bombast. welcome to street signs. i'm karen tso. these are your headlines >> the relief rally sweeps the continent in the hopes that president trump could rein in his tariff plans the ceo of vw says he is monitoring the situation >> apart from the rumor that things will change, the regulations have not changed we are calmly assessing the situation, then we will take the necessary decisions.

donald trump reignites hope of a nafta break through but says no decisions have been made yet and neighboring countries are still getting too good a deal >> we're not backing down. mexico -- we had a bad deal with mexico very bad deal with canada, it's called nafta our factories have left our country. our jobs have left our country for many years nafta has been a disaster. italian assets get swept up in the move higher despite a big struggle between the election winners. there's an activist on the line shares in telekom italia ring higher on a report that elliott management is building a stake to counter vivendi stockses in europe are bouncing back after what was a

better finish for wall street. stocks stateside closing around some of the session highs as the dow notched up 1.4%. in europe we're now off to a positive start, three quarters of a percent on the border benchmark index. all individual markets trading higher decent performances across the indices. a slight outperformance from the tele market. the ftse mib up today after negativity yesterday on the back of the election outcome. autos are ahead by 1.6% coinciding with the geneva motor show there's been all sorts of fears around tariffs that lurked behind the trade, concerned around steel and aluminum tariffs in the states, and a tit-for-tat trade war. then finnish goods came into the

debate on whether the u.s. would lob tack taxes on some of the t from there bmw trading up 1.4%. volkswagen at the head, it's trading ahead by 2.8 %, along with it fiat chrysler, a stock what's been volatile the last few trading sessions cnbc has been speaking to leading car bosses at the geneva motor show about the prospect of higher prices. >> translator: we have not assessed that yet, because apart from the rumor that things are changing, the regulations have to the changed we are calmly assessing the situation, then we will take the necessary decisions. >> of course we first of all are listening. i'm a big friend of open and free trade markets of course we will have to check

whatever will be decided >> the european automobile manufacturers association says international trade is an important pillar of the region's competitiveness. the acea said eu and u.s. carmakers have been integrated for decades adding it supports free and fair trade. today's moves in europe follow a strong showing in the states as investor worries about a trade war receded following comments from president trump signaling he may change his tariff plan. taking to twitter to comment on nafta talks, he said while the trade deal has been bad for the u.s., tariffs on steel and aluminum will only come off if a new and fair agreement is reached. pressure also came from house speaker paul ryan who reversed the president to reverse his stance saying it could reverse the benefit from tax reform. speaking alongside benjamin

netanyahu, trump said he would not be forced into a decision. >> we're not backing down. mexico is -- we had a bad deal with mexico, a bad deal with canada our factories left our country our jobs have left our country for many years nafta has been a disaster we're renegotiated nafta as i said i would if we don't make a deal, i'll terminate nafta. if we do make a deal fair to the workers and the american people that would be, i would imagine, one point we'll negotiate. tariffs on steel for canada and mexico we'll see what happens let's take you back to the market reaction in italy today as investors continue to digest the election results so far we've got 22,000 points on the italian market, a bounce of 1%. 236 points higher.

a pick up from the trade yesterday, and when it comes to yields, you can look at what we're seeing now on the ten-year in particular. we are trading at 2.06 still holding above that 2% mark we've come back just a fraction around the edges let's get out to joumanna bercetche for more day two as investors pick over the detail of the 5-star and the la lega over the weekend >> i've been in milan the last couple of days digesting the news and speaking to various business leaders and investors in italy to get a sense for what people are saying on the ground and how the elections could impact sentiment right now joining me is the ceo

rafaeli santani. everybody has questions on the elections and the certainty with business confidence. what do you say to that? >> the global level after the political election is not impacting the markets anymore as much as they would in the past this is a big change italy is not making a difference the market is doing reasonably well the focus now from the markets will be on what is next in terms of what could be the next government, what are the programs, so on. but i think, you know, it's going to take time before getting to a solution and, you know, in the meantime the economy is doing well. i think the market is reflecting this economic behavior that is positive >> when you listen to some of the economic plans put forward by five-star and lega, does it

