i'm in no rush, but i want to make sure that the person who buys it takes care of the master's masterpiece. somebody as crazy as me. welcome to "street signs." deutsch banks has a new ceo. they say fourth quarter set backs will not be repeated under any circumstances. novartis buys a company for a gene deal. rusal plummets

they dragged glencore lower. italia reopens in the red after being halted down. they replace six board members and change strategies. good morning, everybody. happy monday this is part of a new week and a new week for equities as well. you can see as the momentum is a little more positive, these are some of the stocks we had this week dow closing up apparently 10% in all-time high. s&p breaking towards the average. the momentum in asian entities was a little somber. the broader stocks in europe 600

also up .5% already in one hour of trading let's switch to markets. there you can see in line with what we saw for the composite index. all of the sectors are trading in the green this morning led by germany. germany is up at .8% cac karant ftse 100 up .2%. all eyes will be on the ecb as far as eurozone is concerned some industrial production numbers to watch out for it will be driven no doubt by what's happening in equities markets abroad speaking of sectors, banks are leading the charge that is on back of our top story. deutsch bank, we'll get to that in a second.

they're lagging down .3% oil and gas is down at .1% let's get to our main story. deutsch bank's new ceo says they must make tough decisions. christ y-- christian sewing made a statement. we have been following this story. it looks like we finally have the name for the new ceo after many speculations and many weeks. a sloppy process the stock market is taking the news quite well. we're seeing dupuis bank slayers up .3% is this a new page can we say the old chapper is

firmly behind us and investors can look at what mr. sewing is going to bring in? >> reporter: that would be easy to say we turn the page. the new ceo is inheriting quite a new situation. he's lacking experience with other banks. so to say it depends on which side of the medal you look at. of course, he could install some stability inside the bank. he knows the bank well he's lacking serious experience in investment banking. that's the part that's not doing well revenues were disappointingly low. we need a boost for deutsch

shares to really pick up, i guess. whether he's the right man to do so the jury is still out he's not even in his new job he will only start at the beginning of next month. of course looking at the first reactions from analysts, the line is more or less, yes, okay, it's good that we have a new ceo. it's good that the rumors are now over because literally almost every day there was a new name cited as being potentially the new ceo of deutsche bank we don't know what that will mean in terms of strategy for deutsche bank. it could well be that they'll see further cuts because he's literally saying that he looks at the investment bank thoroughly and it would well be that his personality -- >> appears that we have just

lost the connection but she was giving us initial reactions on the point of christian sewing as new ceo after many weeks coming to the market. it has been confirmed that he will be the new ceo. he was the co-ceo beforehand and pleased to say that joining us on the line is colin mclean. thank you very much for joining the show this morning. as you've probably heard, i was speaking to my colleague just a short while ago. we were talking about sewing's background what do you think his appointment means for deutsche bank's presence in investment banking and particularly investment banking in the united states >> good, good morning. i think it probably is an indication that there may be some draw back in the u.s.

operations so i think they may even find it hard jer to keep the talent they need with this ambivalence sewing brings other talent which is building the domestic franchise and trying to cut some costs there. >> if you look at some of the elite people, deutsche bank has been lagging in certain areas, syndicate, advisory. all of the strong sectors in investment banking still, 50% of the revenue comes from their investment banking unit they can't completely tear back or walk away from it perhaps it's a matter of disposing the less profitable businesses. >> yes that's quite a task all the same they missed some years in which all of the other banks have been restructuring. i think they've lagged in others

like what barclays and credit suisse have done once you start to lose share in bonds you don't get drawn into some of the m&e work some of that work will be difficult to untangle. >> a huge mountain to climb. i want to ask you about mr. leitner himself. as some of the people are saying that the way this whole process was handled doesn't necessarily reflect well on the chairman he was the person who appointed mr. cryon. >> i think once the new chief executive was settled in, i think there has to be some questions about the chair here we've been through three chief executives in six years. there's not been a fond public support for the last chief executive and i think the chair

