welcome to "street signs." i'm carolin roth it started with a handshake but world leaders prepare for tense moments with u.s. president donald trump at the g20 summit over disagreements over trade, climate change and his first ever meeting with vladimir putin the yield on the italian ten-year bond hits a ten-month high and carrefour shares sink to

the bottom as investors are skeptical about its turnaround plan good morning tgif let's look at the stoxx 600 this morning. off by 0.3%. this as the global bond rout continues and it is affecting equity markets yesterday the european markets hit an 11-week low ahead of the ecb minutes. we're on track to end the week flat let's show you the markets one by one all the major markets are in the red. xetra dax off by 0.3%. ftse 100 off by a similar percentage one of the worst performers sector by sector, oil and gas is underperforming dramatically today this is in part because oil and gas stocks are lower on the back of oil prices falling quite significantly. wti crude back below 45. brent crude off by 1.6%.

this is on the back of a rise in u.s. output. that seems to be outweighing news yesterday of falling inventories. just want to draw your attention to the fact that you're watching live pictures in hamburg where protesters are gathering to demonstrate around the g20 summit as leaders have begun arriving tough talks on issues of trade, climate change and international security await the world leaders as the g20 summit kicks off in germany. all eyes are on president trump and i h and his counterpart, vladimir putin. meantime president trump and chancellor angelamerkel met ahead of formal talks. they appeared to have a slightly less awkward introduction than their meeting in washington. they did, in fact, shake hands this time. yes. that's in contrast to merkel's washington visit where she

reached out for a handshake that never happened annette is in hamburg. she remembers that situation very well. angela merkel is called the queen of summits how is she doing so far? >> well actually surprisingly well, i have to say. she was in door to door meetings yesterday, all afternoon meetings apparently trying to find a compromise among the g20 on trade and climate she wants to have a compromise she wants that summit to be a success as she wants to be seen again as the world leader, as a safe pair of hands also domestically what can the compromise be? it will be a watered down approach on climate and also on trade. on trade it most likely will mirror the achievements from the g7 in italy, where they were having some sort of commitment

to free trade and anti-protectionist measures. on climate the draft communique, which is circled here in hamburg, it will include the u.s. pulling out of the paris climate agreement but that the u.s. is still committed to fight emissions on a global level. also to spur economic growth and energy security. so you see there will be some sort of compromise whether we'll see any unanimous communique as soon as tomorrow nobody knows but i think behind, like, the doors and behind all that meetings, the share prices are working very hard on that. let's listen to come of the comments coming from eu's jean-claude juncker. he said an eu trade agreement with japan shows we're not putting out protectionist walls. he also goes on to say that the

eu will respond adequately if the u.s. takes punitive trade measures on steel what is the word on protectionism at the g20? >> of course that is a non-negotiable area for the german government. they are pro free trade, anti protectionist measures that's a clear spat with the united states, at least in its current situation. so i think that will ab very tough topic. everybody is very interested in con vinvincing donald trump tha it's also bad for the united states if he was to put up protectionist measures against certain products like steel from europe, like autos from germany. so you see, we're just having that article in the "the financial times" where they really name the -- the european

side is naming certain articles and products where there would be tariffs levied, like bourbon, orange juice i think this is a threat now coming out, just ahead of that meeting. so that perhaps also donald trump will understand that if he was going down the protectionist path, his economy would also be hurt >> kentucky bourbon being challenged here, targeted. thank you very much for that want to get a quick comment on the g20 talks with phillip shaw. it seems this g20 is about personalities, the trump/putin meeting for the first time are you expecting any major takeaways? is this as always a bit of a talking shop >> it's very much a talking shop a lot of the work is done beforehand, and finance minute centers met relatively

eventually as well i think in addition to the economic stuff, which they will be discussing, you have other thorny issues, such as north korea and climate change there's a lot on the agenda there. >> phillip, let's talk about other things that will keep us busy today forecasters expecting to see strong job numbers for june. analysts looking for a boost of 174,000 jobs in the month of june that would be a jum ap over the gain of 138,000 in may economists expect the unemployment rate to hold steady at 3.4% this as job numbers from adp missed expectations yesterday. and federal reserve vice chair stanley fish ser callicher is cn the government to do more to invest in research, infrastructure, education and public health among other areas. he added the current policy environment was making busine businesses reluctant to invest

