity to respond to marine le pen. but it's going to be very interesting to have been comforted for two or three hours between the two of them because it's never happened.

and i think we'll have such a division. and it's going to be very interesting to see an confronted face-to-face. >> we just want to bring up a map quickly as well. it shows you a breakdown between the support with macron and what le pen has. you see less than 5%, but if you look at the pink, phenomenal turnout, about 40%. what do you make of that divide? >> when you look at the map, you really have a divided front between the east and the north. those who voted for marine le pen. the south of france. and then the bulk of the support from the west and big metropolitan big cities like paris and bigger cities marseille. so, you have a very clear divide between the rural areas and the bigger cities that voted in favor of macron, definitely.

>> just to follow up on that note, with divisive politics when they come to france, whether any candidate can heal that rift. carolyn and louisa. back to you. >> let's talk about what that means for your money. what does it mean for investments right now? do we buy into this risk on rally that we're seeing right now? how sustainable is it? >> it's a collective sigh of relief, i think. i think the key, sustained trend which we see in europe people equities, i think it gives a big boost to european equities. there has been a valuation gap. that is likely to close. and there are problems on the u.s. end as well. because the quality in the u.s. is deteriorating and problems on the legislative agenda. both sides. >> the trend was in place before

the election result was out. we have a lot of people coming on the show and talking about how they want to go over it in europe and pare back it a little. >> i think i would agree with it. one of the key reasons why, people were cautious jumping into that trend which has been very clear for months now. and then the polls given what happened with president trump. i think that trend can run on for the next few months. >> if macron wins, he might not, but everything is gearing up to him winning as of now. but he still needs to push through reform. it seems he has an unique backing to push through reforms. could we be favoring a level of uncertainty still? >> sure. the next big election in june. the margin will be much narrow. i think we should not forget this election was more about the

future of eu, rather than sharpened reform in france. the probability that le pen does not come into power. >> do you think we may be overestimating support for the eu at this stage? >> actually, i would like to have a word of caution there, in the sense that, yes, i think we have dodged a hurricane most probably in france. but i think of course, the focus in italy very soon, the elections there. and the banking sector issues are not involved there. so, the design failure is still with us. hopefully, these candidates will take the opportunity to improve the situation. >> you're staying with us. hang on, by all means get involved. send in tweets if you want to be part of the discussion, @louisabojesen cnbc.

and now we're going to talk a little more about germany, because the ifo business index, the ifo climate rose in april, roughly from 112.5. clemens fuest is here with us. blat glad to have you with us. expectations are a little softer than expected? >> that's correct, but we should bear in mind that expectations are about further improvements. so, given that the situation is so good, i wouldn't overrate the decline in expectations. it mostly comes from the automobile industry. but as i said, i wouldn't overrate it because the assessment of the situation is so good that it's, you know, less likely, or natural that you don't expect it to improve very much further. >> what do you see with regards to the general strength of the

german economy at the moment? >> i think we have a solid upswing in the germany economy. and it is broadening. a year ago, it was mostly driven by domestic demand. and now it's broader, you know, industry is part of what -- industry is part of it. so the german economy is strong at the moment. >> clemens, it seems like in the face of brexit, germany is in need of a very strong partner in europe. historically, that's been france. i guess it's been very difficult to overstate the importance for the future of the eurozone. what do you think? >> this victory is very important. it's very likely that he wins the second round, so this cannot be overestimated indeed. there was a disaster looming which with melenchon and le pen entering the finals. they were just a few percentage points apart. so from the german end, i

suppose from the europe people perspective, this is a very good result. >> economically, he's quite the lib balanc liberal. he wants to make france competitive again. france has been considered the sick man of europe. but it's still apeoplime anemic. do you think macron is the right candidate to turn things around for france? >> i think his platform, what he wants to do is right in many ways. the question is, will he have the backing? will he have the backing of parliament? so he's unlikely to win the majority in the parliamentary elections. so what he's going to do about that remains to be seen. so there there be some type of -- he will need to cooperate with other parties. and there's the broader issue of

whether he really has the mandate for strong reforms to these elections. he has announced the plan to reduce government spending but really didn't run on that. so the question is will the population accept the reforms. will the trade union which are very strong in france support the reform. that is the open question. on the other hand, a moderate candidate might find it easier in the end, and a slightly less wing candidate might find it easier than someone who runs on a tough agenda. so i think macron is probably best placed to do something about economic reforms. >> clemens, we're not done with elections, though. we still have the second round, the 7th of may in france. we've got the italian elections coming up. we've got political uncertainty in the states. we've got brexit in the uk.