concern you that some entail repealing some pension reforms and clearly the priority from both is to spend more and start widening the deficit again >> you know, what i would say here is that, you know, despite things being different from time to time to getting the election and gaining votes, i think in the end whoever gets the government needs to confront himself with the reality so, you know, some of the promises or ideas they may have may be different than once they get the government to realize that maybe there are no resources available to fund the plan so i think this is everywhere. and, you know, countries like italy, they are an old democracy at this stage. they are able to get to the rite

balance any way with whatever formal government. >> this comes at a good time for the italian economy. we have seen gdp pick up how has business been for you in the past year and what sectors have people been most active in? >> the business has done well. we experienced almost a record level in terms of ipos there are a lot of companies that are coming to the market. looking to raise capital the export-led sectors in general is doing very well and companies, especially in certain sectors that are much more exposed to the export, are experiencing record results. so i would say, you know, overall the economy is doing well i think that the rate overall this year will be 1.5%, 1.6%

but if things are continuing to follow this path, this could increase further next year so i think the economy is doing well so this is also why i think from a market standpoint political elections do have less relevance. the economy is doing well. it's going to continue to do well in the next two, three years. >> you mentioned a strong pipeline for deals can you talk to me about that? >> we have a strong pipeline this year we hope to set the record level in terms of new companies, new ipos. there are many that are considering to join the market i don't release these names because it's quite confidential. but one of the largest is maietti mar rrelli. could be one of the largest ipos this year. >> thank you very much for

joining our show we just heard from the ceo of borsa italiana, who says the economy is doing strong. >> thank you very much the leaders of the five-star movement and la lega have claimed victory after sunday's elections. both luigi dimaio fratelli have claimed winning. former italian prime minister renzi resigned as head of the democratic party. renzi quick to wash his hands. i've never seen such a quick run to the opposition ranks.

is it the right move for the party and foreign z renzi >> he said he will leave as leader but still wants to insist that his party won't take part in coalition talks as you mentioned, neither the center-right coalition with lega in the clear lead there participating in that coalition and the five-star movement do not have that majority needed to form a government. they would need to bring politics from other parts of the political spectrum to get to that 50% number that the italian president would need them to get to to have a working viable government that may involve them poaching members of the pd party of matteo renzi an getting them to come on board. there's a number of well known individuals in italian politics who they think would be easy candidates to get into power

through the backdoor the other divide is a much more social one we heard a lot from lega about creating jobs. if you look at the electoral map, it's clear that lega has a huge stronghold in the north that's where they began several decades ago. and the newer party has done well in the south, where we have seen this massive youth unemployment i had a chance to talk to federico barbaro, head of an italian shipping company headquartered in palermo i asked her about what she was concerned about given these results in terms of the economic, political and social fabric of italy. >> the south of italy, i don't know something will change. not really

i'm not that positive. north of italy, milan is fantastic. a fantastic region, not only a city and milan will follow the fantastic trend they're into, because there's sort of continuity the thing is that we have two italies. i believe north of italy will go positively in the right trend they're into and the south of italy, unfortunately, i believe it will stay the same. this is the saddest thing. we have a fantastic role in italy. then we have this italy which is still the same since centuries now. >> obviously worth reiterating that she comes from the south of italy. she says she was worried about stagnation down there in terms

of economic growth and jobs. the real challenge for whoever ends up being given this possible mandate to form a government is going to be not just uniting the country socially, it's also trying to unite them politically across a wide array of different policies >> very big brief particularly with a new leader coming into the country. let's look at some key economic data points in italy to refresh your memory about where the country has been gdp is around the 1% mark. unemployment remains high compared with the eurozone peers, despite a downward trend. it stands at double digits, around 11% nonperforming loans in the banking system is still comparably high with the highest or latest data showing 160 billion euros of debt outstanding. we are joined in studio now by

lorenzo. we know the president will ask one of the leaders to try to form a government. where do you stand on the election results so far? >> first of all, the election results are, you know, producing a very uncertain environment in italy. basically, you know, you have three major forces let's forget about the free and equal a small left-leaning group which barely managed to pass the 3% threshold this will become irrelevant for any coalition. so you have three groups the five-star movement, that basically gathers people from the right and the left it will be difficult for them to side with the left of the right. they risk losing some consensus within their own voters. then you have the center-right and the big question mark there is whether they will continue to hold together. so far it looks like they're