the recovery has finally arrived. that's according to ecb board member, benoit coeure. in an interview he warned that it would be unwise forthe ecb to let its guard down. he said the central bank will continue to adjust its policy as needed that last sentence is very important. he talked about removing stimulus flexibly and gradually. let's look at bond yields across the world this morning the ten yoo-year bund yield at 6 basis points a lot of people call it the bund tantrum. how long does this bond rout continue is this indefinite >> it really shows how nervous markets are about policy normalization and potential tapering from the ecb over the

first half of next year and the reduction in the balance sheet and the fed actually selling its qe bonds effectively over an undefined s will go through phas of being nervous you may see periods where the economic numbers are not as good you will see rally in bonds. it's not a straight line we know investors are more convinced now that central banks are moving, shifting policies. that's because of the better economic performance we've seen in quite a few areas of the globe. >> what we're seeing is that the markets now are more hawkish than what central banks are. the ecb has been preetedly been trying to push back against some of the tone in the markets they're going to be very careful when it comes to their language going forward. we saw many reports being floated about them being extremely careful about what any policy member will have to say

we saw that in the comments from benoit coeure this morning does the market listen to that or do what it wants? >> the market is trying to get ahead of its game. it knows at some stage the ecb will stop saying that it could step up asset purchases and of course start tapering probably early next year. but you're right the ecb is being very, very careful. it wants to phase out qe eventually it wants to go back to normalized or positive interest rates if it starts signalling that too quickly, you'll see a big steepening in the bond and yield curves which we've seen over periods over the past fortnight, but also a big rally in the euro, which again endangers the eurozone recovery. so it's been very, very careful in the way it communicates we'd expect that to continue >> the bond selloff we've seen over the last two weeks, has that been orderly? some say it is

some say this is a big surprise. it's down to weak summer volumes in liquidity, that's why it's exacerbated. where would you place it >> liquidity in a lot of markets hasn't been great for a number of years i wouldn't say specifically due to summer conditions, but there is a big shift in central bank thinking you know, we're seeing that not only from the ecb and the fed but in other areas such as the riksbank and the bank of canada. this is almost a global phenomen phenomenon so it's an adjustment to take account of that and also the downside risks from deflation are virtually extinguished as well ba bearing in mind that sort of change we've seen in the economic environment over the last 18 months, you have to say the bond market move has been orderly. >> there's few exceptions to this the boj, they're nowhere near the tightening talk. same with the snb, he said, no

we have to plan whatsoever they have to wait for the ecb to move first can we consider that central banks are behind the curve or are they doing the right thing by being patient >> if you'd like, there's idiosyncratic factors in each of those countries. in switzerland, the swiss franc is uncompetitively high amongst other currencies the smb is battling expectations on pushing the swiss franc further up in japan, we had the boj saying they would buy unlimited bonds to ensure that it was trying to get its bond yield back to zero from about 10, 1 bas1 basis pois >> phillip, you will stick around for longer. phillip shaw after this short break, we will

bring you an exclusive interview with one of doha's top financial leaders who says the qatari economy might benefit from the ongoing blockade by arab neighbors. >> it's ban blessbeen a blessinn disguise in the short-term we've seen a lot of businesses in the region who have committed to this part of the world who are being told not to do business with others hi i'm joand

welcome back to the show these are live shots of g20 leaders arriving at the g20 meeting in hamburg there you go you have mr. putin arriving. he will be the star along with mr. trump today as the two leaders of russia and the u.s. meet for the very first time we also have plenty other arrivals the leaders of the uk, japan, turkey, canada, france,

netherlands and spain all arriving for the g20 talks the country leading the qatar boycott have vowed to enact fresh measures against the state after it refused to comply with initial demands. saudi arabia, the united arab embrats, egypt and bahrain issued a statement saying the qatari government's refusal to implement these demands points to their links to terrorism. >> we don't anticipate resolution over the next few weeks or months. secretary of state rex tillerson will be meeting in kuwait next month. interestingly when you talk to people here, especially business leaders, they say after the shock there wasn't a massive ability to do their business

i asked the head of the financial business district how this rift compares to previous problems they had in the world >> initially there's a sense of shock because of what happened there's obviously an aggression upon the state of qatar. and again, business people don't like mixing with politics. and interfering with their businesses so i think hopefully the message i would like to send is that post-crisis qatar will be stronger, more open, and will basically become a destination of choice and a lot more stroker for the rest of the globe to consider >> you said very reasonably that businessmen don't like mixing

