welcome to "street signs." these are your headlines shares looking to fall sharply after a probe into suspected corruption and bribery at the energy services firm back in fashion. burberry posted 3% underlying growth boosting sales along with the rest of the luxury sector. and investors nervously a wait janet yellen's testimony on

capitol hill, and christine lagarde tells cnbc that the fed will not cause another taper tantrum. >> i think it has already learned from that experience both at the fed left avel and ad the world. the fed itself has measured exactly how to communicate and oil markets trading solidly higher we're waiting keough pey opec d we'll be speaking to bob dudley in 30 minutes time we're seeing almost solid wall of green this morning and this is despite the fact that markets are very much in wait and see mode waiting for yellen's testimony later today stoxx 600 already up over half a

percent. across the board, up pretty high ftse and the cac up around 0.7%. xetra dax almost half a percent higher let's look at some sectors almost everything is in the green. it's really media the only laggard here spring in oil and gas not surprising that oil itself was up in yesterday's session and again in today's session tracking about a percent and a half higher. janet yellen is expected to field questions of interest rates today. the fed's tapering plans and her own future when she appears in front of congress. the fed chair's testimony comes amid a flurry of reports suggesting that president trump is unlikely to nominate her for a second term. national economic council director gary cohn is the leading candidate to succeed janet yellen that is what politico reporting

citing four people close to the process. he was with goldman sachs before joining the trump administration meanwhile imf managing director christine lagarde has publicly disagreed with janet yellen's prediction that there is unlikely to be another financial crisis in her lifetime speaking exclusively to cnbc, she advised policymakers to remain on their guard against black swan events. >> i don't want to call it the miscommunication, but there was this taper tantrum thoo we had about, what, three years ago i think everybody has learned from that experience both at the fed level and around the world other countries particularly the emerging market economies that have experienced an outflow of

capital at the time have strengthened their fundamentals. and i believe that the fed itself has really measured exactly how to communicate, how early, how much, and as also i think internalized the fact that they could be spillover effects outside the united states which would eventually spill back to the united states which as a result make it relevant for the purpose of defining the monetary policy of the country. so i have every confidence that janet yellen and her team will anticipate and will be very cautious about how they do it, how they communicate it, and i have not seen any g-20 finance ministers and governors of central bank meetings where she has not very clearly indicated that she was aware of external consequences of what was decided in washington. >> janet yellen communicated a message to the global community

the other week and this was around financial stability and you've been at the forefront along with central banks in trying to overt another financial crisis the message from janet yellen was that another financial crisis will not happen in our lifetime and she was comfortable that we will not see another financial crisis >> i plan to having a long life and i bet she does, too, and so i wouldn't bet on that there are cycles that we have seen over the past decades and i wouldn't exclude that. there may one day be another crisis where it will come from, what form it takes, how international and broad based it will be is to be seen. and typically the crisis never comes from where we expect it. so our duty and certainly the message that we give to the finance ministers, to the policymakers is be prepared,

make sure that your financial sector is under good supervision, that it's well regulated, that the institutions are rock solid and anticipate with a buffer so you can resist the potential crisis let's move from one powerful woman to another all eyes today are on janet yellen from the fed to hear her testimony on capitol hill. and we have the fixed income director from fidelity joining us to discuss it what are you expecting to hear out of chairman yellen today >> i think it's unlikely that she will move too far away from the latest commentaries and statements that we've heard already. the tapering is still there. we think that they will announce tapering in september. and that is fine for the markets so far if you look at treasuries, they have been selling off a little

bit, but yields are in that typical range. there hasn't been that much of a shock certainly and we've not seen the tapering tantrum that matter feared. >> they made an effort to sign post very clearly what they will do is the market reflecting what the fed's message is or does the market have different expectations despite the clean sign posting >> the markets have taken any sign or negotiation of tapering quite well for two reasons first of all, there is demand for yield and that is supporting treasuries and fixed income markets more broadly and also the fact that there is a lack of inflation in the u.s. and more broadly is making it so that the market is actually quite comfortable in getting okay with duration and adding to the duration exposure at these levels so we think that the market as