tried too hard to keep onto the business maybe they approached americans and others to see if they can keep the u.s. going so i think he's lost his own strategy i think the board will look at that once the new chief executive has settled in. >> once it happens in a couple of months time the other thing i want to draw on is the fact that the other co-deputy ceo mr. shaping has announced he was planning on stepping down because of the bank not committing enough resources to investment banking. this is a bank trying to find its identity it's on one hand identified the problem that they're lagging significantly behind their peer when is it comes to investment banking. on the other hand, they're not hedging resources to building up that business. do you think we should get more

clarity and what the vision of the new deutsch bank will look like in coming months? >> i think so, yes i don't think it will be a quick decision here. i think it might be seen as an opportunity for some of the key people in investment banking there's a problem in investment banking. i think there's a problem with the core domestic and retail and corporate franchise as well. one final question mr. sewing not only has a big job at hand when it comes to the investment banking, but when it comes to the retail business on the ground as well do you envision any problems when it comes to the integration of that business and deutsch bank growing this domestically >> that's right. very good point.

they seem to have been changing their position from wanting to sell it to wanting to integrate. there's a cross selling on wealth by selling a minority, that becomes more difficult that's something they should keep it's not such an easy execution now that they don't own asset management wealth selling is harder. >> absolutely. so many challenges to overcome that was colin mcclean happy to say that nick davidson is joining me on the show taking a step back and looking at deutsch and also the financial industry as a whole in europe, when it comes to deutsch specifically, there is a three to one bearish rating on be the stock. a lot of skepticism about mr.

cry on's plans and lots of hope, i guess this morning, on mr. sewing being able to comment and turn things around what do you think the investment community needs to see and hear in order to get more bullish. >> they'll need to see progress. >> if deutsch all of a sudden announced they're moving away from their long term plan to moving away and switching back to becoming more of a retail and domestically focused bank, when people start questioning whether they've lost their identity? >> i think the turnarounds are difficult to achieve but they can be done successfully we have exposure to other companies which are attempting that i think time will tell we're invested in deutsch bank in our own portfolios. >> there are other examples of banks with turnarounds

barclays so, yes, there is expected to be met with a lot of skepticism from the investment community. at the same time it is not unfeasible that they manage to turn it into the type of bank that investors want to see. >> yeah, i think that's right. so let me be clear i do think if you're selective there are tons of opportunities in european banking stocks today and some of those turn around stories are a good example we like credit swuissesuisse. increase their focus on wealth management now that could introduce some turbulence in the short run. you tend to get up front costs for making those restructuring moves and the earnings improvement tends to come a bit later. if they were successful, that could be a profitable way of going. >> sectors have been low and european equity space.

have you heard anything given the turbulence you've seen coming out of u6789 s. equities and it causes you to re-evaluate? >> yes, it's important to be attentive in the down side risks particularly with banks and other more economically sensitive names. what we tend to prefer are companies that aren't simply dependent on a very positive macro background whether that's in terms of growth or it's in terms of better interest rate margins on loan growth look for companies like credit suisse, for example, or a bank in italy that are taking self-help measures that can give them sources of earnings growth even if maybe we don't see continuing improvements in the macro bank. >> also again that comes back to keeping costs under control. one of the big issues is deutsch has a very high cost to income ratio. real pressure on the entire banking system in europe to keep

bringing down those costs. what measures would you need to see from deutsch in that regard to bring it on part with a company like credit suisse or making big steps >> well, we have to see the scope of cost reduction in their investment banking is and hopefully they deliver those. >> switching gears, we have earnings season coming up starting off with the u.s. this week some people are saying that the eps growth forecast for this quarter is quite lofty 17%. the bar is quite low given people's high expectations do you tend to agree with that >> i think a lot of the earnings expectations in the u.s. is already pricing in the impact of the tax cuts now those ought to be reasonably secure obviously there's a degree of uncertainty. the growth back drop remains

positive no reason not to see a positive quarter of earnings. >> we spoke a lot about financials what are the other sectors that you want to have exposure to in the coming months? >> there are opportunities pretty broadly across the european markets today if you could look at european equities as a whole, although we've seen some of the recent survey data coming a little bit off those peaks, when you get down below the surface, you have companies that are far more confident about raising prices that's good for their ability to pay higher wages, to make investments more than necessary. they have on average strong balance sheelgts ats and financg costs are low. valuations today lower than what they were at the start of the year i don't think the opportunities are particularly confined to one or two sectors >> particularly versus the u.s