business with politics the other thing they don't like is uncertainty is this the most amount of geopolitical uncertainty you've seen in your time in business here in qatar? >> this is bad, but it's -- it has gotten worse previously. i think 2008 was way worse crisis, economic crisis, if you will, than this. >> so he said this compares favorably to the economic crisis back in 2008 he said former gulf wars were much more of a concern they had coups in qatar, attempted coups in the past. when you talk to other business leaders, a partner from ernest and young said one challenge is encouraging other experts to work here. he hired five people over the last week or so from south africa, uk, pakistan and had to hold their hands to persuade them this was a safe and viable destination for business

he said there are challenges throughout opportunities he said this is forcing businesses who have been running in qatar on autopilot to consider new ideas and consider new markets. >> thank you so much for that willem you're looking at live shots of angela merkel arriving for the g20 talks along with mr. juncker. there is donald tusk the council president now meeting angela merkel as i said before, she's known as the queen of summits she navigated many difficult sum mets this may be the most difficult one to date as she meets with the heads of state from the likes of turkey, russia and the u.s. none of which she's friendly with at the moment it might be more difficult this time around. let's get back to the middle east story and the qatar story with the global head of islamic finance at fitch ratings thank you very much for coming in i appreciate you're not a sovereign credit analyst, i want

to come back to this qatar story. snbs downgraded the rating, moody's cut qatar's ratings to negative fitch has put qatar on a double a rating from your point of view how long will this uncertainty said >> as you said i'm not a sovereign analyst. i think all i can add to that is that the rating was negative the banks that we rate also were placed on a rating that was negative and the corporates and the gate projects. maybe explaining it was negative is one of the actions we take when there is uncertainty. it reflects that we are monitoring the situation and we usually tend and aim to resolve such action in a short -- the shortest possible time

so, i think that explains why it's rating was negative >> can you tell us if there's been any slowdown in the issuance of islamic bonds in qatar or the region as a result of this conflict >> i think if you take a step back and look at the issuance in the region, qatar is not very active to start with maybe we can look at the broader industry and islamic finance in general is mainly in the gcc, plus you have malaysia, indonesia, turkey, pakistan, we saw hong kong coming and other countries. when there's uncertainty in the operating environment where islamic finance is active, the islamic finance is not cocooned. >> up until this year, the

islamic finance market has been ranging. it's very, very successful talk us through some of the numbers. >> by end of 2016, we saw growth around 26% we look at 18 months and above we forecast on the top ten key islamic finance countries, which, as i said, gcc plus four. we saw up to april, end of april with thorthor -- with the issuae growth has been mimicking 2016 we have seen ramadan, the summer holiday which tends to be less active in the gcc. and with this geopolitical unteu uncertainty i think the activity will be impacted if you look at the needs of the

sovereigns, the banks, and the institutions, to raise funds in the operating environment they're in, because of lower oil prices, diversification of funding, i think the trend of issuances is something that's there at least to stay for the medium term. and all the governments are putting it as part of their plans. you mentioned lower oil prices it's breasti iteresting to see i exporters have had a reliance on international bond issuance is that becoming more and more important as they need international funding? >> definitely. if you look at the countries like saudi arabia for example, they did not issue a bond before but they came late last year and they issued the largest, if not the largest actually emerging markets, 7.5 billion they issued the largest ever this year, 9 billi$9 billion u.s

that tells you a clear story how that market is moving and the diversification story. >> one important story i have to bring up is the case of dona gas in the uae there was the risk that the issuer of bonds could not redeem them tell us why this is so important and may be a very significant precedent for islamic bonds. >> at the beginning we don't trade that that's worth highlighting. the importance of this case, because of the lack of precedence and how they react under a stress and default scenario this is why such cases are important. we saw few cases before not in the same context, but it's continued to be limited. for us, because we rate asset

based, not asset backed, so whether it's a sovereign bank or corporate, not to the underlying assets we do not comment on scompliance we look at share compliance if it has credit implications that's an important one. we rate more than $70 billion currently. and the statement that we give is that case does not impact that we will monitoring this to see if it will have implication on the approach resolving this is an important aspect >> thank you very much for that insight. we'll go for a quick check out world markets live, our blog which runs throughout the european trading day we'll be back after this