we've heard from mrs. lagarde from previous mistakes that the fed may have done. so it will be less impactful today a taper than any indication of tapering was seven years ago. >> there are wide expectations that gdp in the u.s. will be stronger than what we saw in the first quarter. do you agree with that diagnosis? >> there are expectations that gdp has strengthened, yes, although what we're seeing is also a slowdown in investment that many expected to counter act the slowdown in consumer if you want so lower capex may imply perhaps downward surprises to gdp in the quarters ahead and again, this will support a more cautious stance by the federal reserve next year. >> i'll pick up on a point you made earlier can and that was inflation. a problem in the united states,

but equally a problem in the eurozo eurozone what is your outlook for how inflation will behave in the coming months in the eurozone? >> we are actually of the view that inflation will drift quite a lot lower from the peak that we've seen at the beginning of the year clear lir because base effects that have inflation in the eurozone close to the ecb targets are temporary effects. so we think eurozone inflation will likely go towards the 1% area and what does that mean for the ecb? it means the ecb while draghi made great efforts to be positive about the outlook will have to tread very cautiously in the next two quarters. >> and markets are expecting that? >> yes and no. if you look at the selloff that we have seen in german government bonds in particular, the change of tone by the ecb has caught some invest are tore s by surprise, but we would be happy to take the other side of that argument.ors by

surprise, but we would be happy to take the other side of that argument so while they may signal some reduction next year, which is just filed, the economy is better in europe, but if they don't have wage inflation, they can't afford to take the foot off the axle rate tore too quickly. >> and let me turn to the uk there has been a bit of confusion over which way the bank is of england is headed saying they don't think the time is right to raise interest rates. what dounkt bank o you think thf england will do? >> we think that it will stay put, will keep rates unchanged and even if they were to raise rates, they will keep a very dovish tone. the consumer in the uk is getting squeezed, real wages are falling. and you saw how the lingering brexit uncertainty in the

background, so this environment the bank of england has to keep a cautious stance. and if they were to hike rates again, they would have to counter act that more dovish tone >> if the fed raises rates a bit, doesn't that risk too big of a gap with the uk >> yes, and this is something that we are looking at in terms of relative value for example between the two markets. also in terms of what this im y implies for the currency because as the fed hikes rates, the case for stronger dollar versus sterling will be even stronger and a weak sterling means higher inflation in the uk so we may see some catching up, but we'd rather see them lagging the fed than not the macro environment in the uk is very different than the u.s >> thank you so much for your views, fixed income director at fidelity what we would love to hear from

you, so do e-mail the show streetsignseurope@cbnc.com or reach tout us on twitter. at street signs cnbc oig or to me directly. well, coming up, send in the cows we'll explain how a load of farm animals is playing a role in the qatar crisis plus a top middle eastern developer is how the boycott is affecting business in the region hey you've gotta see this. c'mon.

no. alright, see you down there. mmm, fine. okay, what do we got? okay, watch this. do the thing we talked about. what do we say? it's going to be great. watch. remember what we were just saying? go irish! see that? yes! i'm gonna just go back to doing what i was doing. find your awesome with the xfinity x1 voice remote. welcome back i'll kick off with a little bit of breaking news out of china. looking at money supplies, we're seeing that chinese banks extended 1.54 trillion yuan in

june they only predicted 1.2 trillion and let's also look at m2 money supply which grew 9.4% in june expect about tags about tagss w. and let's get back to the key stories moving markets here in europe let's start with foster wheeler under investigation over use of a third party's bribe beery and corruption offenses. the british oil and gas services fir firm said it will cooperate fully and it did not expect the investigation to to affect its takeover by john wood group. and to a riser, burberry shares opened hire after the company announced yund lying revenue growth of 3% the luxury brand led by a newed