nick, stay with us that is nick davidson, senior equity manager from al linesbernstein we'll be continuing that earlier. meanwhile, christian sewing has a tough job running deutsche bank for goldman sachs ceo it's teaching electronic dance music at nightclubs. though he's normally seen in a suit, reuters caught up with solomon as he kept the dance floor running. he spins under the name d.j.d soul that is pretty cool. shares in telecom italia are sharply lower ahead of a crucial board meeting. eas for the group after thi brk. om quiet... to bustling. with hundreds of pros and volunteers.

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let's fix that. let's give this guy gig- really? and these kids, and these guys, him, ah. oh hello. that lady, these houses! yes, yes and yes. and don't forget about them. uh huh, sure. still yes! xfinity delivers gig speed to more homes than anyone. now you can get it, too. welcome to the party. not in a way that impacts free cash flow or the net cash they're not making any change in the guidance now over the weekend boeing

contracted with airbus for 17 jets to american airlines. wpp is trading higher. they're ininvestigating his conduct. the daily mail said they may push for a breakup of the firm because of new competition for advertising dollars from google and facebook it has rejected the allegations. and shares in telecom italia opens sharply lower as the battle to control the italian phone group continues. shareholder adviser glass lewis says they should track the proposal and shake up the strategy the activist investor is looking to improve the performance happy to say that nick davidson from alliancebernstein is still with us on the show.

we were chatting offline about 9 telecom industry in europe so far it has lagged versus other sectors that have put in quite a bit more performance from year to date. do you have any exposure in the telecom industry we have some what's it's one of the things that europe is making. so we own those three. we don't have exposure to italia. >> lots of questions about the governance there from italia going back to the broader telecom industry, one of the things that comes up time and time again is the fact that it's very embedded, very leveraged industry i wonder with people seeing big deals whether or not that poses somewhat of a headwind to the

industry by the end of the year. >> it could be let's remember the ten year zoomed 50 basis points that's very remote but investors will be looking out for it more of an issue of u.s. equities over the two regions. >> you're talking about the macro here twofold. the one is i want to talk about the data it looks as though the pmi numbers have peaked and gun to go to the down side. we saw very high levels. the momentum is going down on a forward looking basis does that make you be a little bit more cautious about the outlook. >> as you say, that's coming down, but it's coming down from extremely high levels. i think if you look at other

metrics it should give some indication where the market's going. if you look at the bloomberg surveys, that still resides in the 2018 growth forecast up. yes, we may have seen some in the rates of growth. also important not so much just the level but the well-balanced nature of growth >> if anything, ironically it's germany that's slowing the most. one other question that comes up in the macro context is the effect of currency there was a lot of nervousness towards the end of last year, beginning of this year about the strength of the u.n. and whether they would start fighting and whether it comes to some of the export sectors, specifically

germany. what we're seeing is any time there is rhetoric about trade wars or tariffs, the german index gets hit the most. at what level does it become problematic? >> it's the currency in tariffs. we need to separate them out currency is not at the level where it's cause for concern if you look at the euro today relative to its long run trading average, if anything, it's still a little bit cheaper than it has been in the past so it's certainly something investors react to most forecasters i see find it hard to make a strong forecast about where the euro and dollar are going. if you look at the trading range over the last two months it's pretty narrow. trade clearly the german economy is more exposed. that probably is a risk that markets rightly are paying more attention to today. >> something we need to keep an

eye on nick, thanks very much for joining "street signs. that was nick davidson from alliancebernstein. elsewhere, adidas plans to close several stores as a push towards online retail. speaking to the financial times, they say over time the company will have fewer stores but they will be better. and engie is reportedly exploring a bid for edp. according to traps sit dsm business website, the decision on the offer won't be made until engie's new boss takes up his new position in may. he's declined to comment on the reports. we've discussed many things this morning. if you have any views or any comments about the deutsche bank new ceo, feel free to get involved in the conversation e-mail the show, it

tweet the show also. coming up in the show, china lays the blame for trade friction at the feet of the u.s. we'll be live just after this break. stay tuned 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 ♪ my mom washes the dishes... ...before she puts them in the dishwasher. so what does the dishwasher do? new cascade platinum lets your dishwasher be the dish washer. three cleaning agents dissolve, lift and rinse away food the first time. new cascade platinum.