>> we'll show you the u.s. president will be making his way into the g20 summit. obviously there's a lot on the agenda including talks about trade, immigration and climate climate one of the most difficult issues to be discussed as we saw that difficult meeting when trump was last in europe two months ago at the g7 meeting which ended in a very hostile

relationship between the u.s., between germany and the rest of the world. and in the aftermath germany has then dropped the reference of the u.s. being a friend in its statement. so this is quite significant once again, donald trump should be exiting the car to make his way into the g20 building. that could be him. let's see. that should be -- no, that's mr. modi, the indian prime minister. as soon as mr. trump arrives, w will bring you those pictures. annette joins us from hamburg. we mentioned some of the topics that will be discussed today it won't be an easy summit do we expect any agreement on anything >> the german side is increasingly optimistic that they reach an agreement which everybody can sign up to so of course that will be a

compromise, and watered down approach on trade and also climate. but still angela merkel will make it clear that trade and also the paris climate accord, these are non-negotiable issues. what we most likely will get according to a draft communique is a commitment along the lines of the g7 trade agreement from may. on climate we'll get something that will state that the united states is pulling out of the paris agreement, but still is sticking to its approach to fight global warming globally and to fight emissions so, i think that will be some sort of compromise donald trump might be up to sign that as well this is what we're understanding right now.

whether we get movement on other issues i can't really tell the focus for many of us here on the ground is trade and, as i was saying, climate, the paris accord for angela merkel this summit is not just a big summit. she's the queen of summits she knows very well how to broker deals, reach compromises among leaders. she has done that a thousand times in europe. but this time this is perhaps like the biggest summit she's presiding over this time this is also very important for her domestically we all know in september we have the general elections in germany. angela merkel once again wants to be seen as a safe pair of hands in a world of insecurity and unstable situations like donald trump -- >> annette -- >> like donald trump being the

new president of the united states and also in other areas >> just want to interrupt you for a moment we just saw donald trump, the u.s. president walking down the red floor, shaking hands with angela merkel. so he did that twice in a row now after that snub that we saw in washington a couple months ago. now at least they're friendly enough to actually be shaking hands. according to the official readout, the communique yesterday from the white house, they had a fairly harmonious meeting and i guess that belies many disagreements that are actually underlying. i guess the big focus today will be on that first ever meeting between donald trump and president putin from russia. it's quite interesting that that meeting comes at the expense of both word leaders attending the climate talks. tell us more >> that's completely the case. according to interfax, the russian newswire, both leaders

will meet at 4:00 local time that's right at the time when the others will talk about climate change to be fair much of the work has been done already before by the sherpas, that we're now discussing a draft communique tells you the story. behind the scenes, the working level is working on agreements, compromises since two weeks or so what we are now only seeing is like the tip of the iceberg. the leaders giving us nice pictures, showing us body language, the tough work is already done by others i was also talking to someone who is a close watcher of the g20, the president of the key institute of the world economy, i had to ask him what he's expecting from the communique. take a listen.

>> athere are tough issues, like on climate change we won't achieve consensus, we know that in advance with regard to protectionism it will be difficult. we have problems in which a lot of progress can be made. for example inventing the next pandemic. in providing security, cybersecurity for our financial systems. that could help prevent huge attacks on banks and non-bank institutions our hospitals are vulnerable to cyberattacks these things could be arranges here we could put together something i refer to as a cybernato. where an attack on one is an attack on all. the community of nations protects itself.

>> aside from that the big focus is on trade. do you think we'll get a clear message here in ham puburg and a also we see more implementation that those protectionist measures which we are seeing growing everywhere in the world will get less? >> i think there's one important point that needs to be made with regard to trade. that is most goods and services are produced in many countries therefore the factories of the world today extend over many countries. therefore if you introduce tariffs or non-tariff barriers, it's as if you're building walls inside a factory it makes the factory inefficient. once we understand that, we understand protectionism is obsolete in this day and age >> how confident are you that someone like donald trump with his make america great again agenda, who is, of course,

advocating protectionism meas e measures to make america greater will understand that >> i think he's very responsive to the american people the american people need to understand this. then it will be much more difficult for politicians to communicate something that simply doesn't apply to the world that we have aside from that, trade and protectionist measures have changed. regulations, all sorts of tricky ways of protecting one's self become much more important than before therefore having agreements on that are much more important than tariffs i think there will be effort in the g20 in that direction.

