welcome to "street signs." i'm carolyn roth these are your headlines asia on edge north korea fires a test missile over northern japan alarming residents and triggering a sharp response from regional leaders the flight to safety helps sending the euro for a 2 1/2 year high against the dollar heavy rain and flooding from harvey punishes the u.s. gulf coast leaves tens of thousands

homeless oil refinery is hobbled in the oil refinery the german media company says a weak advertising will hurt third quarter profits, prosiesen good morning, everyone it is tuesday. if you take a look at the heap map, the stock 600 in europe, you are seeing a sea of red, a picture of risk aversion as we see that north korea has fired a missile over japan it is down by 1.34%. we are trading at the lowest level in six months. this has to do with risk aversion in the face of the latest aggression from north korea and also the euro strength it has climbed above the 120 mark for the first time since january, 2015. that's not helping many of the

exporters in europe. let's have a look at european markets. what you will see is we are seeing lots of red on the screens. there you go let's swap over, the ftse 100 off by 1.3%. similar for the other markets. when it comes to the sectors, media is one of the biggest declineers y it was downgraded by goldman sachs. it is looking for investors as the advertising environment is difficult. as far as the fx markets, a flight to safety we are seeing investors flocking into the yen, up 0.6% against the dollar, 108.58 the euro is gaining, 12040 is the level. the dollar has fallen to the lowest level since january,

2015 safe haven is doing pretty well. that is also gold, the yen, the swiss and we are seeing some of the risky assets declining today. investors moving out of equities and everything else deemed risky. china's foreign ministry has called for restraint after north korea launched a missile over japan. the latest provocation from north korea has prompted investors to pile into safe haven assets, the japanese yen yields on german and japanese government bonds have touched multimon multi-month lows let's bring in tom smith thank you for joining us do you jump on the bandwagon or pile into safe haven or stay on the sidelines? >> we don't jump on the safe i have been haven bandwagon. north korea is what investors

wish wasn't happening. we try and use a game theoretical framework to understand what's going on north korea is an agitator within a larger game theater across asia where the dominant players are the united states and china who are competing for influence in trade and security issues north korea's primary objective is to preserve its regime by being an agitator and not go so far as to make them gang up and say we have to stop this and we agree on how to do it. we think this is the kind of thing that should not tip into full scale risk aversion that's not preelreally warranted there are effects you should shy away from, korea, japan. it is not the thing we think justifies a full-blown, risk-off

move it happens for a couple of days and it does tend to die down markets are a little decency advertised to that >> you are applying game theory. i am wondering how you are factoring higher volatility into your portfolios. we are seeing a number of flareups and the response from washington, which isn't always measured that is set to increase volatility we saw a big jump in the vix two weeks ago. >> it is higher volatility coming off a low base. there are relatively few influences that serve to raise short-term risk. a couple of years ago, there were a lot of things happening at once that upped the risk level in markets it certainly does have that effect it is kind of standing on its own. some of the elements have gone away, the rise of populism, the sharp swings in commodities,

notwithstanding what's happened in the last couple of days they aren't there anymore. it is volatility that is moderately higher but not the kind of thing that warrants a huge amount of protection. >> we are going to pick up this conversation in a little bit we want to get more on the latest coming out of japan we have more on the latest escalations between north korea and japan. nokiko >> the missile was launched just before 6:00 a.m. tuesday morning and flew around 1,700 miles and broke into three pieces and fell into the waters off japan's northern coast japan's prime minister abe strongly condemned the launch.

>> translator: this missile poses great threat and we strongly protest >> they said it was likely a new mid-range ballistic missile capable of reaching the u.s. territory of guam. japanese forces didn't attempt to shoot it down because they had determined it would not fall within the japanese territory. they issued an alert while sirens blaired out in the northern regions as the u.s. and south korea conducted regular joint military exercises set to include scenarios of preempty strikes against north korea missile bases and its leadership they have irritated pyongyang and prompted them to launch the missiles the japan and the u.s. have requested a united nations meeting to discuss the missile test and call for heavier sanctions on the country north korea is accelerating its

efforts to develop a missile that can reach the u.s. mainland north korea's national foundation anniversary is coming up and japan as well as neighboring countries are staying on alert that's all from the nikkei, back to you >> thank you so much shares in gold mine are wrangled they are trading slightly higher as bullion prices soar they are flocking to the safe haven. randgold up by 3.7%. let us know whether you are jumping on the safe haven bandwagon at cnbc.com or do you think this is something that will move on pretty quickly and you want to get back to the bigger macro issues? p tweet me at carolyn @cnbc. we will be back after this

