♪ welcome to "street signs," live from rome, milan and london these are your headlines italian stocks hit a six-month low as the praise inspect of a parliament does has the establishment turning to euroskeptic parties.

lega looking for the far right parliament and a tweet from president trump on taxes on european car imports in anticipation of the trade war. and shares hit the bottom of the french market as analysts raised concerns over the price tag of its $15 billion bid to specialists insurance big exxon. good morning, welcome to the show we are just chasing some data from the eurozone. this is a snapshot of growth and how it's performing across the block. and the market, february, final composite across 57.1. this is the lower than the flash estimate of 57.5 and of course, down from january where we had a at stratospheric

pace and like s of italy in the headlines and the catch-up is taking place in those countries. so this is slightly weak the services pmi also coming in under the flash number, 56.2 and just a line of expectation, still very strong for the services level expectation at 68.2 and but also under the 68.9 but when you see a level over 60 very strong indeed most of the action, 1.2324 the u.s. slightly stronger for the dollar italy turning to anti-establishment and far-right parties in record numbers. the professions indicate that none of the three maiming blocs will secure an outright majority but that 90% of the vote counts, the center right including prime minister silvio berlusconi has the biggest block of seats in

the five-star, and becoming italy's single largest party but both factions are short of the 3$316 seats needed for a majority here's a look at market reaction the banks have been tracking right toward the bottom of the european markets this morning. and you can see this morning in particular, the bang down 3.6% fairly sizable move in what has been a market that has not moved so aggressively. in terms of what you're seeing across the broader italian market moving south. and down 4.6%. and tesla, not so much, considered one of the best in breed, down 2.7, show, and generale down 1.5% and in terms of the broad stock market, also not weathering the storm. by had stocks trading south.

metallica all moving south luxury stocks, the sunglass maker ferrari and just in the green. let's come back to the political story, we've got two correspondents in italy. willem marx is in rome and joumanna bercetche is in italy where do we go from here, what do you think the final outcome is going to be >> well, we've got a few million votes to be counted, karen i think the turnout based on those counted so far we're looking at well past the 60% mark in terms of votes counted. so it doesn't look like a lot has changed. in terms of the picture, irrelevant we've seen there is no single

individual party or indeed no bloc that has gained more than 40%. which is not able to form any part of the italian government the most likely outcome, in the next couple weeks, we'll see that the parties will try and informally negotiate with one another, try to figure out who is friends or foes who are not and we'll see leaders in both the upper and lower chamber of the parliament being selected. and around that time, there will be a formal set of conversations started and you the aegis of the president, the 70-something sicilian man who is trying to form a government in the fangses. and the one to five is the five-start movement. they said in the past, they don't want to form coalitions over the last few months we've seen their leader slightly rolling back on that stance and indicated he would have conversations with other

political leaders as long as he wanted to set out a firm set of proposals that five star put forward. >> willem, thank you very much we want to take you to the market reaction between the movement in the spread between italy and germany. that's where the reaction has been we've crossed up to 150 basis points on the spread and in terms of what you're seeing across the markets, of course, there has been more risk priced into some of the bonds, thaern on the stock market you're seeing a bit of a catch jipp on the stock market today a look at what you're seeing on the ten had of year. but above 2% currently i want to get to joumanna, this is your area of expertise, joumanna, where you've seen that action but it seems that the market has been affected. what's the business reaction to the outcome we've had so far >> so, i think, karen, as willem was saying, there's still a lot of uncertainty about how the coalition talks, the negotiations are going to go

and the next few weeks are going to be crucial when it comes to that as far as the market is concerned, the expectation is for a hung partial lnt with the view of the center right coalition would be the ones to get the most votes that did transpire however, the devil is ♪ details and we're seeing the lega got more votes than for za italia. that's why you're seeing this kind of knee jerk reaction in the stocks as well going into the bigger picture, the italian economy is doing a lot better the growth is 1.5% that's the fastest growth that we've seen in 3 1/2 years or so. standard & poor's with the loans in the banking sector, things are definitely looking a lot healthier in the backdrop. and most people i've spoken to this morning have tended to agree. what they said, actually, there