>> one can fairly argue that this summit is kind of unique because there's so many different also bilateral issues, talking about north korea, talking about syria. that will be a topic between trump and vladimir putin but also at the same time we have bilateral issues last but not least they also have a cultural experience here. they will listen to a nice classical concert altogether in that brand-new concert hall, so check that out it's gorgeous inside with that, back to you >> i think it's only taken them 10, 15 years to build that with major controversies and cost overruns >> that's true >> i'll have to focus more on uk data now we got a slew of data points about five minutes ago. sterling has fallen on the back of this. the data we got was manufacturing output for may down by 0.2% versus an expected

rise of 0.5% industrial output also disappointing. cable sterling/dollar down by 0.4% on the day. quick look at european markets, equity markets we are down across the boards. the losses are not huge, but we're seeing them in the face of rising bond yields the xetra dax is off by 0.2% cac who ooff by 0.4 the ftse 100 is off by 0.1%. when it comes to u.s. futures, this is how they're looking for this friday. mixed at this point. the s&p 500 seen out by a fraction dow jones off by five points the nasdaq could rise by 8.5 points, this after the nasdaq closed at the lowest level since may 19th tech stocks leading the u.s. markets lower followed by the energy sector. the patent fight between apple and qualcomm is getting hotter

qualcomm will ask the international trade commission to bar selling iphones in america on the fact that the chips inside go against patents. samsung expects the operating profit in the second quarter to be the highest in history. the south korean firm says a surge in price in semiconductors pushed earnings 72% higher from last year. arjun kharpal joins us now big question for you is this still a smartphone company or a semiconductor company? >> it's still very much a smartphone company, but what we've seen is a diversification of samsung's business over the past year and a half, they say they have seen activity in the semiconductor market the other day they said they would put $18 billion into the

semiconductor sector the data center is growing massively because of the explosion of cloud computing, and what consumers are demanding now. music streaming, streaming video that requires huge amounts of data processing, that's where we're seeing growth. why samsung is seeing a lot of success in the semiconductors, coupled with the supply shortage pushing up prices. that's why we've seen the guidance so strong >> on that supply shortage, bernstein came out and said this will be addressed soon because rivals will be up rping producto and that means prices will fall. >> you could see the supply imbalance correct, but at the same time samsung is ahead of the technology they're producing very next generation chips which could be crucial for things like driverless cars and many other new technologiesment while there might be certain areas that do

come back, the high-end chips is why they've seen strong profits, not just big revenues coming samsung is well positioned one analyst i was speaking to said am susamsung's semiconduct division could pull in 1.5 billion in revenue if you look at what analysts are forecasting for intel's entire business, it's 14$14.4 billion. just one part of samsung's business will eclipse intel. it gives you the scale samsung is playing with. >> arjun, shall we talk about the phones >> i think we should >> galaxy, is everything forgotten about galaxy note 7 loss >> we saw they brought out a new phone called the galaxy note fan edition, for those fans who did not want to give up the phone

when samsung was recalling them. this is the first time we'll see how well the flagship phone has performed. samsung made positive signals saying preorders are better than the s7 and analysts expect around 19 million units to be shipped. it looks like a strong quarter in the mobile business >> arjun kharpal, thank you very much for that. let's talk a bit more about technolo technology the tesla selloff continues. shares of the carmaker are down more than 20% after hitting an all-time high in june. now even entering bear market territory. investors are skittish about tesla's disappointing second quarter delivery figures it seems elon musk had bigger concerns than second quarter sales tweeting the world's population is accelerating towards collapse but few seem to notice or care maybe that's just a distraction tactic i don't know microsoft will cut thousands of jobs as part of a company reorganization focused around its cloud services product azure

in a statement the tech firm told cnbc the move is intended to change how the company handles sales, not to cut costs. microsoft cloud services or employees 121,000 people around the world. still coming up on "street signs," carrefour shares plummet. what's sparking the sell ooff? find out after the short break

sxwroo. welcome back in the oil markets we're seeing a big selloff. brent crude off by 2.5%. wti crude back below the 45 handle all by 2.6%. this comes on the back of a rise in u.s. output even though we got positive news yesterday in