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welcome back to the show uvs was hosting economic laureates as part of its nobel perspectives to acknowledge its role in the economy and society. o nancy hummingford has been speaking to the laureates. >> for the first time, the u.s. is bringing together four nobel laureates to take questions on the big economic issues. front and center is the future of employment, what the jobs picture will look like when you take into consideration the acceleration in technology and a.i. there are many questions being asked by investors and central

bankers alike about wages. why in some places wages haven't kept pace with strong economic growth that is the question i put to peter diamond, a nobel laureate, who has spent a great deal of his career looking at labor economics and particular frictions when it comes to labor searches take a listen to what he had to say about the question around wages specifically >> a big driver of wages is people moving up to higher paying jobs. that's not happening the total number of quits in the u.s. economy is about the same place it was before the crisis i have be given how much employment has grown, you can see the quick rate is way below what it was before if a lot of wage increases come when you shift jobs, that's not happening. that's an important part of what's going on. >> peter diamond, nobel laureate weighing in on the fact that the

quit factor is just one component of sluggish growth he weighed in on the fiscal policy saying it should be doing more to hold up their side of the bargain and help increase aggregate demand that, of course, continues to be a big question mark as we await physical policy momentum in washington, question over whether or not infrastructure and tax cuts will get through. that is just one uncertainty weighing on the fed's tax line back to you. creditors overlooking air berlin are likely to pick the buyers by mid-september, according to reuters the decision could come as soon as september the 15th. some sources say the schedule is ambitious. air berlin declined to comment on that story. german media company proseiben is trading at the bottom of the stock market this morning. this as the firm struggles to

encourage viewers to spend money and view ads on its online sites. it has upheld its full year profit guide and warned them the revenues and german language markets would decline. they have also been trading lower today. >> german finance minister says greek debt relief is currently not on the agenda. in an interview with a german newspaper, they urged them to push on for their reforms and strength in economic competitiveness. germany says it will not discuss debt relief before its election next month go figure, i guess angela merkel met p with african leaders to discuss the migrant crisis and agreed to provide protection for those at the country of origins instead of destination. she said she had no regrets over

her decision to admit over 1 million refugees in 2015 she is set for her annual press conference coming up in a few minutes time at 10:30 cet. we have spoken to the president and asked them what the biggest risk was >> our membership and all other business partners i'm talking to don't see a risk in the elections. they rather see a hope that reforms that are still necessary will take place. we will have the investments in infrastructure, not only in streets and rivers and whatever but also in digital infrastructure for the future. they have a strong hope in tax reforms for the future to make the economy to make the economy stronger here in germany and germany more attractive. i hear more hope than risks and anything else.

>> in your view, is there remote risk that angela merkel might not win this election? >> the risk might be that we have instability in politics in germany. we didn't have radical changes in the past and will not have that in the future they say, yes, it will be safer for the future let's see what the election day will be. >> reporter: perhaps with the advent of the liberals, we get more economic policy reforms for the next four years. what's the wish list, as you were saying. >> the wish list is clear advocacy for free and fair trade, open borders, nothing that has unilateral elements but really a worldwide free trade.

secondly, the tech reform, digital infrastructure these are the three things that are very, very important for the future >> reporter: do you think the new government, whatever it will be, will be a more pro european and that we see more european integration the next four years? >> yes, i any so germany is one of the powerhouses in europe. all the politician parties are all saying yes, strong europe is what we need we need it for germany, for growth in germany but also in europe therefore, yes, i think we will have support for a strong europe in the future as well. >> let's get back to tom clarke, partner and co-port foe yoel managat william blair. we are trading back above the 1.20 for the first time since

january, 2014. how far does it have to go before the ecb comes back in >> probably some way if your chart went back further, you would see the euro has traded just about 1 and 1.40 the euro versus the u.s. dollar is not that far out of line much the euro's valuation is emerging that's a different story against the u.s. dollar at 1.20 might be the first time in a couple years if you look at euro trade, a fraction of the euro zone economy, it is not that large a fraction the economy is fairly close. what that means is a level of dollar euro doesn't matter a great deal >> we shouldn't get carried away with the impact on the export s exporters? the cyclicals are falling. those are overdone, you say. >> i think your chart with the red zone a few minutes ago where