how much is business affected by political uncertainty? >> my perspective is business is not affected by political uncertainty as far as the short term is concerned. we ask for expectations for the next six months. risks are rather limited. if we think about the next two or three years i think there are considerable risks for the german economy and europe mean economy. as you said, the italian situation which is very difficult. and brexit, it seems at the moment that negotiations are not very cooperative. both sides seem to harden their positions. sand the major problem, if there was a hard brexit without an agreement on future free trade. so, i can see risks looming for the german economy and the economy two or three years ahead. >> clemens, thank you very much for your time this morning. the ifo institute president. by all means get involved.

e-mail the show, "street signs" 80 cn signs" @cnbc. or tweet us directly, @louisabojesen. >> or @carolyn. what are you wearing? >> i have on heels. the luxury shoemaker is putting itself up for shoes, jimmy choo. can they find a buyer that makes a good fit? we'll pose that question after a short break. finding time to get things done isn't easy.

but we've got the digital tools to help. now with xfinity's my account, you can figure things out easily, so you won't even have to call us. change your wifi password to something you can actually remember, instantly. add that premium channel, and watch the show everyone's talking about, tonight. and the bill you need to pay? do it in seconds. because we should fit into your life, not the other way around. go to xfinity.com/myaccount welcome back to the show. uk energy provider centrica and

sse are at the bottom. announcing over the weekend, according to the "sunday times" could cost costs by 100 pounds a year. jimmy choo has announced it's considering a formal sale process as part of a strategic review to maximize shareholder volume. the luxury retailer confirmed it discussed its decision with the majority share shoulder jab luxury. the british fund said it has not yet receive nidz offd any offer. originally, it was chow, c-h-o-w, and it was roriginally misspelled. any buyer could come in with a low ball bid -- >> i don't know if you can walk

away -- how much is the company potentially volumed at? >> i believe 700 million. >> 700 million. meantime, first quarter earnings phillips rose 2% coming in at 5.7 billion euros. it comes from the company well positioned for the year ahead. >> the year is still low. we believe that a 4% to 6% gross guidance is wide enough. we aim for 100 basis points profit improvement for this year. we started the year in the portfolio with 80. so, we are well positioned for the year. and that's it. now, it was a very active quarter. we launched several breakthrough innovations that are very exciting. for example, our platform for minimally invasive surgery.

it was very well received by cardiologists all over the world. also, hospitals are keenly looking outside for our intelli space outcomes. from innovation point of view we have a lot cooking. >> and other news, the ceo will resign in july, not responsible are in any wrongdoing to the cement maker's activities in syria. lafargeholcim management said they were aware that violations did take place. >> we took the accusations very seriously. we did an independent study. we got the preliminary findings

from the independent study. and what you see is us taking the next actions to address the findings from the study. this is good corporate governance. excellent corporate governance. and we'll take all of the necessary measures to address the situation. >> quite a bit of corporate news this morning. of course, we have a pretty big week with us. chief strategist with us. we've got details supposedly on trump's tax package coming out on wednesday. how skeptical should we be? or is this continued rally into the details? >> i think we should be kept sk skeptical about a tax reform plan going through. there's been massive valuation coming from the trump administration. i think it's indicated that strengthening with a moderate corporate tax cut is something that we should hope for in the next few months. >> which sectors in particular