welcome to "street signs." i'm johanna versace and these are your headlines deutsche bank wakes up to a new ceo. christian sewing is the new replacement. they say fourth quarter set backs will not be repeated under any circumstances. novartis buys a company in a bid to build its gene business rusal is sanking after they dragged glencore lower. u.s. department of defense denies reports it is launching

airstrikes in syria after international outcry over the apparent use of chemical weapons in an apparent take in douma it is the first day of the week it is monday, and euro penal markets are trading on a much firmer footing versus where we left off towards the end of last week you can see that all of the four big indices are trading in the green this morning led by xetra dax which is shy of being up the ftse 100 is the relative underperformer up only .2% or up only 14 points or so definitely the week is starting off on a much better foot than what we saw towards the end of last week as some of the trade tension rhetoric has been dialed down it's something everyone is watching out for let's switch to the foreign exchange the dollar has been interesting.

it's been pretty much steady. the zol lar is almost unchanged. the nikkei investors have been watching it's a tad stronger this morning with the currency up at 107.10 and through 107 yet again it's been jumping around that point for quite a while let's switch to u.s. futures the dow did close in correction territory on friday down 10% its all time high. s&p fell through the 200 day moving average as you can see this morning the futures are seen opening up higher for all of those indices.

dow seen opening up 200 points higher it looks as though the start of the week will be a more positive one for equities and also bear in mind that it is the beginning of earnings season all eyes will be on how the earnings are done over the next jeer or so li says the moves could hurt global economic stability. earlier chiern na's foreign mib nis stri blamed the u.s. china will take down its tariffs. he also tweeted that the two countries will reach a deal on intellectual property. martin is at the biofarm i'm expecting trade discussions that feature high in all of

these conversations. what is the mood on the ground there, martin? >> reporter: well, there's a lot of anticipation. good afternoon good morning excuse me. we're less than 24 hours away. it's 4:30 in the afternoon here in hainan, as far south as you can get in china we are expecting president xi jinping to talk about further opening up china's economy they're raising the limit on foreign ownership to majority or above, 51% or above in other words. what will be interesting is whether he frames this as something that china had intended to do all along or, rather, as a concession to the united states. chances are it is not going to be the latter. we talked with a lot of business leaders here one of them was byron grueling

from the u.s. chamber of commerce he represents american businesses this is what he says they're expecting or anticipating from president xi. >> we're all looking for more than he said in davos. that he'll have something that's specific enough and tangible enough to give us confidence that the market access reforms are being pushed here for domestic purposes in china, not just for the u.s./china relationship but for china's development. we heard in november openings around banking & insurance and regulatory issues, something martin mentioned it was, again, a little bit too little not a definition in terms of scope. they're looking for something immediate and looking for something beyond the question is on the table is how big will the reform package

be, how specific will it be? and how will your administration react? the absence of dialogue has been problematic. we'd like to see china and the united states at the table talking about the issues i don't think we're going to get a big deal in the timetable that we need. i think confidence building measures between china and the united states are necessary at this time to de-escalate the tensions that exist in the relationship and that would go a long way today and tomorrow if the president were to say something. >> from amsham and we will be listening in tomorrow morning for a sense of size, scale, also scope of reforms that president xi jinping could announce but also how soon. the time line is important with the november congressional mid term elections coming up in the u.s. an interesting twist is china

has its own self-imposed deadline for certain reforms that's roundabout october. the question is whether or not that is coming a little too close to reverse a trade conflict becoming a trade war. here's another interesting twist as well to this. we've got a situation where according to latest or some of the latest information from chinese officials, they're encouraging trying to lobby american business to turn against their own president and criticize this unilateral tariff approach to trade with china obviously we know that that's what they've been doing on their own already. it is a little bit cheeky to hear the chinese government to urge on business back to you. >> martin, i want to hear about the china made 2025 policy