we saw most european markets down by a similar market a lot of that is bringing in the influence. it is not easy to separate the elements as far as the euro down, mark the questions are always looking for more than the central banks are willing to put out they talk about the ecb soupdndn the alarm and being silent at jackson hole they didn't say anything at the july press conference they just mention it central banks don't really sound alarms they shouldn't at this level the market looking for that tends to indicate to me that long euro is really not a crowded trade right now. there is reluctants that it will go higher. >> that sounds like a pretty contrarian view. most people tell me the dollar is oversold and the euro is overbought but you say it could go up a little bit further

what does it mean for european equities >> it is a margin nal negative influence. if we look at fairly good growth in the last few quarters and the decline of popular support for populist parties in germany, spain, italy, france, if you look at the polling levels for these parties, they have been falling steadily since the start of the year. a number of clouds have disappeared off the horizon. this is a negative influence at the margin i don't think it gets in the way of what is fundamentally attractive euro and equity markets. >> what are some big themes you are looking at for investors at this point >> apart from euro dollar, both of the countries are highly overvalued against many currencies in the emerging

world. the currency opportunity we see is really to be long of several emerging countries, not all of them but quite a lot it is the developed currency space where they are all unattractive to us other than that, u.s. equities are looking somewhat extended right now. there is opportunity in several markets in the euro zone, italy, spain, to some extent france, not particularly germany, the u.k. as well, despite the brexit negotiations it doesn't amount to a huge gap between price and fundamental cost the main thing we responded to last year is some of the not particularly fundamental but macro influence such as populism, such as china have receded in importance and they

are no longer clouding those opportunities and allowing a slightly more fertile environment to take risk. >> before i let you go, one big fop topic we can't ignore is brexit. you have another contrarian view you actually like the pound? >> there aren't very many market currencies that we like. the pound is one of them the reason why we like it, it has gone down so much already. more than a year ago, it depreciated quite sharply. because it stands alone, we are more inclined to want to express a positive pound view despite brexit that is a slow-moving train. the clock is ticking the u.k. does not have very much influence much the eu has the most power things are going to favor the uri european union as the clock ticks. the pound having gone down as much as it did in 2016 means it

is fundamentally quite attractive and we are rather happy to have a positive exposure there in the portfolio. >> currently at 129.66 when looking at the sterling dollar here what's the up side here? >> probably about 5%-10% that's not necessarily going to happen very quickly. the euro is something very smaller than that. in the scheme of things, it is relatively rare in our world right now to find an attractive market right now >> tom, thank you so much for your views really appreciate it tom clarke partner and co-manager at william blair. and expedia chief month dara khosrowshahi is poised to accept the new offer at uber. we have more details >> dara khosrowshahi was selected to be uber's next ceo

at the end of a dramatic weekend that saw jeff immelt drop out via a tweet and meg whitman re-enter despite publicly deny she was interested in the role khosrowshahi is the current expedia ceo. his name was leaked before they had a chance to tell his employees or his own chairman, barry dillard, wrote that nothing has been finalized but having extensively discussed this with dara,ible it is his intention to accept. he was the dark horse candidate that managed to stacey credit throughout the turbulent search process and has prosided over expedia's expansion to more than 60 countries, quite the deal maker bringing travelosity into the hold while fending off air b&b. if and how much he will work with the former ceo and founder,

trav travis kalanik is a big question plenty of executive positions to still be filled and not least boosting morale and fixing culture in a company that has just gone through the ringer still coming up, we cross live to houston, texas for the latest on tropical storm harvey. don't want to miss it. we'll be back in two do i use a toothpaste that whitens my teeth or...