should we be looking at around this? for now, we've come up a little bit from the european equities in april. we had that big rally into march, then we come back a bit. >> i think from a u.s. equity perspective, i think this is the key factor for u.s. equities. although i should say that the tax seems off to be off the table. that would have a lot of implications. i think for u.s. expectations, and on the other side, european equities are looking at these reductions and uncertainty. >> when we take a look at the pe rates, or the price part was extremely high. or came in more or less high for expectations. at the same time, we know if the tax cuts don't come through as

expected, we know that ratio will have to come down quite a lot further. how much, do you think? >> i think the expectations, as you mentioned, expansion happened on the price part bit on corporate returns this year. i think the earning are okay. earning can grow but the thing is the multiple expansion we've had in the u.s. is not justified anymore if the corporate tax reform doesn't come through. and more implications for further gains in u.s. equities not necessarily a big correction. i think the trend that we've seen in the last few months. >> if you're long in the market, you're having a really good day. what should you do, how should you position your portfolio right now? >> i think the key one area, i think companies do well and less in tune with what's happening in the u.s. and more in the world,

is the emerging markets. i think it affects the rally. i think that's something more of a structured play. or the corporate tax reform, for example in the u.s. >> thank you so much. chief strattist at lombard. >> we need to take a little break at usual this day. check out our blog live. you can find us at twitter. @louisabojesen.

the treasury secretary sending markets higher yesterday with sweeping tax reform being implemented before the end of the year.

taking actions which remove the changes that were made to change the structure of the financial system is very dangerous. hello and welcome, you're still watching "street signs." i'm carolin roth. >> and hi, everybody, i'm louisa bojesen. here are your headlines today. >> french election results sparking a rally across europe, sending bank shares higher as macron goes through with a comfortable lead over marine le pen. the cac in paris as the yield shrinks in the victory as a sigh of relief. >> the guidance with a jump in income in the first quarter the ceo telling cnbc the company is well positioned for the year ahead. >> year is still long. we believe that a 4% to 6% gross

guidance is wide enough. we aim for 100 basis points profit improvement for this year. we start the year in the portfolio with 80. and jimmy choo putting his best foot forward. rallying in london as the shoemaker is looking for a buyer that fits. good morning, everyone. what we're seeing in the markets at this point is indiscriminate guying. that buying. that's with macron and le pen moving on. that's exactly what the marketing were looking for. >> exactly. >> despite the fact we're seeing in baked in the cake, we didn't see the nightmare scenario happening in the market of marine le pen and macron moving

on to the second round. that removed the threat of a frexit. >> i didn't think that almost everything was 10% higher in terms of the gainers. when we looked at the gainers this morning, that was the picture. >> the question is will we see profit taking the first thing tomorrow morning. anyway, let's have a look at futures. dow jones seen up by 202 points. s&p 500 seen up by 27. and nasdaq seen rallying to the tune of 57 points. the picture here in europe is very similar. we're seeing outperformance. heavy outperformance in the cac 40 in paris. and xetra dax higher to 2.26%. and the ftse in italy, a proxy for nervousness in the eurozone up by 3.7%. i do want to tell you it's the banking stocks really taking the lead today good given that, the concerns about brexit around the market, we're seeing heavy

buying in the banking sector with extremely high volume moving around that and in fact the banking sector having its best day of the year. let's show you what's happening. late yesterday, we saw the first implications in the risk value. we saw a pop of the dollar to the tune of 2%. changing hands at 108.64. we're seeing that loss as you would expect. in the market, 11.46, dropping 21% on the day. this is a huge move, the biggest fall since early november. louisa. >> well, macron and le pen, we've been saying they won the first round of the presidential election in one of the most tightly won races in decades,

fr francois fillon and melenchon failed to make it around. surging them to go back to the sent terrorist. >> translator: i'm doing this with a heavy heart. especially when the extreme party is getting close to power. the national front by marine le pen, its socialist and economic program would lead our country to bankruptcy. and to this chaos, we'd have to rise to european chaos with an exit from the euro. i assure you extremism can only bring unhappiness and division. i would therefore vote in favor of emmanuel macron. >> and speaking from his residence -- >> translator: nothing is as good as a second round between two candidates that want to prolong the current institutions.