the form of falling inventories. that didn't last long. this is having a big impact on oil stocks across europe bp, shell, total down by almost 0.5% the fbi and department of homeland security warned that hackers are targeting nuclear facilities the report obtained by the "new york times" shows that computer networks of a number of firms operating power stations and energy hubs have been breached since may. investigators have not made clear whether the attacks were attempts at espionage or an attempt to destroy infrastructure. shares in mondelez slaelez after second quarter revenue was affected bay glob eed by a globl cyberattack. mondelez says all of the systems affected are now back up and running andtends to realize

some impacted shares in the coming quarter car four sharcar sho sures slipped. deutsche bank cut the retailer by 5% in 2017 and 3% in 2018 this despite beating second quarter expectations british retailers saw their biggest rise in june sales in six years according to bdo the survey found that like for like sales rose 1.3% despite a sharp rise in inflation and modest wage growth the findings offer a glimmer of hope forever high street. and 2016 consumer goods m&a plunged to the lowest level since 2011 this is according to a report by oc&c strategy. deal making plummeted as political uncertainty weighed on the sector

the group adds conditions were worse with revenue growth turning negative for the first time here to talk about the report is will haler from oc&c this report is pretty worrying for some groups. is it really all down to political uncertainty? >> good morning. i think maybe to give you context of what report is. it looks at overall performance of the 50 biggest companies around the world we've been producing it for 15 years because we found it helpful when advising those businesses to put their information into context the m&a is not the major challenge for this industry. we take three things away from

the report now that the players are coming under increasing pressure to drive margins, at the same time trying to grapple with this revenue challenge, investors are looking for more earn pg ings growth despite those challenge theres are players out there who are having earnings growth i guess picking up on the revenue growth challenge, this is the first time in 13 years that headline growth has been negative but actually all sorts of mac tmacro factors impact that. for us what is most interesting is the structural challenge the players have underlying organic volume growth, the best measure of whether consumers are buying more products are 0.7% they're failing to capture the benefits of global growth. that'shappening partly because you got a new breed of insurgent businesses out there chipping

away at the edges of these big brands >> i talked to unilever about its restructuring plan they want to get rid of some underperforming business spreads. nestle, i talked to the co in february he has big plans for the business they were probably in place before their point came in the fact of the mat ser theretes there's a lot of assets on the markets. are there enough buyers out there to snap up these business or are we left with assets with nobody to buy. >> one thing the report showed is that m&a was relatively low last year. we would seek to address those growth challenges but also drive growth through consolidation there should be plenty of opportunities for m&a.

some of those are not the ones the big multinationals want to focus on . >> it's interesting that you say private equity might come in the other question that i have is about shareholder activism. we saw third point coming in, this is a foreign concept to many of the swiss firms, especially to consumer giant like nestle, which has been untouched for decades. do you think it will lead somewhere? i feel this turnaround plan was happening before, long before third point made mention do you think shareholder activism will play a bigger role in consumer goods in europe? >> i think it's coming more into the spotlight, particularly for the consumer goods industry. there's pressure to drive earnings which has been dr

triggered first with beer, and craft heinz b kraft heinz bidding for unilever all of which is causing investors and the management of the rest of the cpg industry to think about what is sustainable level of earnings? what can be generated from these business most difficult question, how much can they drive earnings up? how much can they cut costs without cutting off the access to growth which is their longest term challenge i would say the businesses that we have seen succeeding have been generally managing to find growth by really shifting their emphases of their portfolios looking for premium segment of brands which is usually in healthcare, wellness, anything related to what whole foods is doing. >> healthcare is one of those, health and natural trends is one of those big macro trends.

even people like pepsico who have been shifting the portfolio are seeing the benefits of ta come through and they're healthier products are delivering bigger than expected growth. i think the leaders and the successful players here of these business, they should be shifting portfolios, using m&a actively to prosecute those growth >> thank you >> investors looking for those opportunities. >> thank you have to let you go they're all in place we'll leave you with footage from moments ago as chancellor angela merkel welcomed president trump and other leaders to the g 0 in hamburg your joints... or your digestion... so why wouldn't you take something for the most important part of you... your brain. with an ingredient originally found in jellyfish,

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good morning a g20 summit, trade security and climate all on the agenda as world leaders gather in germany and in just hours president trump and vladimir putin will meet face-to-face for the first time ever. a live report from hamburg, germany is straight ahead. it's jobs friday we're talking expectations and market implications ahead of that labor department release. and berkshire hathaway striking a multibillion dollar dear to buy a utility company. details coming up. it's friday, july 7, 2017. "worldwide exchange" begins right now. ♪