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welcome back asia on edge north korea fires a test missile over northern japan alarming residents and triggering a sharp response from regional leaders the flight to safety helps send the euro to a 2 1/2 year high grens tagainst the dollar danger zone. flooding from harvey punishes the coast and leaves tens of thousands homeless

prosieben shares plummet to the bottom after the german media company says weak advertising sales will hurt third quarter profits. good morning, everyone if you are just tuning in, you are watching live pictures of german chancellor, angela merkel, as she gets set to deliver her annual summer press conference we'll keep you updated of any developments out of that she hasn't started speaking yet. she will do that imminently. let's take you back to the markets and u.s. futures are looking quite negative the dow jones seen falling triple digits. 125. the s&p 500 seen up by 21 points and the nasdaq off by 56 points. the major average treaded water for much of the regular session

ending with the dow falling 5.5 points this is now the response to the latest aggression coming out of north korea firing that test missile over japan we are still very much feeling that risk aversion effect here in europe with most of the markets in the red the ftse seeing losses, the dax and the euro dollar has climbed and the cat 40 off as well the dollar yen trade, the yen is higher to the tune of 0.7 against the u.s. dollar. you have the swiss at a one-month high against the u.s. dollar floodwaters from tropical storm harvey are likely to rise as heavy rain continues to pound the u.s. gulf coast.

10-20 inches of rain is forecast with flooding expected to peak on wednesday at least seven people have died and fema estimates that 30,000 people will be housed in temporary shelters as a result of the flooding. jay gray has the latest from houston, texas >> the rain keeps falling, nearly three feet now in some areas. >> we didn't know it was going to get this bad. >> there is concern it is going to get worse resources have been stretched to their limits, response teams deployed across the city that pulled more than 2000 to safety just today working from the air and on the water hundreds of volunteers using their own boats in neighborhoods swallowed by the floodwaters some going door to door to find those trapped inside their homes. >> i am not staying. i want to leave now but we didn't know how to get out g

>> any vehicle that can cut through the water and carry survivors is being pressed into action >> these guys are heroes to me. >> tens of thousands are filling area shelters. >> such a relief to have a place to go. i felt comfortable being here. the staff is so friendly and helpful. >> the nation's fourth largest city soaked and suffering right now as thousands of volunteers continue to rush in. >> we are just here to help people >> god is good god is amazing >> strangers delivering help and hope president trump will travel to texas tomorrow visiting corpus christi, the spot where harvey first made landfall. jay gray, nbc news, houston. >> as jay said, president trump is set to visit texas today to survey the damage. he has now approved an emergency

declaration for neighboring louisiana where the rain is spreading and said that congress would act swiftly to fund rescue efforts. >> you are going to see very rapid action from congress and certainly the president. your governor has been absolutely outstanding in the job he has done and hess entire staff. i will say that i just sfopoke with greg and he is work 24/7. we expect to have requests on our desk fairly soon we think that congress will feel very much the way i feel, in a very bipartisan way. that will be nice. we think you are going to have what you need and it is going to go fast. >> harvey is having a huge impact on the commodity markets. u.s. fuel prices continue to rise as more gulf coast refiners cut out leaving more than 13% of the country's refining capacity offline. gasoline up by 0.5%, rising 2.7%

yesterday to a two-year high crude oil fell 2.7% settling at 46.57. over concerns that the refiner shutdowns could reduce demand for american crude let's get out to contessa brewer who joins us from houston. tell us where you are and what you are seeing >> reporter: i'm downtown houston right across from minute maid park where the houston astros play. the lone star series against the fex texas rangers has been moved from minute maid park to florida, among the many businesses that cannot operate as usual because of the continued rain and flooding here there are power outages scattered thought downtown businesses are closed. roads are impassable what you are seeing is basically

the nation's fourth largest city becoming a virtual ghost town. if you get out past the interstate, you do find scattered businesses open. mcdonald's has made a big push to announce, "we're open." we have seen traffic jams from people trying to get through a drive-through. the one deli we found out said they were busy catering people ordering multiple days of takeout. i talked to senator ted cruz at the texas convention center the site of nearly 4,000 to 5,000 of people taking refuge they said the federal government is prepared to come forward and take care of people. that has caused a big political battle senator cruz was among the republican senators that voted against supplemental aid for

hurricane sandy victims along the east coast he said he wasn't going to partake in political sniping we have seen a report from the police union on looting and even firefighters being shot at that's coming from the police union. also, texas attorney general says he is investigating many cases of fraud, cases of water being sold for almost $100 gas prices being jacked 30% higher than normal so we will be keeping our eye on those developments even as the rain continues to pour down. it is beginning to feel a little bit like we need noah's ark. >> i am going to have to ask you about the visit from donald trump. with hurricane katrina, president bush came under fire for his delayed, weak response what do people make of donald trump's response so far? >> i asked senator cruz. he said he thought it was