that expressed no ecological awareness and no awareness of the peril that weighs on the human civilization and to both intends to, one more time, attack social heritage. >> well, in paris still, ladies from a socioeconomic standpoint, do we think that there's enough backing for macron at this stage? >> reporter: he seemedmed to be front of it in the second round of the election. what happened very interesting last night, we witnessed a very swift tactical change from republicans now calling for their voters to support macron. it's a subtle change given that macron has accused these same parties of presiding over a political system that has not worked for voters, for 30 years, accusing a system of being empty. he's pushing for a democratic resolution. for instance, the blowout for dems taking to the tory party

not having success in recent times it's a different momentum. >> reporter: it's crazy to see, despite all of the comments that france with trumpism and those voted for ma ren le marine le p. it's the guy that made it to the second round. >> reporter: macron has gone from policies from the left and right of the politics. i think it's fair to say, judging the reaction from his team last night, they're still very concerned about the chances. ultimately, he will become the youngest president in france's history. take a listen. they're not celebrating just yet. >> he wanted us to be responsible. and we are not going to open a bottle of champagne in front of the cameras. we're responsible. and we want to make sure that

each city in france, we're taking what happened tonight in a very responsible way. and that's really important. so celebrations for next time. in two weeks. until now, we see the end of act one. and we want to make sure that we're going to go on, fight for it in the next two weeks. >> reporter: what do you make of the support that marine le pen has managed to attract tonight and the challenge that emmanuel macron will now face? >> i'm not talking about marine le pen. i'm talking about emmanuel macron. emmanuel macron is trying to present the best front. he's 49 years old. as you know, he speaks fluent english. he has a direct way of coming at it with leaders from all of the world. that's what mattered at this moment. and he wants the best for all

the people and he's helping all of the people. >> reporter: how pleased are you by the support from benoit hamon and from francois fillon. t the. >> the whole world is watching us. marine le pen or macron, you choose. >> reporter: how does it feel to steer away from the socialists and republicans? >> this is hysterical. it's never happened before. that's why this is a very important moment, this moment. he came from nowhere. you have to live in france to understand what does this mean. france usually, you have to get

the support of the french. he did not have anything. he did something. and he's going on. >> reporter: the thing that was most telling about the commentary there, it was actually a message for the americans about how not to be drawn into a debate. unpopulus politics. very different from what we've seen in the united states, trump has dominated because he keeps on tweeting. macron's camp is not going to fall into that same camp. >> reporter: yes, she left a 30-year career in journalism. what was telling to me, she came back months ago and saying they're so angry. no wonder for the national is so hard. macron is different. macron wants to change the society. he wants to keep it open.

and he's the hope of france, that's what she told me. and apparently, voters have the choice between a confessed hope and a vote of hope. both of them are at the same level. it's both a contest vote and a vote of hope. >> reporter: for france and europe, as we talk about france's role as part of europe, i think that's quite telling because, of course, marine le pen wants france as a european. it's going to be an interesting election for the future of france and europe. louisa, back to the studio. >> ladies, thank you very much. in other news, dickinson is set to include bard in a $24 million cash and stock deal. valuing the company at $317 per

share. the away said it would bring meaning benefits for customers add patients. deal making off to a strong start with m & a expected to remain at high levels. this is according to ernst and young. the global advice chair of the transaction advisory services at ernst and young. i think i just miss pronounced your last name. is 2017 off to a very strong start? what is causing this optimism? >> as you saw, louisa, it's a green light. that's the punch line. and what's really interesting, you look at three underlying data points in our survey. the first, nearly 70 of companies are telling us that geopolitical concerns, in some form, whether trade barriers,

