when everything's connected, it's simple. easy. awesome. welcome to "street signs." i'm willem mairrx these are your headlines this morning. ubs sinks to the bottom of the market they say certain markets are challenging despite the market beat. >> there's much more selection in the sources of ipos we are well prepared for this environment. >> and better margins boost

phillips helping the deutsche health tech firm beat forecasts with sales close to 4 billion uros. >> we are becoming a digital company. we are focused on health care and improving the health of people we have made clear choices those are paying off i don't want to get ahead of ourselves. the spread between the german and ten-year yield as they sell off. nears 3%. u.s. president donald trump tones down his initial enthusiasm for north korea toning down the talk he says it's only a matter of time if they can reach a deal. some eurozone pmi numbers out at this hour

we've got the manufacturing pmi. it's at 56 that's against an expectation of 56.1 this morning and we look at the services numbers as well they're at 55. that is a slight beat on the expectation of 54.6. we've also had some numbers out in force from france and determi germany. it's 54.1. the manufacturing pmi for germany was 58.1 that beats the forecast there. let's take a look at the european markets so far this morning. you can see if we look at our heat map here in london, there's a little more red on the board than the green in europe all in the red ftse is flat the cac karant down .3 of 1%

let's look at the perspective. basic resources up 1/3 of a percent. health care slightly above flat line above 10% you can see food and beverages not having a good morning. down 1% and media sector also down around 1% financial services there pretty flat ubs shares trading lower off the bank cte 1 ratio fell slightly short of analyst's expectations. they struck a cautious tone for the coming quarter adding the potentials could threaten investor confidence. this comes despite reportings of the net profit my colleague is in zurich what are the numbers they've released today >> reporter: it's interesting, isn't it i i this the reaction in the share price this morning

suggests that this is not a market that is going to put up with a subdued outlook and i suppose that's the more negative side of the statement that we've had from ubs this morning. because of their headline level as you pointed out, revenue and profit beat expectations in the revenue and investment banking operations delivered here. but i guess where the analysts may point to some weakness, it was that ballot sheet story. the cte 1 ratio coming in below what the market is looking for broadly, the conservative statement that we had on the outlook suggesting that there is some concern around potential trade wars and, of course, on the geopolitical issues that donald trump, among others, have helped to raise for these markets.

let's listen in to the conversation i had with sergio amati. >> i expect some of the same i've seen in '16 and '17 we had a very uexuberant januar. well beyond seasonality. march has slowed down. i suspect the second quarter we'll have the seasonality factor, but i don't see things having changed a lot externally the macro picture is still somehow constructive the geopolitical somewhat less so see it waiting on client sentiment and activity overall >> in spite of that spike in volatility back in february and some continuation of that, it seems to me that capital market

activity is still a little bit suppressed compared to historical comparisons. >> absolutely for the reason i just mentioned i think client sentiment is more volatile and there's much more selection in how you see the sources of ipos and in deals being called off or having been reprized this is quake indicative of the sentiment that is out there. so there is a high focus on quality, high focus on pricing and -- but, still, you know, i'm very positive because at the end of the day from our standpoint of view we have been able to operate and be successfully in a variety of marketing conditions over the last few years. we are well prepared for this environment. >> in terms of client activity around advisory mna, other activities they might be engaged in at the moment, do you get a sense that it's picked up

because clients feel that they're in the last chance >> no. i still see a lot of interest in pursuing opportunity i think the discussions are getting more and more complicated and agreeing on terms, it's always going to take longer you know, i don't see that kind of slowdown in terms of the intensity of the discussions and the opportunity but the execution side of the equation is another one. >> and you still feel that you're very competitive against the major u.s. banks when it comes to getting that client business >> well, you look at our first quarter results. you get a pretty good answer to that so we have been beating substantially our u.s. viewers in terms of our ccs performance. of course, we are competing into a series where we choose to compete.

our franchise is very focused. you know, we are very -- we choose a business model that makes sense for our shareholders and our clients and in that sense we are also able to compete when is the time. >> and just on that issue of the cost of money, could you give us a comment on the flattening of the u.s. yield curve and the fact that we're seeing ten year yields back up around 3% how worried or otherwise are you about these trends >> well, there are a couple of factors in the market that were playing out. already in the fourth quarter but more importantly clearly in the first quarter. first of all, it's the widening of the u.s. treasury versus ois and this has been also impacting us from a p&l point of view because we are one of the few banks that recognizes those losses through p&l, therefore,

this is a major market for us with 120 million during the quarter. and then we have more funding costs related to an increase of -- of loss absorbing capital. now the second you are mentioning about the ten-year treasury, it's more psychological issues if you go about and get close to 3%, you will have 3% there is an absolute but also psychological element that we are keeping and people will assess their asset allocation and potentially looking more for bonds in order to pick up psychological level of 3%. maybe something that we need to watch. >> but you don't see that as a negative necessarily, just a shift in where the business may be done? >> exactly but, you know, i think that, you know, the other points that you raise is the flattening of the curve. this is not really good for