has been investment rolling in things were looking more positive when it comes to the outlook from here. if you look at the services number pmi, some of it has to do with italy having their own shares but also participating in the global recovery as well. fundamentally, things are looking stronger however, what investors need to take an eye on is exactly what they're doing. the knee jerk reaction is for the ten-year to open up about ten basis points higher than yield. so about 13 points basis points wider. it's now at eight basis points but let's not forget there's still a big linkage between the periphery yields and the banking system the banking systems hold about 10% of all outstanding debt. if you do get jitter, you will eventually have to make some change into asset markets as

well but, yes, there has been a little shake-up but nowhere near panic levels or extreme mark of volatility that we have seen a couple years ago a lot depends how the talks go >> joumanna, thank you for the wrap-up. and willem thank you for the interpretation thank you for joining us in the studio with the election in italy, some of the reaction in the newspapers today has been what a mess and that the nation is ungovernable what do you make of the interpretation that it is eye complete washup, that the markets really don't know what to do with this? >> well, it's definitely at political break. it's expected. and that's where it is unexpected i think the uncertainty is ze y definitely there

now, the five star movement is the winner of the election and next will depend on the five star movement in terms of the landscape. >> termin terms of the moment, h the momentum voting across italy towards policies that stray more from the mainstream. what does that mean for italy specifically and also, its relationship with europe >> well, i think there say danger in labeling all parties in the sense, yes, we can label t the five star movement and the lega, but they are in common but also very different. in terms of the movement, it's really what the five-star movement is going to determine now. their preference goes were the left rather than the lega.

in this case, it's not go be tour so much with the euroskeptic party. recently, with the five-star movement it actually opened and defined the five-star movement as the -- party. that's very interesting to look at instead, if the five-star movement in the case, it's leaning more towards the lega possibly because of the lines of the five-star movement, that sell really is something for europe to look at >> the nuance is quite interesting here because it feels you might have had two things play out but it was a protest vote of what has been a challenging time in politics you had a key change from five star, saying they would not have a big vote in the member of the euro do you think the vote we had yesterday was more than of a protest vote, that really,

five-star allowed voters to get out and say, we object to the establishment and the politics we've had in this country, but we're not voting against europe. do you think that's what we had? >> yeah, i don't believe the vote was euroskeptic vote. i think the vote was definitely a protest vote but i think it would be wrong to say that the vote given the numbers was supportable. we have to continue to believe that the preselection, the five-star movement, they are two different political creatures. the five-star movement is a credible and respectable force so, again, an establishment of course, but this anti-establishment movement different than it's been >> you have a country that's finally been in the -- you've seen it reflected in the data,

getting back in the game it's starting to tackle the amount of bad loans on balance sheets without extraordinary ramifications for voters it's been a system wading through the toxic debt typically, you have re-election of government, because you're making progress. but that's simply not at case at this point in time you've got a vote for change where does that leave the formal recovery process >> i believe that's the very question more than the present uncertainty. the question is, is any future government, no matter the composition of this government going to be able to fill up on reform on the part of the domestic reforms that has been in the shape in the last few years. and that's very uncertaint we've seen it complicated by promises that can't be kept. no one say clear majority, which mean compromises will have to be reached.

so, it's very difficult to understand what kind of program and electoral program, more in general, any future government could have and that is, awe well pointed out is the request for the future and europe. >> and actually with the prime minister, there's negotiations taking place you had to volunteer a game as a betting man at this point, what name would you put forward >> well, the leader of the five-star movement is clearly one of the possible candidates >> the only one? >> the only one. yes, that's, true. what we right have -- actually, none of the names currently suggested as prime minister. we may have a temporary prime minister >> it could be --

>> could possibly be i think they need to respond for change to have him in place would be quite difficult. it might be be someone more able to catch support at least on a temporary basis, to say in the person able to perform in the majority for a few months and -- >> which would be luigi -- >> no, i do not believe. it would be a name not suggested yet. >> theinteresting. thank you very much. you're staying with us we'll pick up with the comment tea commentary get involved @streetsigns cnbc

also tweet me directly president trump drives off road as he escalates his war of words with the eu. find out exactly what he said over the weekend stay tuned, we'll be right back. . - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life. but i'm not standing still... and with godaddy, i've made my ideas real. ♪ i made my own way, now it's time to make yours. ♪ everything is working, just like it should ♪