claiming to govern the country and to stick together. the center-left that disappeared. only the pd has disappeared. there's the pd and we have seen matteo renzi resigned. though resignation will not be valid immediately. he will manage the negotiations for the new government i think -- i think there are three options here one is that probably the president will give a mandate to the center-right leader, probably to form a government. my bet is that it will fail. at least initially the pd and five-star movement will not agree to support a center-right government secondly probably the president will move to the five-star movement they will try maybe to form a government, but in italy that's difficult, because at the end of the day you have to pass the

confidence vote in parliament. so they will have to make up their minds to move to the right and find some support in the northern league or move to the left and strike a deal with the pd whether this will work, i don't know there's a chance but i think if that phase happens, then the ball is in the camp of the president. so the president -- >> to call another election? >> he will step in and try to form a government, an institutional government with a broad support, possibly involving the five-star movement and that might be the final solution >> something cobbled together like a grand coalition >> yeah, a very grand coalition with a limited mandate and a two-year time frame. i think that's going to be the final outcome of this. >> sounds awkward. if you had this shift to the right effectively, the far right, the idea when this

coalition was first discussed before the election, it would be that it was more the forza italia party that would be the main leader in the coalition, not a junior party now la lega has taken the front role do you think silvio berlusconi would be allowed to head the party and govern the country >> that's a big question mark. it's difficult for berlusconi and also for the voters of forza to accept leadership by the northern league. that was the agreement before the election i think at the moment they stick to this agreement. whether this will survive the discussions on the new government remains to be seen. >> just economically very quickly. do you think italy is now facing more challenges in the reform process? has it gotten harder on the back of this election >> i think the reform process is in a much worse position now

at least because some of the forces that won the election, the five-star movement and northern league are openly calling for a rolling back of reforms introduced by the previous government. not only is there stronger momentum but a risk for tracking so i think this is the situation. having said that, as we just mentioned before, the economic situation is improving particularly in the north. and so the -- that's -- the environment is not conducive to a lot of market pressure to me, it was amazing the very muted reaction yesterday i think we have to see whether this is going to be maintained in the future. >> did seem short-lived. thank you very much. coming up, why telecom italia could be the next battleground for an activist street fight we'll explain after the break.

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you're watching "street signs. kobe steel's ceo will step down

following a scandal. >> japan's third largest steelmaker kobe steeled had been faced with a scandal of aluminum and copper materials quality data being falsified it affected over 600 companies that received metal products from the steelmaker that did not meet specifications. though they all did report that there were no safety concerns over the use of kobe steel in the products and services. the revelations brought kobe steel under scrutiny by the u.s. department of justice. today it was announced hi hiro kawasaki will be stepping down as a result a summary by an independent committee revealed there were

six additional companies in the group's machinery and steel divisions involved in data falsifications it also said that some of the current and former board members and executives had been aware of the problem but had not taken any action the report said the root cause of the issue was overemphases on productivity and taking orders without considering production capacity the summary included the creation of a monitoring committee made up of outside experts to keep watch on quality control. that's all from the nikkei back to you. >> thank you very much coming up next, we'll speak to renault's coo as the auto maker faces critical challenges. "

i'm karen tso. these are your headlines european carmakers drive the market higher as a relief rally sweeps the continent in the hopes that president trump could rein in his tariff plans the ceo of vw says he is monitoring the situation >> translator: apart from the rumor that things will change, the regulations have not changed. we are calmly assessing the situation, then we will take the necessary decisions. italian assets get swept up in the move higher despite a brewing power struggle between the election winners as the five-star and the lega claim a mandate to lead. italian assets get swept u in the move higher despite a big struggle between the election winners.