that is one of the goals to essentially create a technology powerhouse out of china by 2025. then you hear the likes of donald trump tweeting that eventually he's hoping that the two countries can come to an agreement on intellectual property assuming that would essentially entail the chinese companies or the u.s. companies that are involved in china being a little less exposed to china's state scrutiny and less subject to some of the rules that have been imposed by the chinese government vis-a-vis sharing some of the intellectual property and knowledge on the ground i wonder whether or not this back drop will have some bearing of that made in china 2025 policy and what some business leaders are saying as well

it certainly could have. the national people's conference, this is something that chinese leaders addressed directly this is premiere lee cong chan they said they would protect more and, two, china would not force the transfer of technology including from american companies. saying the right thing is exactly what the trump administration and obviously u.s. businesses want here. again, just words. it is unclear how much of that has actually been codified into law or into legislation. something certainly worth watching this is a fight at many levels including intellectual property. i want to leave you with one thought. experts have been telling me if it comes down to any sort of arbitration or litigation at the

wto level, it will be difficult to prove motive as well as evidence as they sit down to do business and write a contract, is that really forced or not at the end of the day u.s. companies have a choice. >> you raise a very good point there, martin. thank you for bringing us the latest i think that question about motive and evidence is a big one. anything from $300 billion to 500 billion. difficult to quantify that moving on. steve spoke about trade. let's take a listen. >> we tried to avoid for whatever the price of a trade war. in trade war there are only

losers, not winners. we are negotiating or discussing with the united states or u.s. authorities at the moment things are calming down at least a little bit we don't know what the final discussion is but the discussion is more calm there are also real issues with what president trump has raised like dumping or forced traps 49er of technology or investment training issues. those are the am phenomenon that has to be traced that's why the kwigs is very keen to cooperate with the state. >> if mr. trump has a point, as you say, over intellectual property and dumping why do you think he's choosing to go outside of the wto to make his point and to further his

altercation with the chinese >> well, the personal happiness of what he's doing, sometimes for the europeans it's a little bit difficult to follow but never theless, it's good always if you use the institutions like wto for dispute settlement so we do hope that the americans stick to the wto protocol and what it can offer. for instance, they would lift the ban on nomination of appalachian community. one cannot use the power of the stronge strongest. we have to build on world order. >> that's a traditional view

free trade globalized wto style of a thought which typifies the eu approach the president is ripping this up do you fear 24 is the end of multi-nationalism? >> well, if it goes too far, then it's the end of multi-lateralism i don't see this happening yet it's the only way we can settle the dispute. president trump is using quite conventional methods on trade right at the moment. there has been a lot of words, a little implementation which is good we hope we can convince americans to come back. >> you say things sound better than a couple of weeks ago i beg to differ.

i feel it's going the opposite way. >> as i said before, there are real issues in world trade like dumping, ipr and stuff like this we have to address them. the way to do it -- the way president trump is doing, threatening or black mailing is not the right way especially black mailing the french and allies so there is a big move on implementation >> that was steve speaking to jyrki, the vice president of the european commission for jobs growth, investments and competitivene competitiveness. if you want to get in on the show, e-mail us. you can follow us on twitter or tweet me directly. coming up on the show, we will hear from european commission vice president. stay tuned

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welcome back to "street signs. hungary's orban wins a third straight term. they're going to take 153 seats out of 199 orban has an immigration campaign and he's painted himself as the saviour of christian culture. glepcore shares are trading lower after the tensions on rusal. glencore owns an 8.75% share on the aluminum producer. rusal said it regretted the move adding that the advisors were

evaluating the situation steve spoke to the vice commissioners and asked him whether he was concerned by russia's alleged role in the u.k. >> those are our concerns and it was a case it was chemical weapons used on european territory quite unprecedented. certainly there has to be a response they're showing russia that kind of behavior is not acceptable. >> is europe in a position with the resources and the gas that it takes from russia there's not much europe can do. >> europe is clear it's not going to tolerate some russian

aggression it's also now very important for them to grow their international community. >> obviously as an important player in european politics over the last decade, do you see things getting worse in your relationship between the e.u. and russia >> suddenly relations are complicated but then it takes sort of both sides to be willing to engage and address constructive behavior. >> are both sides willing to act constructively >> there are still some issues. the u.s. has denied responsibility for an airstrike in syria they said several people were killed in what it called a suspected u.s. missile attack.