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axa shares are sinks as the company agreed to buy xl for $15 billion. it represents a premium of 33% xl's closing shares on friday. axa said the deal would start a world leader in its particular sector siemens' valuation is significantly less than expected for the med equipment divisions. siemens' plans to sell up to 16% of the company volkswagen plans to restructure its truck business this month so it can potentially

spin off the division. volkswagen truck and bus includes brands like scantnia and making it a first step tour an rpo they declined on the report but did allude that it could be a possibility. shares of german automakers are trading lower as president trump threatened to tax european cars imported into the united states in escalation of rhetoric taking to twitter, trump vowed to retaliate against the eu what he called massive tariff and barriers the response from most of europe has been so many been muted. mclaren told cnbc while north america is its largest market, it's policy is to balance sales

globally and toyota europe said it would impact the automakers substantially raising costs of cars and it trucks sold in america. and annett filed this report >> so far, german carmakers are not saying thing when it comes to potential tariffs in the united states. i think everybody is preparing statements when they're all on the ground in geneva because the geneva motor show to start as soon as tomorrow. looking at the potential, sort of the ramifications for the german carmaker, it could be very costly. one analyst is putting a price on potential tariffs and that would mean something between 400 and 800 million euros, which a potential levy on cars to the united states might mean for those carmakers

of course, the stock market is showing the reaction, german carmakers are among the biggest losers here on the german trading floor. looking at what might happen next, we don't know yet. officially, there's no statement, we have statement from the car trade body, a very influential trade body here in germany, which is saying at all costs, trade war between the united states and europe should be prevented but at the same time, of course, we also have the german wise economy warning that if the united states is going into that direction, there will be also response from europe annette weisbach here for cnbc and the coverage for the motor show this week, where we have not just huge change for electrical and autonomous cars on the horizon but the key

ingredients that go into making the cars, southwest potential tariffs on the cars themselves we're going to be hearing from a range of leaders of carmakers, including volkswagen and audi. angela merkel has welcomed the spd decision to join the coalition government the deal was sealed on sunday as the spd voted for a surprising wide margin to enter into a coalition. with its here the analyst here, it took about five months to reach that conclusion. what do you think the forming of this coalition means for europe? >> well, it's very important for europe it would have been kwoprobably quite disastrous for europe to have two out of three economies

in political impasse then at the same sometime, the big question is, is the price for the stability in short-term germany, is it going to be paid in the long-term we've already seen that the spd is falling very, very low now. possibly also -- you know, like as a consequence of the decision of the coalition with angela merkel >> and already in the negotiations, there are key compromises for ministries but also policies for angela merkel's party when we move over to italian politics it feels some of the issues that saw merkel lose her margin were really around immigration. and even in the italian election, we've seen on the far right sigh that mateo salvini

has been accused >> probably europe is going to take, in particular, italy, on the forefront on immigration, on the standings ce of immigration because there's a look of solidarity in terms of redistributing arrivals. then, again, yeah, there is also a belief, a trend to move farther to the right we've seen it with the success of the northern lega in italy. we've seen it in germany with it polling very high. france is possibly the exception. but again, how long the macron factor is going to last is not to be excluded in the rivals of

this condition >> and it's been pointed out that interesting around italian politics, has been the move to the right. more than expected do you think this is something that we have to watch out for in europe, that the right in particular is make a comeback? which after war world ii, you saw it really tamed for decades. going back to more extreme political ideas. >> well, for example, in italy, there was quite a lot of talk and the fascist in italy again that was overstated. fascist parties in italy, oligarchs very, very low but at the same sometime, yes, it is definitely the case that i believe the right is moving towards higher stances on immigration. and mobipossibly not on immigra. and at the same time, the other side of the sign is the left

that is staggering to find their identity france the democratic party in italy was seen as the one exception, the one party performing very well now, italy as well, the left as well is there. >> thank you for the analysis today. >> thank you coming up on the show, saudi's crown prince kicks off a pretty good round of dealmaking and diplomacy. we'll be looking at what he's been up to we'll be back teth srt eak.afr isho