cnbc spoke to renault's coo, theirry bollore, about electric cars and the challenge of getting cities ready >> this is a problem being involved in many cities today. we have a lot of possibilities to charge, and you should not forget that the electrification of cars and automakers today are making amazing progress. this is fast progress we can see. this is a key point you're mentioning why we are so confident? first, because we are experimenting heavily, everything linked to car sharing, linked to ride hailing, we're doing that with partners with caroo, also with marset

that we are operating at the moment, so we keep all doors open in our positioning in the next business model. it's key we are doing that thanks to the assets we have today. you are mentioning electric cars it's already ten years we are in this business. we have seven cars including the last delivery. and we are making money. not only thanks to that we're number one, but we are already making money with that we know how to do it the second is for connectivity connectivity which is needed for these types of cars, we are 100% connected by 2019 on the market. last, which is absolutely key, it's autonomous driving. you can test a level four autonomous car on open roads, you can see our capability we have a plan, which is massive to be put on the market starting

in 2019. we are going to grow at this level three, level four until 2022 >> i'm sure you will get it done from the technology part of things do you think regulation will follow suit continents like europe? >> that's the beauty all stakeholders we're in close contact with they want that to happen they're using many, many situations we are not only make the experiments like autonomous driving to help us on the open road to make the business work and learn out of that. but they want to help us providing solutions. because this is the situation. we want to provide solutions, and all stakeholders are open to that so we're not so anxious about the speed at which regulation could help us to make life different. >> let's look into the future.

you had a record year of sales is that something you want to grow further there's natural level, i think, where you could grow to. >> we have a clear plan. we want a 70 billion euro turnover, this is clear. i'm mentioning additional growth as i said, we have studied it carefully and deliver between existing models and new models of mobility is limited first we have to fuel growth >> let's talk about your role as well inside -- your position, your role. so there was just recent management reshuffling you have added more responsibilities is it more like a ceo type of role, kind of providing you with the essential expertise to then be at one point at the top of the company? >> it's clearly the chief operating officer role i'm in charge of the operation

for auto all the executive committees reporting to me so far, we can -- the growth and profitabilities and customer satisfaction towards this vision i'm explaining >> let's talk about france france still has a 50% stake i think in renault do you think there will be at some point perhaps sale of that stake because macron is not a fan of that? >> you mentioned france, but i think you thought about europe today europe is almost half of our sale but is decreasing international growth is fueled by revolution in russia and also in south america and in asia, our top priority so europe is decreasing in terms of proportion even though we keep on sustaining our market shares there for the activity, because this is the question behind, i understand, our activity today,

ets pers especially in research and development is strongly based in france we're sharing all our research and development activities within the alliance. so our footprint is worldwide but localized in france. it is true >> here's a quick look at how some of the european carmakers are performing today on the market you can see green across all of these individual names fiat chrysler, 2.9% higher volkswagen, the german auto trading up by 3.1%, extending its lead across the sector renault performing nicely. 2.1% on the boards telecom italia shares are rising on reports that elliott management is building a stake in it competing against vivendi reports that elliott bought up to a 6% level and preparing an alternative business plan.

paul singer is disappointed in the performance since theirry bollore took control of the board. the stock dropped 30% over the past two years vivendi has also come under scrutiny by the italian watchdog joining us is dhananja dhananjay mirchandani. it's quite unusual when you have a company with such a large stake to be challenged by an activist coming in with 6% what do you think is at play here >> it's quite remarkable you have an activist challenging another activist you know, it is understandable if you think about the business operations, telecom italia is close to stabilizing revenues. had has grown ebita on adjusted basis by 600 million the margins have expanded by 200

basis points it's doing everything right operational as you rightly said. shares are headed in the wrong direction. this is a sector that's unloved. but telecom italia is trading at a discount to its historical valuations, and is trading at a discount to the italian discount that's prevalent in the stock market so, you know, this, i think, is the context of the frustrations of elliott or any other investor in the name. >> do you think the frustrations that led to the activist becoming involved could come from management? there was a report out a few weeks ago that the ceo could be on the way out this was a man brought in by vivendi to manage the company, now there seems to have been a falling out between him and vivendi. could this ceo have gone out to the market and called for an activist to come into play >> it's challengingte ining forn analyst. i can only look at the facts,

and think about aspects of the business that is under the business's control the first is governance. the fact that you have a share hold their has a 24%, less than 25% capital interest that controls two-thirds of the board and has an executive chairman. debate around structural integrity of the business in italy. and the question of whether or not the italian business in brazil is a part of the portfolio that should be part of a broad group, whether there are synergies. those are the three aspects of the telecom italia equity story which will come under scrutiny from any activist investor >> whether there are national interests coming that play here, and having just spent a week at mobile congress talking about telecoms in the future, 5g is relevant for a lot of countries. whoever gets there first has the ability to connect up manufacturing. 5g is necessary if you're going to automate factories.