478 million pounds in the first quarter. stronger demand in china and continuing good performance in the uk were key factors. and over to weathther spoons, tl sales rose 3.6%. a closed more pubs than it opened since the start of the financial year and we caught up with their ceo tim martin in the last hour and says politicians are exaggerating the difficulties around the brexit process. >> there is a phony war going on to an extent because you can't if you are a laborer and you can't say how great tories are or vice versa, it's not a great story to say everyone is united, so i think it's going okay >> let's look at the first

profit warning in more than two years at bilfinger this before the newly appointed ceo took over a year ago the german engineering company logged a second quarter operating loss and now only expects 2017 ebitda to break even and barratt increased output by just 76 homes. the figure was revealed today as they announce increased pretax profit of 765 million pounds despite the output, average prices for their houses rose by 5.9% and moving out to the middle east where sanctions against qatar will continue until demands of the four arab states leading the boycott are met. they released a firm about statement as secretary of state rex tillerson visited douthe mie east qatar is importing 4,000 cows, the first of which are arriving this very week

the situation in qatar is raising uncertaintyabout business in the region, including for real estate, this as a new report says the fall in house prices could be reaching an he said and i end. and i'm joined by chairman of the dumac. thank you so much for joining us since we've just had a read about it, we'd tlouf get yolover thoughts on the qatar situation because you do have property developments in qatar. is this causing difficulties for you at the moment? >> qatar and uae are one family and hopefully the issues will be sorted out in the near future. as far as business, i think it's doing very well. markets are very stable and demand and supply are very much

in equi will i be reup >> and hugh about oil prices, has that been affecting demand >> oil prices have come down in the last couple of years there are countries which will have some challenges in the region, but dubai does not rely on oil g gdb is less than 4%. it's for tourism and investments and operates for different countries around the world >> let's look at london where we are happy to welcome you to. you seem to be doubling down on your bet on london prime real estate you are looking to expand. this is quite contrarian at the moment because we have seen some pain in the prime london market particularly for developers. mar continues being cut, land values being written down. what are you seeing that other

developers aren't seeing >> it's into the what we see opportunity has been here for a long time and a large land bank. could be suffering we don't have a land bank. we have one piece of land we bought two years ago, we continue to sell our customer base is mostly middle east/asia so with the drop in the pound, they are benefiting. so the same apartment they are buying it 10%, 15% cheaper we see the potential in london because land prices are coming down not drastically. still a very competitive market. but at least there are more offers and we see that an opportunity for us to buy more land and to develop more projects. we are looking at london as a long term strategy we're not looking at london as a short term project >> so let me pick up on your point about customers. many from asia and middle east we've seen some difficulties

there in the home market for instance capital controls in china as mentioned the oil price. also affecting russian buyers who had a long history of purchasing luxury properties in london are you concerned about the customer base at all, are you broadening your marketing to a wider set of nationalities, as well >> our customers come from 102 countries. majority are sub be ccontinent. 3% to 4 hrs comi4% coming from a wediald i can't, pakistan, very little russia >> i know that you said in prior interviews that you don't like discussing politics, you like staying away from it, but you have two partnerships with president trump so it will inevitably come up do you find being in business

with such a controversial character loved by many, not so loved by others, is that problematic or drawing the wrong kind of attention to your business >> we have done a deal with trump organization and we're very happy with our business relation with him. i have met the president several times when he came to due bbai o advice irt when he wasn't president. i find him very dharm icharmingy easy to talk, to smarts. but a tough businessman. today we are doing business with his sons and we are very happy with that relation >> do you have further business plans with him >> no, we have have no further plans. >> thanks for joining us on a broad range of topics. let's get back to more local stories. because ryan air has reiterated its warning that there will be no flights between britain and

europe if the two sides fail to reach a brexit deal. the ryan air ceo might have bwa edge brexit that would leave holiday marks stranded he is loving for the uk to remain part of the skies agreement after 2019 still on brexit, britain's foreign secretary boris johnson has told the eu to, quote, go whistle over it's final brexit divorce bill about that responding to a fellow eurosceptic in parliament, johnson was urged to condemn demands by some eu officials for what he teams extortionleate fia payments >> the sums that they propose to demand seems to be extortionate and go whistle is an entirely appropriate expression >> speaking to cnbc conference, the former governor of the bank of france said paris can replace