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that table was like... so big! can one bottle of new dawn clean all the dishes? we did it! 6,000 dishes! a drop of dawn and grease is gone. welcome to "street signs." i'm karen cho. these are your headlines italian stocks hit a six-month low as voters punished the physical establishment touts the euroskeptic parties. the populist five-star movement looks to be the single

biggest party in parliament. while the far right lega overtaking silvio berlusconi's government and a tax tweet in escalation of the tariff trade war. and shares of axa hit the bottom 6 tof the stock market wh the bid for insurance europe xl. investors closing, watching uk data today there is some concern that the services pmi would cross wake but it is has done the exact opposite 53.3 the highest since october 2017 this is also escalation from the january levels which closed at 53 the new business component

slightly forward looking number, 55.1, the highest since may 2017 so, continues to surprise, as you look at these data points. so the pmi pointing to a growth pig of nooet 0figure of 0.4% and so going into 2018, which is quite key when we talk about uncertainty around brexit. let's come back to italy the preliminary results of the italian election are pointing to a hung parliament. however, there are joyous scenes at the headquarters the five-star movement suggesting that the party gained 33 63% of the vote. speaking after the movement, the five-star leader invited others to engage in talks >> translator: in these results confirmed, it will be a triumph

for a five-star movement it shows we did a good job especially it means that everyone will have to come and speak with us. it will probably be the first time anyone will ever have to come and speak to us i tell all citizens this will be the best guarantee of transparency to other people because the other political parties will have to come to us using the same of directness and based on the proposals and solutions of the country this will happen in the next few days and next few weeks. >> the anti-ability lega jumped. mateo salveni was quick to thank his supports, while silvio ber louse co berlusconi didn't taken

securities >> translator: it focused on a different policy and a different relationship for the european union. the left lost because it did not guarantee security and let italy be invaded by illegal immigration. taxes have gone up >> the question is what happens now. parliament is due to gather on the 25th of march. and they are going to form a new government and new prime minister let's get to joumanna for more in milan joumanna, we're hearing scenarios about whether there should be in other caretaker, or at least this is a movement from the five-star movement what do you think the upshot is from the business perspective? >> reporter: absolutely, if you look at markets, things have come down and have settled since that knee jerk reaction we got about an hour ago. i have here with me to discuss implications is the cio 6 ubs

italy. we've had a bit of reaction in some of the italian banking stocks as well overall, the european stoxx is up what do you make of the reaction here >> first of all, the market was expecting hung parliament in italy for several months of negotiations and it was a different but not unexpected outcome the market has been doing well here to date but that was based on the bottomed out results of the companies. and the less on spain and portugal so is there was already some risk placed in >> reporter: something that we haven't touched on this morning, and we've had other guests on the show but the european bank figure is coming up this thursday. there's some indication they may look to send hawkish looks to

the market do you thing it could change that >> well, at this stage, we don't see a spillover to the rest of europe or global markets so within the ecb it will stick to the way it is in september and probably will look for rising rates in 2019 >> reporter: what do you think is more important for the direction of spreads here? what the ecb decides to do, or the results of these negotiations in a couple weeks' time >> well, i think in the near term, ebc and the macro will be the dominant projectors for sure if we look to the immediate, politics are important because they can determine where the economy is going >> reporter: what do you mankkeo the agendas which some parties have come up it looks as though they're all coming up with a common, that's

to start spending again. >> of course, they are not necessarily in sync with the economic reality, but as we will move towards for a grand coalition, or perhaps repeat elections, we will see some of these ironed out >> reporter: what do think the government's priorities should be from an economic standpoint, once the government is eventually formed? >> well, absolutely, employment is an issue which needs more focus. and that can be done in conjunction with fiscal disciplines. so it's a narrow path and it will take a long time fix the public debt situation. it's doable, but it takes time >> reporter: as we're seeing on the grounds here, do you get the sense that the economy has started to pick up and investment is flowing in and the international community do want to look at investment opportunities within italy >> definitely. i mean, last year was really --

we saw real improvement in the italian economy, particularly in the morning. we see them doing very well, with the best results in ten years. and there was enough in investments of other companies which has been missing for a decade so, a lot of good news not really reflected in the election's outcome >> reporter: but that's never a surprise in italy, is it >> no. >> reporter: that was the cio of ubs. back, to you karen >> joumanna, thank you very much i want to take you back to some of the market reaction as we take a look at how the italian political results have been interpreted we've been chasing a market selloff. i think there's been a risk in

bonds for a while. specifically this morning, the italian market joins with core european markets trading in the red. after the selloff today, you can see it's trading down. 21900 now to 21600 a new twist on the russian election meddling story. moscow has evidence that the u.s. is interfering in its election sergey lavrov has accused america of meddling. meantime, saudi arabia and egypt have reached a $10 billion deal to develop a mega city in the south sinai. it came after saudi crown prince muhammad bin salman and egyptian president el sisi.