if you think about italy, this is a manufacturing hub it's essential that the country get there's quickly. do you think some of the future direction could be coming into play behind the scenes? >> 5g is a technology that will underpin this distrust towards artificial intelligence or greater intelligence and automation there is the ecosystems involved will take a while to fall into place. the role an operator plays, a role that requires that it monetize the investments it makes into 5g which will be greater scale than anything we've seen historically if this has to be nationwide and contiguous, and if this has to underpin the sort of use cases that we might see in connective cars and other forms of automation i think we're still a while away from that. i think any activist investor today would be looking at this to try and unlock value with the

three things i mentioned, governance, the structure of the group, and its ownership of the infrastructure, which is a thorn in the side of government and whether or not telecom italia is the best owner of its business >> one other issue is preparing for the future even though you look at short-term ramifications for an activist investor, a lot of telecom companies are positioning about how big they want to be, who their competitors are and partnerships with do you think vivendi as a major shareholder is almost a blocking stake for true convergence that will set the company up for the future >> i wouldn't subscribe to that notion i think telecom italia has all of the ingredients it has the best mobile network in italy today. it made an investment over the last four years to take fiber to the cabinet, so upgraded broadband infrastructure to north of 80% of italian homes. you're seeing the benefits of

that in the improving trajectory of fixed line revenues and playing a converged game, offering consumers a bundle of services across fixed mobile and content doesn't necessitate a shareholder that is vested in the media space at all telecoms operators are good integrators of content they do not need to have a shareholder such as vivendi. is vivendi's interest a potential interest to rye titala telecom? i don't think so >> very good to have your interpretation thank you very much for joining us on the back of this story we'll squeeze in a quick break here coming up, the swedish slide the currency at a low on comments from the central bank's governor

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. let's go to shares of smurfit kappa which rejected a takeover bid by irish paper. they described the approach address unsolicited and opportunistic. the company also said it was in the best interest of shareholders to remain an independent company. international paper was reported to have first explored a 6 billion pound takeover of smurfit kappa back in 2015 the details of this offer have not been disclosed. and after drijust eat share slumped on disappointing guidance they see ebita of 165 million pounds to 185 million pounds, below expectations

th this. and the swedish crown hit an eight year low after the riksbank governor said the government should not move too fast stefan ingves said it is too big and too early of a risk to raise interest rates now the bank of japan is not thinking about abandoning negative rates now, that's according to kuroda. instead he said that the boj could only debate exiting policy if i flags tnflation targets art he also said it would be necessary to speak to other banks when the boj decides to make a change. so coordinated exit around central bank policy. the european automobile manufacturers association says international trade is an important pillar of the region's

industry competitiveness the acea said eu and u.s. carmakers have been integrated for decades, adding it supports free and fair trade. cnbc caught up with the audi chairman and asked him about the potential impact of duties on european quarcars >> first of all, we in the industry got some hours ago this message. of course we first of all are listening. i'm a big friend of open and free trade markets, and we will have to check whatever will be decided. audi is a goodcy z citizen in t united states. step by step we try to balance our currency hedging >> in case there were tariffs, would you consider moving capacities, production capacities inside united states? >> first of all, a decision on

capacities is based on strategic plans of the company and surely not quickly only because of tariffs i think in the premium segment it is easier it's not so price sensitive. but nevertheless, first of all, we have to watch >> let's talk about your numbers and the margins. compared to your competitors, audi is a bit lagging behind is there progress when it comes to margin development? >> i think there is clear progress we are aware there was a big diesel issue which hurt audi when i see what's happening in 2018, 2019, 2020, so we are pushing now the biggest product offensive and program in the next couple of months. i'm quite happy that with the new cars audi's coming back strongly to the markets. >> talking about diesel, germany and select german cities are

considering bans on german cars. how bad do you think audi will be affected? >> i looked to our numbers a few hours ago. it is astonishing that in the last four to six weeks the diesel is growing and growing. it's stabilized in germany growing knitl lyin italy, growi spain. growing in different markets so keep cool we have to sort it out and do what's best for society and finally i think we will find the right solutions. >> let's get out to annette for more you have plenty to talk about already with electric vehicles, autonomous cars. yet on top of this the extra layer around tariffs tell us about the conversations you're having there. >> yeah. we are talking here a lot about electrifying the fleet but also talking about the luxury