london as europe's top financial center after brexit. >> what i see is that the vast majority of institutions if not all are planning to put in their trading room why? because more activities require high skilled staff and paris is a city where you can attract those high skilled people, not only because the city is nice, but because it's a big city like alone done, t london you have the ecosystem, the lawyers, you have jobs for spouses, you have international schools. you have easy connection to london and the rest of europe and the rest of the world. >> markets waited with bated

breath yesterday to see what deputy governor had to say, but he said he's not ready to raise interest rates yet in an interview, he said it was, quote, too tricky to make a decision just yet. he cited a nervous mood among businesses as one reason why he was wary of pulling the trigger on rates and now we have to take a quick break. but do check out world markets live, or blog which runs throughout the european trading day. listen up, heart disease.) you too, unnecessary er visits. and hey, unmanaged depression, don't get too comfortable. we're talking to you, cost inefficiencies and data without insights. and fragmented care- stop getting in the way of patient recovery and pay attention. every single one of you is on our list.

for those who won't rest until the world is healthier, neither will we. optum. how well gets done.

welcome back to "street signs. these are your headlines shares in amec foster wheeler fall sharply after a probe launched into suspected corruption and bribery at the energy services firm and wti and brent trading higher in today's session, but the boss of bp said the market cannot bet on a big price rise we'll speak to bob dudley in a couple moments time. back in fashion, a recovering growth in mainland china helps burberry post 3% underlying revenue growth in the first quarter boosting shares along with the rest of the

luxury sector. and investors nervously a wait janet yellen's testimony on capitol hill, but christine lagarde tells cnbc that the fed will not cause another taper tantrum. >> i think everybody has learned from that experience both at the fed level and around the world the fed itself has really measured exactly how to communica communicate. oil has been trading all over the place in the last week, but today it has been trading up following news from the states the energy information agency cut its production forecast for next year while api data shows a large drawdown in inventories. steve is at the world petroleum congress in istanbul and are things finally looking up for oil and oil traders >> it's looking up at the moment, but i think we're hanging on to every single piece

of data. so let's get straight to one of our best guests bob dudley boss of bp. bob, always a pleasure speaking to you let's get straight to these comments you made to the congress just a few moments ago gee. it echoed something that you said to me just down the hallway in october, and that is that you think the market is already in some form of balance as well we hear a lot of people saying about the balance in the market saying it's not quite there yet. what do you believe it is in balance? >> i think uses the word balance and they forget different tla it means different things to different people to me it means on a daily basis production and demand is equal so the market is in balance, but inventory level is so high so we'll see where the stock levels go. you can't do it weekly, which is what the market is doing particularly focusing on the u.s. inventory levels, but this is a longer term gain. >> why can is it so many of the

statisticians, maybe even bp, are getting it wrong when we get to a firmer level in the markets, when the inventories are down and opec actually begins to work analysts are all over the place on this one. >> i think shales have been very resilient. there has been extra production from libya and nigeria so that has thrown it off. so it will take a while here >> but a good friend of yours was talking earlier in the week here and saying look, we could have some really big price points we are missing trillion dollars in investment over the last three years. but yet today you said we don't think that we will see $100 oil again soon but if we have investment gap, we could get a higher price. >> there is a school of thought, and countries like saudi arabia feel responsible to making sure the world has energy, they don't really want a big price spike, there is a school of thought

that more of the trillion has been deferred or canceled, you about again, it's a commodity, that extra barrel of oil or extra ton of copper, it allege drives the prices. and you do have a swing allower in the u.s. shale. so for us, we will plan around 50 for five years, get the discipline, the capital discipline in place, get our costs down and break even well into the 30s >> let's talk about your break evens. when i start my research, i was reading 100 and one was bp shocks the market in february with $60 break even. where are you now? >> we did some really big transactions temporarily it moved it up to 60 we will be close to balance soon but longer term, we will think five years out, get the costs down we will be under 40 in '21 >> so what about now, where is your break even now? >> can't say because we're in a