entirely appropriate for the president to be here and he wasn't coming to the most crucial air why in houston where rescues are on going and where people need shelter and where houston police, i talked to a police woman yesterday who had been on duty for 36 hours with no relief in sight she hadn't slept when you think about how a police department tries to accommodate the visit of a president, you can understand j he may have chosen to go to corpus christi which is certainly hard hit by this storm but where the urgent crisis right flow may have subsided >> very much so. thank you so much for that update please stay safe contessa brewer of cnbc. as authorities and businesses continue to battle the impact of tropical storm harvey, phil lebeau reports on the impact to the airlines and auto industries >> while hurricane harvey has

hit a number of businesses hard, two industries are going to find this week to be long they try to get up and running the auto industry. some auto dealerships in the houston area that look like this, the cars completely under water. we should point out of the 500 dealers in the houston area, many of them were able to move their vehicles to higher ground where they are not impacted by the floodwaters. sfi still, there are some who are facing catastrophic losses for the airlines, houston international is completely shut down until thursday afternoon and houston hobby is closed until further notice that impacts united airlines an southwest airlines which have a large presence there they say they are ready to resume flights once they are up and running but that may take several days in other news, special

counsel of robert mueller's team is investigating whether president trump tried to conceal the purpose of his son's meeting with a russian lawyer and intelligence officer, according to an exclusive report they say federal investigators are looking into whether president trump made a knowingly false statement about the purpose of the 2016 meeting in trump tower. let's get back to brexit, the european union's chief negotiator says he is worried about the progress barnier says he needs to know their perspective to start serious negotiations he said he is ready for the pace to pick up over the coming weeks. >> the european guidelines are clear that what is expected from

separation and position and conditions for the future relationship the u-27 and the european stand united they will not accept that separation issues are not addressed properly i am ready to intensify negotiations over the coming weeks in order to advance. you are here to clarify the uk position >> london wants the eu to show flexibility as the talks proceed. >> for the united kingdom, driving forward the technical discussions across all the issues we want to lock in the points where we agree and pick the areas where we disagree and make

further progress on the whole range of issues. in order to do that, it will require flexibility and imagination from both sides, something i think the council asked for on some subjects our goal remains the same. we want to agree to a deal that works in the best interest of the european union and the united kingdom peop we are ready to roll up our sleeves and get down to work again once more. so with that, let's do it. >> he sounds pretty optimistic joining me now, julian jessop, chief economists the two are on different planets, agree or disagree >> there is agreement on both sides that the other needs to show more flexibility. that is easier said than done. it is mainly the eu that is

being excessively bureaucratic and slow about this. it has set out a number of quite unreasonable positions on the jurisdiction of the european court of justice and insisting on tackling some issues before moving on to others. in practice, they are interlinked. to make progress on some things without considering the whole future agreement between the eu and the uk in the round. >> julian, why is the eu being too difficult if it simply wants to clarify a couple of things, like the divorce bill to start with or the rights of eu citizens >> well, the uk would like to make progress on those things as well, in particularly the issue of citizens rights where they have made a fairly sensitive proposal you are right they haven't said anything at all about the brexit divorce bill i understand this is negotiating point. it is an area where the uk has

the trump card it will be a very strong legal ground fw if it decided to walk away and not pay a penny the basic problem is we tend to assume the uk doesn't have a settled position on most subjects that is, indeed, probably true the eu is negotiating on behalf of 27 other countries who set down a fairly rigid framework for how they are going to approach the talks in terms of what they want to achieve and what the sequencing is going to be i have some sympathy for those that can't show that much flexibility now. not to say they shouldn't try and show more flexibility at the moment >> it seems like the eu is certainly the part of the table that holds the balance of power. they are much more dependant than vice versa. >> that's right. there is no doubt that the uk has more to lose in the short-term from the breakdown of niece talks than europe would. i hope that both sides,