it has been his first trip since heir to the throne last year she certainly came bearing gifts. let's get out to hadley in cairo. the city tells us something about how warm the relationship might be right now hadley >> reporter: oh, absolutely, karen, and it certainly speaks to the diplomatic diplomacy. and with prince salman was in riya riyadh and when you look at the south sinai, the 1,000-kilometer area which will have mega hotels and restaurants. and the auo saudis have act tat activated a joint investment now, of course, talking about this with regards to the big

esche backdrop and that's, of course, the crown prince's major trips to the uk and united states. of course, those trips are going to be potentially overshadowed with what's happening with the miller investigation because we've seen it moving away from its focus on russia. including saudi arabia and the ua as well and potentially what jared kushner's purpose has been in taking this and using that as a way to influence diplomacy in the united states. that's under question. so, karen, a lot of talk not just about what saudi arabia is doing here in egypt, with regards to economic development but certainly what's happening on the broader picture with investment security in the united states. >> ahe >> hadley, some of the insinuations are that it's just a chess board for jared kushner. >> reporter: absolutely.

but it's really can they make that link trying to get that is going to influence whether or not the trump administration is going to be causative with regard to that can they make that link. it's not unusual for american businessmen to go out to the qatar countries and saudi arabia to look for money. it's not an unusual move for the americans but at the same time, there are a lot of questions about when there is influence. >> hadley, thank you very much for the latest live from cairo coming up on the show, china sets its course for growth with the rise with the largest economies. we'll get the latest from beijing, next.

but i'm not standing still... and with godaddy, i've made my ideas real. ♪ i made my own way, now it's time to make yours. ♪ everything is working, just like it should ♪

a south korean delegation is in north korea for meeting and dinner with leader kim jong-un seoul said the meeting is bringing pyongyang back to the

table. they could be willing to meet. it said it would not bow to any preconditions. china services sector pmi fell to 54.2 in february but still remained well above recent readings january's 54.7 was a near six-year high. composite 53.3 from a multi-year 53.7 china showing more workers for the 18th month in a row. and china will maintain its growth target of 6.5% report in its annual report, lee outlaid a report and comes between heightened tensions between u.s. and china on trade issues. as china's elit gather in beijing for the congress >> reporter: as china's national peoples congress or parliament kicks off, still dealing with a mountain of debt, trying to

maintain financial stability, now in the wake of president trump set to impose stiff tariffs on imported steel and aluminum, tried to avert a trade war. >> translator: we don't want a trade war. we hope to abide by the international rules especially the rules of the world trade organization in this regard, china and the united states are in process of consultation, of course, we're ready for all possibilities. >> reporter: so far, beijing's reaction has been negative and sharp but has stopped short of any concrete retaliation efforts. the trade talks continue here in beijing. they started last week in washington, where the issue of corporate exemptions for specific individual companies could come up. now, one interesting feature of the proceedings this morning was trying to increase defense spending for the first time in three years plus 8.2% raising a lot of eyebrows because they're trying the increasingly obvious

buildup in the south china sea finally, one thing to watch at the end of the congress a vote who is going to replace as the new head of china's central bank the economic adviser just back from the talks in washington is the leading contender. the chinese government has been quick to react to trump's tariff announcement. officials spoke out adding they support wto rule however china's vice foreign minister warned that china will not sit by and let its system be damaged. prime minister teresa may in a phone conversation discussed that she expressed her deep

concern at the information we had world leaders weighing in against the ideas of tariffs on steel. what happened, in fact, more bluster from president trump, saying not only on materials but on all european cars so this steps far away from the narrative that national security is in danger which is why the tariffs have been lodged how dangerous is a narrative >> well, it's potentially very dangerous if things really spiral out of control. but we've seen this kind of thing before, not with the security justification, but in the past there has been restraint shown by other countries. i think we've seen that on the clip from china and the european union as well which is a pretty good chance it doesn't spiral out of the way the rhetoric is we're also yet to seat executive