quiet period >> hopefully not staying in the 60s for long conditio can't say. okay in terms of the political environment, you think the strategy is working because you've already mentioned nigeria and libya and we've been astounded by how they produced they have to take a cap, haven't they >> that is for opec to decide. there is still a lot of uncertainty i think in those places so i don't know whether it's temporary or sustained production, but we can see it working in russia. opec and nonopec countries are doing what they said they would do so we do see production coming down >> and the kazakhstan comments saying we want to get out of this soon, after march was my take on that, to which i said to mr. novak, this could fall apart pretty quickly >> and what did he say >> he thought compliance was

pretty good, but i think it's good with partly because you have the saudi's actions as well but in terms of the fall people think could happen, what do you think? >> i think it's way too early. i think we won't actually know until march next year. i mean, i think that they will be looking at all the data that is a long time in the market but the fact that it's really n unpreu unprecedented, quite an extraordinary agreement. they have all taken it seriously and again, we see that in some of our production. >> i think it's great that you don't have to take a cap ooil it's a badge of honor. >> we are in agreements in russia and places where we can see the production so in effect we're taking the cap and the price is firmer, so it all sort of balances out. >> and relations between the

states and russia, do you see any change there anytime soon? we're all glued to the trump jr. headlines. any prospect of change to the environment that makes it easier for you as bp do more business in russia? >> i don't know what to make of all the headlines. you have one cable news network that seems to be 24 hours a day on one subject you know, it's a bit overwhelming with the information. i don't know what to make of it. we will operate within the boundaries of sanctions always and we have good relationships both in the united states and in russia >> but you don't see any change in the status quo? >> just by watching the news it feels to be boiling like ever. didn't fe doesn't feel like it i do think that trade helps bridge between nations so i think trade is important. >> toxic environment in the u.s. as well. but another set of trump policies, you as the boss of bp say that we agree with cop21

you fully agree with it. mr. trump fully disagrees i think fair to say. how does that make doing business in the united states for you? >> you may not agree with cop21, his decision on on that, but i'm sure that there will be a new energy policy there. i think he's encouraging cleaner natural gas. the industry will have to make sure that it doesn't leak methane and other things around it, make it cleaner. i think all that will hatch. but for us, it won't change what we're doing in the us. we will remain committed to lower carbon trachbs missions. and we have another big meeting in october, some new announcements. we've hired ceo of a climate initiative, a really talented woman who came from general electric so all of that is happening. and our commitment to that remains. >> the enerindustry can move ah

without the biggest consumer on the planet being fully behind the renewable process? >> i think it will be economics. price signals, economics it won't be a straight line here it will be different in different countries. but there will also be 2 billion more people on the planet in 2030 thirst for energy. >> a bit of trouble for the green campaign with your optimistic views on on how much oil will still be used in the mix in 2035 and beyond are you pretty happy with your estimates? >> i think so. again 2 mill one more peopion mn the planet, lots of electric vehicles out there, but [']we think more than 50% of the world's energy will still be supplied by oil and gas in 2035. it's hard to make the numbers move without enormous changes in government policy that may be required >> my final question for you, it's a bit of a loaded question,

but patrick is moving ahead with i iranian investment it's hard to believe that it's not part of a strategy from france, as well, where he has mr. macron's backing you don't have the backing of a government for you at the moment because they are looking inward at brexit and their own problems wouldn't you love to see the british government supporting shale and bp as well i feel that patrick has the backing of mack be krron and i feel that you are getting the same backing are you disappointed on that >> on iran >> selling british >> we do have backing from the british government but i think in this world we have to navigate it a lot ourselves. and total as you know, great company, they have certainlile done a careful calculation we have more on our plate than we know what do with we have to put ourselves on a capital diet