including europe, would take a more mature attitude towards the talks on that basis. there are many ways in which the rest of europe could suffer as the talks go badly potential disruption to financial services and high costs for european companies, damage to german car manufacturers, french cheesemakers and all sorts of industries across europe will suffer if the talks go badly just because the risk the to the uk are greater than the rest of the european union, that doesn't mean the european union can go into this with a light hearted approach and not have more flexibility. >> what impact is this having on the business community we heard from a company companies that are complaining about the impact of brexit, about the level of the pound and the lack of consumer confidence, all of this news of the talks not progressing very well, that should dent confident even further, wouldn't you think? >> i agree

i think this is where they have a point. the clock is ticking in principle, the talks have more to run but in practice, if we don't get decent progress by christmas, given the lags in contingency planning, they have to act they can't afford to wait much longer there is disruption to economic activity, trade investment, which will be all the greater. the british economy is suffering from the impact of the fall in the pound and the additional squeeze on incomes of consumers. i think there are undoubtedly risks. i am optimistic about this i think that both sides will see sense and economics will trump politics and we will get decent progress in the talks over the next few months. a lot of the temperatures being put on hold or canceled will come back on to the table again and confidence should improve and hopefully some of the current head wind will start to fade >> julian, thank you so much for your time.

julian jessop. find out how banks are bracing themselves for the aftermath of brexit. that's on our website right now. all week, we are taking a close look at political and business developments and exploring how they will be affecting your portfolio. in this week's trader poll, we want to know which european development will move markets the most brexit, german elections, italian political instability or french labor reform debate head to cnbc.com to cast your vote staying in the uk, growth in british house prices slowed to a three-month low in the month of august according to a survey, house prices grew by 2.1% this month, down from 2.9% in july and below analyst forecasts for a 2.5% rise the uk government is set to order all listed companies to publish and justify the pay

ratio between executives and workers. it is a part of the new set of corporate governance reforms they are aimed at transparency they are answering questions at their press conference happening in berlin as we speak. we will have plenty more after the short break. just stick around.

welcome back german chancellor, angela merkel, is answering questions at her summer conference she is talking about the auto industry, says internal combustion engines will be around for years she also broaches the topic of

migration and says they have not done their homework on migrant policies and more homework is needed she has said quite a bit about turkey fill us in on the details? >> everybody there in that auditorium can ask questions the main questions are circling around the car industry as you were saying, because that's the heart of many of the journalists in germany to know where she stand. she has contradicting message out in various speeches given over the last couple of weeks. she is also saying it is not enough they have an offer to make diesel cleaner more is needed when there will be a second diesel summit. this is rumored to be happening somewhere in september there is more pressure coming

from angela merkel who was famously dubbed the car queen of germany, because she was defending the car industry's interest quite violently she is talking about the steel industry another industry under pressure also from the united states. she is saying that there is a political will to have a strong steel industry in germany. so she is kind of moving very much into that protectionist mode to kind of safeguard the german steel industry so we see where that lead us to and another area as you were saying, rightly so, is the area of refugees what we know so far is that she is just saying that there is still a lot of homework to be done whether it comes to migrant policy in europe that is between the lines pointing at countries in eastern europe that they also have to accept refugees from other

countries, above all from africa it can't be that just one country, germany, takes all of them or the majority of them what she is urging and working on is a unified migrant policy for europe, which probably if she is going to win the elections will be very high on her priority list. of course, we will hear more about her take on turkey there is a battle going on, one could say, between her and president erdogan. there are germans in jail who need to be, as she said, freed she puts a lot of pressure on that that press conference has started just 20 minutes ago. there are more topics she is bringing up during that hour back to you. >> i think she is set to speak for an hour and a half

so i am sure we will have plenty more headlines trickling in. thank you so much for that wrap-up. before we wrap up this show, let's have a quick look at u.s. futures and they are looking decidedly negative, dow jones set to lose 125 points at the open in a few hours time that's the north korea impact as north korea has fired a test missile over japan once again. once again, the reaction of international condemnation the s&p up by 20 points and the nasdaq up by 50 points i'm carolyn roth worldwide exchange is up next. bye-bye. there's a denture adhesive that holds strong until evening.

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north korea launches a ballistic missile over japan >> a call on global currencies the yen rallying and the euro hitting 120. we are all over the early market reaction >> energy prices remain front and center as floodwaters continue to rise a live report from texas coming up it is tuesday, august 29th, 2017 "worldwide exchange" begins right now.