responding to the report, the u.s. said it was not conducting airstrikes in syria at this time this follows a suspected attack in dhouma. they say several people have died the syrian government has pulled the allegations and called it an allegation there's a warning that this package contains distressing images. >> the sound of a child's cry alive and being treated. after dozens of syrians choked to death in a suspected poison gas attack activists say barrel bombs fell in hospitals and shelters last night. many of the dead and dying found crouched in basements. dhouma is one of the last towns still controlled by rebels in the area the syrian government has attacked it for years and vowed to retake it

>> were there many people hiding in the shelters there in dhouma? >> some told us that they had been scared to come out of those shelters and that people had come out of the shelters and they had been killed. >> if it turns out that chemical weapons were used, president trump will face a dilemma. last april he ordered cruz muss siel attacks in retaliation for a seran gas attack recently he announced his desire to pull troops out of syria. >> very soon let the other people take care of it now. today he called it mindless pointing a finger at pow continue's russia, iran and syrian assad the regime there claiming terrorist groups planned the attack. >> reporter: an emergency meeting of the u.n. set for monday the deadly attack forcing the

world how to respond to the latest atrocity in syria tracie potts, our nbc news correspondent joins me i want to ask you about the about expected response from the white house. we heard strong words from president trump. one of the few times they've made a strong statement. are they going to re-evaluate what president trump said vis-a-vis pulling out of the country entirely >> reporter: it's a good question the president urged just as recently as a week ago that he wants the 2,000 troops out of there, but now he'll have a pressure lawmakers say not so fast. pulling out is smart they could take hold in syria if

the u.s. pulls out too fast not to mention this most recent chemical attack and what the u.s. response will be. a couple of things to keep in mind here. the u.s. said overnight the penlt gone said that they were not responsible for the airstrikes that happened overnight. tom bossart, homeland security advisor, said everything is still on the table nothing is off the table at this point. we've got a new national security advisor coming in as of today who's known for being a lot more conservative and urging airstrikes in the past so his advice to the president will be critical then there are lawmakers who are urging the president to respond, not to let syria once again cross that red line. >> also, what does it mean for u.s./russian relations because this is one of the few times that president trump has used his favorite resource medium twitter to criticize putin

this was on the heels of further sanctions. are you sensing a new chapter unfolding in president trump's relationship. >> he certainly took putin head on naming him in that tweet saying that putin and russia were behind this despite the denials. russia called it fake news that the chemical attack happened that they were responsible for it the president does seem to be more aggressively taking on putin head on while saying insiders have told us that the president wants to limit doing that publicly. he said there is a case where there isn't much of an option. there isn't much space for the president to allow for developing this cordial relationship with russia while trying to crack down on things like their involvement in syria. >> tracie, thank you for

bringing us the latest from washington that was tracie potts from nbc news. before we head off to the u.s., let us take a look at u.s. futures. first they have the trading week dow is seen opening up more than 200 points higher. s&p 20 points higher don't forget it is a big earnings week from the u.s moving away from the macro to the micro, we'll see how things unfold over the next couple of sessions "worldwide exchange" is coming up next. stay with us - 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. - anncr: prevagen is now the number-one-selling

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good morning it's 5:00 a.m. on the east coast. here are the top five things you need to know about right now the dow pointing to a triple digit gain at the open after closing last week in correction territory. deutsche bank ceo john cry on is out. the german lender tapping the head of the retail bank for the job. sticking in germany, german exports fell 3.2% in february. that's the biggest drop in 2.5 years. novartis making a big bet on gene therapy acquiring avexis for $8.7 billion today