>> all right i'll let you gee we' go. we've covered a lot. always a pleasure speaking to you.we've covered a lot. always a pleasure speaking to you. we saved the best for last, bob dudley from bp >> thank you for all that insight. in the meantime, i've been look at uk may unemployment figures do you want the good news or bad news let's start got news the unplimts rayou were employm down to 3.4% which is lowest since 1975 and better than expectations of 4.6% on the not so good news, there has been another fall in real term wages and we're seeing here the gap between inflation and what people are earning is widening yet again. the pay including bonuses adjusted for inflation in the three months to may came in at negative 0.7% making it the sharpest drop since mid 2014 looking at the nominal figure now, total earnings up 1.8% year

on on year remember of course last month this was up 2.1% so more weakness for real wages. let's see how it's being reflected in sterling-dollar cable was lower this morning upon release of that data. now it's more or less flat against the dollar and a quick look at the other currency markets, again not much movement in the euro-dollar, but the euro slightly down more action in the dollar versus the yen. the yen is strengthening the dollar is down by almost half a percent and let's turn from currency markets and take a look at u.s. futures. we can see that they are taking their lead from europe pretty much green across the board in europe and in the u.s. futures as well. dow jones up around 21.93 points expected to open s&p 500 slightly ahead, virtually flat let's get back to some reads, but we will stay in the united states for the time being. donald trump junior ig has

released the e-mails that preceded his meeting with the russian lawyer last year the exchanges showed he believed that he was going to get damaging information about hillary clinton as part of russia and its government support for the trump campaign in an interview with nbc news, being the russian lawyer who met with trump jr. denied any connection to the kremlin. kyrgios single eir simmons has from moscow. >> reporter: today we showed natalia veselnitskaya the e-mails donald trump jr. released e-mails where she's described as a russian government attorney and part of russia and its government's support for mr. trump. here donald trump jr. is told that they want to schedule a meeting with him and the russian government attorney who is flying eefr frover from moscow the russian government attorney on that means you >> no, i'm certainly flattered by being marked and called as a

government attorney, but i have never worked for the government in the first place >> reporter: she says that meeting with donald trump jr., trump's son-in-law you jared kushner and campaign chairman paul manafort was arranged by russian pop star and a pup aboutly cyst but that she never met either of them beforehand. once inside she says, only one person talked to her >> donald. he was the only one i was speaking to. >> reporter: she says stlefs to lob when i against a law she said was affecting her client, a well connected russian, a law that imposed sanctions on russia but she says he was interested in information about possible illegal donations to democrats >> translator: i can tell you right now, i have never referred to any xcompromising informatio involving mrs. clinton >> reporter: the she said kish kushner left after 7 to 10 minutes and manafort was not paying attention >> translator: the man was constantly looking into his

phone. >> they had the impression it appears that they were going to be told some information that you had about the dnc. how did they get that impregs? >> translator: it might be their desire to see that from my story from the story i was telling them about and they saw only something they were interested in >> reporter: she wanted the trump team to help her testify before congress about changing u.s. law she says donald trump jr. told her they get back to her if they won. keir simmons, nbc news, moscow >> staying on capitol hill, the u.s. senate has announced a two week delay to its usual august recess senate republican leader mitch mcconnell says the move allows senators more are time to work on legislation and approving nominees this as they may seek a vote on a controversial health care bill as soon as next week

christine lagarde could only offer her approval in principal to the latest eurozone deal to release fresh funds for greece as the package didn't contain debt reinstructing measures. speaking exclusive ofly to cnbc, she said she will continue to push for debt relief >> all along have said that there was no need for their cut on greek debt. we have been equally strongly recommended and we continue to recommend a restwrukstructuringe greek debt which we hope will be discussed in short order once we have had a chance to afternoppr principal an agreement on greece in july. >> and many scoff at the idea that greece will qualify for loans. is that pretty farfetched as the ecb starts to flag up a retreat

from stimulus? >> it's not up to me to decide it's purely an ecb decision. >> it's a point, though, when we talk about the recovery process in countries but qe has been a program that has provided liquidity and support to weakened countries if that starts to change, does that impact the recovery process for some of the weaker european economies? >> again, it will be for the ecb to decide what it wants to do. but clearly if it was considering a retreat from that, which, you know, is not to be taken for granted, then it would also mean that the economy of the entire euro sooen is doing a lot better, that inflation is picking up and that the targets are enriched, which would be good news. >> that was christine lagarde speaking exclusively too cnbc.