regulation, et cetera, are their top concern in terms of economic risk. yet, over 60%, 64% to be exact are telling us that the economy is improving. and 56%, nearly 60%, as you said, telling us they will do an acquisition in the next 12 months. so what does this tell me? bottom line, the imperative for growth in such a fast-paced technologically changing environment trumps geopolitical issues. >> how much of this is given by trump, among others and by political changes in the political environment in general? versus the development that we're seeing the development in sectors in technology? >> well, it's interesting. again, i think if you'll look at our survey, what you'll see is slightly positive impact in terms of the trump impact of m & a. if you look primarily in the u.s. but also globally. you'll see, you know, more saying that they see the trump presidency being good for m & a

than they see being bad for m & a. but in terms of brexit, eu, it was pretty much split. there's no consensus. so the net-net was no impact. it really does come down to the technological change and blurring. i think about it with the number 4. just remember the number 4. elections happen in most parts the world every four years. but we are only in the fourth industrial revolution in the history of the world, right? and we're just getting on the on-ramp to this industrial revolution just gaining pace where the physical and digital words combine and collide. and that is the technological change that's driving the activity. >> steve, are you implying even if we don't get a major overhaul, i know president trump is speaking this wednesday and he's promised something big and phenomenal. if that doesn't appear, which is a possibility, do you think that

dealmaking won't be stalling significantly then because of the factor? >> i don't see a significant stalling or deal making even if there were not a tax cut. now, certainly, there's an assumption of some level of tax cut which is implied in our thinking of the survey. so you have to think that the numbers are impacted slightly. again, it's the underlying technological drivers. the sector convergences that are causing companies to do dealing not just to grow, but to survive maintaining competitiveness. >> got a really great chart, maybe we can show it, but what are the flows of where m & a is happening? >> well, it's happening all over the world. interestingly, we're seeing a lot of act of american companies, maybe that's not a surprise. a lot of activity into europe. but also europe as a buyer has re-emerged. the number of deals done by european companies acquisition have doubled in the quarter. private equity has also come

back. very strong gains on the private equity side. it's almost harder to say where are you not seeing activity. >> are you buying into china, and just looking at that chart, for example? >> well, absolutely. people are buying into china and into the middle east. now, the outbound trends have been more significant. but china has been more active as an outbound buyer, although the numbers outbound are a little lower than last year. there's been more domestic consolation. the middle east continues to be not an outbound buyer but big appetite investing in the middle east. >> are valuations keeping lots of buyers away? >> no i don't think valuations are an issue. if you look at the survey, what the response is, there is room to run with valuations. if you look at valuations related to history and different deal levels, at different points in time, i would not say we're at any kind of a peak.

>> steve, always great to have you. thank you for bringing that report. global vice chair at ey. still coming up on "street signs" -- president trump speaks to the leaders of japan and china threaten to sink an aircraft carrier. we'll bring you the latest on that. plus, stick around for more "street signs." if you want to stay on top of your health,

one simple thing to do --

is take the pledge to go and get screened for the cancers that might affect you. so stand up to cancer and take the pledge at getscreenednow.org it only takes a minute to take care of yourself, and nothing rhymes with "org"... chinese president xi jinping has told u.s. president donald trump in a phone call that he hopes both the u.s. and north korea show restraint. and that both sides should avoid doing anything to heighten tensions. the call followed north korea's warning over the weekend about it was ready to sink a u.s. aircraft carrier headed to the region. earlier japanese president spoke with shinzo abe appreciating

showing all options are on the table. more than half of americans disapprove of the job that president trump is doing. this is according to a new poll comes from nbc news and "the wall street journal." 40% approve of trump's performance as he nears 100 days in office. compared to 54% who disapprove. one survey surrounded the trump missile strike on the syrian government airfield. 60% said they backed this particular decision. this week, president and congress will face a critical test as the budget showdown looms. nbc's kelly o'donnell has the latest. >> reporter: despite the symbolic weight of the coming milestone -- >> my first 100 days in office. >> reporter: -- for the trump white house, day 99 is actually a make or break moment. this friday, government funding runs out. >> government's going to stay open? >> i believe it will. >> reporter: that requires a spending plan that can pass congress quickly.