carmakers. the sports carmakers are all here in geneva next to me is stefan dominicali, the ceo of lamborghini you are one of these luxurious carmakers prominent here in geneva let me ask you about what you're pri bringing in terms of novelties >> we have announced the spider, the car just behind me another member of this family, it gives to our customer new dimension. not only the technological capability that were already in the previous cars, but open air and enjoying the passion and emotion this car is giving to customers. >> let's talk about who is buying these cars. we have a lot of discussion about the new generation not liking buying cars but this is different here,

right? >> yeah. incredible thing that we are seeing is that our customer is very young the average age is between 30 and 45 normally people that are in the growth of their career in, of course, they want to be part of this world to be exclusive. to be seen we are creating informal luxury. it's not the old-fashioned way to live life but a way to be prominent. so from one side we see the young generation not interested in buying cars as it was in my age when i was young with this car they see it as different. they see that as an aspirational and iconic brand that's why there's a lot of attention in this brand. >> what's interesting is that la

bo lamborghini has moved away from the pure sports car and more into the luxury. how is that market going >> we wanted to be different but once again in a world where we're aware this kind of car is growing everywhere so we created the super suv. we have the dna of the super sport car brand in terms of performance and design versus more versatility that you can use with family, with friends, on the track, on the sand, on the gravel, on the ice, but in the city this is where we see an incredible positive request from all the markets. >> are you not like cannibalizing yourself inside the volkswagen empire? porsche has a high-end suf on t suv on the market and audi has one. why you are coming to the market as well? >> we are proud to be an italian

company, second to be part of this group, but as always the market is the dimension itself if you provide the customer what they want, there's space for everyone i would say that, you know, what is important for us, because there's a new dimension, to understand the need of this new segment that we didn't have the experience therefore it's important that we as a company, we are understanding what this kind of new customer that will come to us wants to have from this car >> let us talk about the situation in italy because we just had the election hung parliament. unlikely prospects of forming a government how -- are you affected by that as an italian company? >> to be honest, from that perspective we are not affected. therefore that's normal everywhere around the world. we follow what is going on being italian we're willing to see something effective for our

country. in terms of market and really all the elements that are part of our dynamic, we don't see an effect >> what happens in the united states, does that concern you? the tariffs on steel could that increase prices or the tariffs on the cars themselves >> that's something that we see every day as a possibility we always respect the laws and rules of the different countries. our customer, i would say, not so sensitive to that but to be honest our brand as a value, in any case that's not different from the others. if the product is good, if the brand is strong, they're able to afford any kind of thing >> so you operate in a high-end niche market there are many others operating in that niche market is your customer base, is that -- are they displaying high loyalty to the brand or are you also attracting new sort of

customers? >> i would say with regard to the super sport car products, we have a loyal base. but we have seen now with this effect of become in this generation, we are getting new customers into the family. with the new super suv, we see an incredible element that's very important almost 65%, 70% of the orders we see are coming from people that were not part of lamborghini once again, big responsibility, but a big sign of a great future for our brand. >> thank you very much >> thank you very much >> with that, back to you guys that's it from here from the geneva motor show. >> annette, thank you very much for bringing us that interview and for more on the topic head to cnbc.com for a look at the hottest new cars being unveiled at the geneva motor show from fast wheels to fast wheels, we will speak to mclaren's mike flewitt next first a look at how the european

markets are performing today it's sustaining some of the positivity throughout the morning session. the i t strong right across the board. the dax up 1.2% on the boards. some of this stemming from wall street which bounced yesterday futures this morning also looking decent from the states looks like it will give us another dose of green when it opens up for trade for our european voters, please stay tuned otherwise, "worldwide exchange" is coming your way next. that's all for the show. - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - 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.

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wham street pointing to a higher open address feas fears trade war. we'll tell you what the ceo of saudi aramco said about the upcoming listing, and the new burger battle. ♪ good morning warm welcome to "worldwide exchange" on cnbc. i'm wilfred frost. bi