and we have something pretty fun to share with you. coming un, formula 1 returns and we'll preview the grand prix

apple is scrambling to fix bugs on its next iphones apple typically releases new iphones in september, but some industry watchers think the next model might appear as late as november we asked apple for comment about the reported problems, but a spokesperson wasn't immediately available. moving on to amazon which says

its prime day is on course to be its biggest on record by sales customers ordered more than three times as much as echo speakers, while third party sellers had shipped over 50 times more at the last count and mcgregor and mayweather have faced off for the first time ahead of their vegas fight on august 26 they appeared together at a news conference ahead of a global press tour to promote the fight which will bring them to london friday mcgregor teased mayweather about the request toist authorities for more time to pay his taxes mayweather could make more than $100 million from the fight. and the fate of british grand prix past 2019 is in question after the owners of the circuit triggered a break clause from its contract to hold the race.owners say the agreement is no longer, quote, financially viable formula one which is holding

promotional event in london has called the decision regrettable. who better to discuss this with me than two f 1 drivers themselves i'm joined by marcus and pascal. thank you so much for coming into see me today. >> thanks for having us. >> i'll pick up on the silverstone story. this is an iconic racing track how do you feel about the news that it could potentially no longer be held after 2019? >> i was very disappointed it's one of my face races, the track and the passionate fans here in the uk i think it's a very important race for formula 1 so i hope that they can find a solution somehow to make it than >> and how important is british grand prix in general to you >> i think not only for drivers, also for the teams because so many teams are based here in england. and that is a chance where they can come with the families and fans are so passionate

last year it was full, 150,000 people >> and today is a huge event to try and encourage enthusiasm for the sport. my understanding is that viewer numbers are dropping, it has had trouble recently attracting new crowds what do you think it is about the sport that is deterring new fans from getting involved >> i think this year we have new regulations in formula 1 that is trying to make the sport more exciting again with faster cars and more spectacular cars pfrp i think the sport especially this year is going up again where there has been some difficult years. this year there is more interest around it and i think it's going in the right direction and with new media taking eeover, they ae trying to get new you and younger fan base and so hopefully that will help glow the sport >> do you think that is part of the problem perhaps? because we think about there has

been so much development in the machines the focus really is now on the tiniest details to technology. should there be more focus on the drivers and perhaps creating heros rather than such a focus on the machinery >> i think there are some heros in formula 1 every driver is a hero kind of but yeah, i mean, this year especially with the new regulations and cars, everything is getting more exciting and more interesting and so i think that is good for the fans and good for the sport. so i think it will increase again. >> and with regards to the cars themselves, what is the biggest developments recently that you are seeing, what is exciting you particularly with regards to the latest developments? >> i think this year in general with the cars being so much faster and also wider tires, the cars are wider, so for us drivers, it's a lot more fun to drive. you can push the cars harder through the corners. so just you faster in general

and speed is always fun. so i think that is the main thing this year compared to last couple years that has been exciting for us drivers, when you also for the fans watching you can see cars are more spectacular to watch and us drivers enjoy it more so that gets the fachb fans more excite. >> thank you both to your time and best of luck in the next few fun days you have ahead. we seem to be up against the end of the show unfortunately. "worldwide exchange" is up next. your brain is an amazing thing. but as you get older, it naturally begins to change, causing a lack of sharpness, or even trouble with recall. thankfully, the breakthrough in prevagen helps your brain and actually improves memory. the secret is an ingredient originally discovered...

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good morning washington worries eninvestors are shrugging off the trump russia scandal concerns the latest developments straight ahead. yellen on the hill fed chair set to testify before congress, meantime reports suggest that the president may have picked her successor. plus prime performance amazon's massive shopping event wrapped up and we'll tell you how the retailer faired. it's wednesday, sdwrjuly 12, 20, "worldwide exchange" begins right now.