>> negotiations are ongoing. there's no reason we can't have an agreement released today. >> reporter: one of the president's pop ptop priorities border security. >> who is going to pay for that wall? >> all: mexico. >> reporter: not so fast, they want taxpayers to bank roll the wall so we can get started today. later date, mexico will pay. >> the president have the votes in the house and senate to keep the government open. the burden to keep it open is on the republicans. >> reporter: but in a border wall a budget deal breaker? the white house chief of staff backed off and said funding to start planning a wall might be enough. >> as far as flexibility for the border wall and border security, i think we'll be okay. >> reporter: while president trump dismissed the first 100 days as an artificial barrier, today the white house rolled out a packed calendar of

high-profile events counting down to stay 100 from an unprecedented white house visit by the u.n. security council tomorrow, to unveiling a tax cut plan wednesday. even dinner with the u.s. supreme court thursday. highlighting the president's achievement, justice gorsuch. and mattis has arrived in afghanistan for an unannounced visit. mattis has met with leaders over the past weeks traveling to iraq, israel, saudi arabia and egypt, bearing president trump's message of reassurance that the u.s. remains a strong ally. back to the markets this morning. and we've seen this big old rally, especially in european banks. and the currency, many up by 10%. granted, not worth all that much per share. and doing up by 10%.

and the list goes on. we're seeing the expected rally, as many would say, given the results in the first round in france. >> exactly. and because the risk of a frexit has been essentially removed because ma kron seen leading le pen. and with the share prices helped by decreasing political risk premium which count for 60% of the risk premium. that's been quite a bit. 50% that's taken out of the market, you'll see something like this. but is it would also suggest that this rally does have legs. >> depending on what the ecb does? >> i don't know what the ecb does matters so much to the banks, i don't know. it's more of a political risk premium. >> i think you're right. we spoke to the conference in

washington, asked him how he thought the trump administration would be approaching any changes to dodd-frank? >> there's definitely not going to be a big surge in regulation. we've been talking to some of the u.s. decisionmakers in the past. and the one piece that was missing under dodd-frank was the compensation piece. that's not going to make it to capitol hill. other reforms like unwind something of the dead, what they're going to do in my view is basically deal with the most adverse and unintended consequences of some of that regulation. but they're not going to do a big reset of that regulation. even across various parties. it is a concern to us that a lot of the deregulation was necessary to fix the system and to to reinvigorate trust in the banking system. s that that has been done in the u.s. i don't think in the u.s. we'll see a lot more. reportedly in the seventh or

eighth inning. if you look at the trump administration, they have different priorities. obama came if and inherited a deeply dysfunction economy and he needed to fix that. trump comes in and inherits an economy that is well run, low on unemployment. things are actually good. and there's not a lot of room for improvement. he would focus on things that needed to be done to fix it. that's not fixing the crisis, it's moving to policies. that's going to be an example if europe wants to get out of its problem, it really needs to rediscover other policy tools. and policimakers need to take responsibility for fixing long-term issues. that's the discussion that we have around here, the americans, the asians have lost confidence in europe's ability to address these longer term structural issues which are very much more important than the rebound of a recovery. that's going to be the game-changer in europe.

whether that happens or not. and there is some doubt i see when ied me financial deal makers, people doubt that europe is that place and will be that place. and that's unfortunate because i think europe has much more upside potential than the european governments have realized at this point in time. it just needs to determine policy framework. and that policy framework is still missing. >> well. that's the end of the show. u.s. futures now are shaping up this afternoon. look on the right-hand side of your screen. big old bounces expected there. make sure it's one to match. that's it for the today. i'm louisa bojesen. >> i'm carolin roth. "worldwide exchange" is up next. see you tomorrow, bye-bye.

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good morning. breaking news. it is official. macron and le pen will face off in a race that could determine the future of the european union. we are life on the ground in paris straight ahead. stocks soar. global equities go higher. as ma kron pulls in most votes. we'll have the latest. two stops on the move market. it's monday, april 24th, 2017. and "worldwide exchange" begins right now. ♪ ♪ staying in paris