order from the u.s that might be very different from blah people are expecting >> and talking about what the trade tariffs could look like. this is quite key, in the past we've seen tweets from the president and then the machine trying to put meat on the bones of the story we had peter navarro, the director of the white house national trade council talking about it for so long saying there could be exemptions around the company level. how big of a difference would that make? >> well, that depends how it's done if exemptions are for dissbusins which we saw in 2001 and 2003, a lot of tariffs stable being watered down buy the time it got to the point where eu was going to institute its measures. >> in terms of the overall impact with the economy growing nicely with global growth from

2017 and really is a tailwind into 2018. is any of this compromised as a business becomes more cautious, it can be greatly impacted by this type of story >> i it's very unlikely. you can see the dollar move, for example, but financial markets move quickly the moment behind the global economy moving slowly. we're talking about steel and aluminum which is only 2% of world trade. >> when it comes to what we've had in recent years. government has tried this tigt for tat trade war. going away from that, we actually had hard policy around trade protectionism? >> that's the question in the long run we have to see what comes out of the u.s. it's such a complex and muddled

and incoherent white house that we have to wait and see. what we might now see is some around the edges, some of the globalization and openness coming away. i don't think it's going to be that dramatic. >> andrew, thank you for joining us today for the latest on the trade story. "the shape of water" has taken the top honors at the 2018 oscars, including best film and best director. francis mcdormet wins best actress. let's get out to the nbc news correspondence for us, jennifer, no doubt, a lot of black dresses on the red carpet today. but also a nod to me too >> reporter: there was a lot of

that, karen. but not as much as we saw at the golden globes, a few weeks ago in fact, this was a much more fun ceremony, where instead of activism, we saw more celebration of the changes that are starting to take hold in hollywood. and in fact, just a few years ago, when the hash tag was oscar so white, well, last night, it was all about celebrating the diversity and the different voices and different nominees in the oaudience and how things changed quickly. it was "the shape of water" winning best picture including best director, best actor was gary oldman for "darkest hour" for his portrayal of winston churchill. and frances mcdormand won best actress.

and allison janney for "i tonya" host jimmy kimmel had a lot of fun with the audience. he actually surprised an audience watching a film next door at the very famous chinese theater. they were watching "a wrinkle in time." he popped over there with prizes for the audience and let a random guy out of the audience introduce the presenter for the next award a little bit more of a fun show than we've seen in hollywood during this year which has been a very serious year for hollywood for sure, karen. >> yen pjennifer, what do you mo the nominees to picked up awards typically, you see who is going to be the most pivotal actor or actresses based on the academy awards? >> reporter: you know, that's a really interesting question. there weren't a lot of surprises

in this awards show. i think the most interesting moment of the entire show, though, was frances mcdormand's acceptance speech. of course, it's her second win this is not a new actress coming on the scene but for her to recognize every woman in the audience and have everybody stand up that was nominated. and recognizeded for their work in film. host jimmy kimmel said, you know, she should get an emmy award for her oscar acceptance speech because it was that moving and that great. people really, really loved it >> jennifer, thank you so much for the analysis and the washup on the oscars, much appreciated. another news, the possibility of the biggest tech deal in history faces another another battle as the broadcom saga rolls on. qualcomm's meeting is on hold.

and broadcom expressed point saying qualcomm secretly formed a request to regulate. and then would back the potential $117 billion deal. so toxic relations between the two companies and you deputy wonder if they should even tie up i want to take you back to the politics in italy. mateo salvini is has been to hold a news conference for the euroskeptics and also the far right. you can see the press awaiting the commentary, as the markets are nervous on the back of the result today that is all for today's show today. i'm karen tso. "worldwide exchange" is coming your way stay tuned o-wash fabrics... ...there's febreze fabric refresher.

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markets now, u.s. futures under pressure fears of a trade war spill into a new week we've got the full market reaction up in the air, italy headed for a hung parliament. we're live in rome with the details. and "the shape of water" taking home hollywood's biggest price. with the oscars. it's monday, februarymarch 5th,. and "worldwide exchange" begins right now. ♪ good morning a very