banking in the future for banks in general and particularly for banks where they're still a meaningful part of the balance sheet. >> reporter: willem, just a final comment here in comparison with the u.s. banks. we've seen very strong reported revenues from the u.s. banks on equity trading and whilst we know that big activity has been lower, it's perhaps worth pointing out that ubs has not managed to achieve the same line of revenue growth from equity market activity or from fic activity that we've seen from those u.s. banks so as we look at european earnings from the banking sector and ubs effectively initiates the series of banks that are going to report here, perhaps just worth pondering, if this is the market reaction to ubs which has a strong presence in those

capital markets and has benefitted from this uptick in volatility, what does that portend for some of the other banks in europe that may be wil see less volatility in the pickup market. >> certainly something to help me ponder that a bit i'm joined by mark burgess let's talk about the financial sector in europe and earnings and whether you see this sector as something that is going pretty well. >> i think there's some change ahead of it. it's notsuch a brilliant place >> what about europe, our remean equities more broadly beyond the financial sector it sounds like you're quite

bullish. >> so we've seen clearly the expanding of the earnings at the beginning of the year the rate of expansion is beating expectations as is the case in market's expectations have caught up with reality and the pace of expansion has slowed a bit so that's an active market we still think european markets are attractive there's still one caveat the companies we're seeing at the moment are starting to see the constraints. >> my colleague jeff talking about market volatility and how ubs seems to be out of that, maybe, maybe not do you think this is the moment for active money managers, is it difficult to trade in and out of this kind of vol >> it's always difficult to trade in and out of volatility volatilities give you an advantage to trade

we think the european market is one that absolutely sees active investo investors. corporate fundamentals is driving share prices >> we have seen where the numbers are from pmi, both germany, france, across the eurozone broadly i want to ask you about some of the numbers that we've seen. do you think there's a slight shortage of workers? is that something that you're worried about? we can get into a conversation about wage inflation your concern looking at companies in europe, whether they're not able to hire enough people but also what that means for wages. >> i think there's potentially shortage of skilled work force but clearly unemployment in europe is still outside of germany still relatively elevated i don't think it's a cause of concern but it is something that we need to pay close attention to wage growth is not somewhat a

sign of life in germany potentially but nothing that causes too much concern right now. >> before we go to break, let's just talk about wage growth. i read your note with a lot of interest there's a lot of factors that you cite as being behind wages not rising the way that you might expect them to on typical economic models. what are those factors >> there's globalization clearly. the ability of companies to access to the lowest form of production globally. technology helps that. there's the advent of the gig economy. where they're populated and they sell their label by the hour there's a variety of factors despite falling and limiting wage growth right at this moment. >> we'll leave it at that now. we'll take a break we'll come back on more on that in a moment. mark burgess

if you have any views on wage growth or financial earnings in europe, don't feel any hesitation to getting in touch with us. tweet me directly @willemmarx. coming up on the show, a long way from any conclusion. trump strikes a cautious tone on north korea says they will end the testing of nuclear weapons we'll get the latest on that after the break. helped put a roof over the heads

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welcome back to "street signs. fresenius has pulled out of its access of akorn. they said it found material data breaches at the company. the german health care group had agreed to buy akorn for $4.7 billion but it said it could terminate the deal following the outcome of its own independent investigation.

whitbread split is they cite anonymous sources saying that they had pushed whitbread to help them value it. shares in philips are at a slight rise. they boosted earning ebida came into earnings amortization came in at 263 million euros topping expectations. speaking out here on the show, the chief executive frans van houten speaking out. >> 10% earnings growth thanks to many new earnings growth across diagnosis, treatment, we saw strong traction in the market. customers are rewarding that we have eight new large-scale customer deals in. so all over it was a good start

of the year, indeed. u.s. president donald trump has struck a more cautious thought on north korea he wrote on twitter till a long way to go before the two countries could reach any kind of deal. kim jong-un said north korea would suspend its tests and disband the test sites it will focus on eke not mick growth what more can you tell us, sherry >> reporter: good morning, willem certainly 3ru6president trump jd at it. south korea cheered on this move on the thaw on the korean peninsula. the meeting is this friday and they're saying it's progress,

but is it? they're sounding very much skeptical. if you look back at the statement, yes, north korea says it is dismantling one of the nuclear sites but not the other one. still believed to be enriching uranium and producing plutonium nuclear weapons. it doesn't really mention what it wants to do with the icbms that it already has in its possessi possession if anything, it's a clear showing to be recognized as a nuclear state. here is one of the north korea experts on our air earlier this morning who said that north korea is now going onto the next state. take a listen. >> north korea is moving into phase two. the goal is to keep the existing nuclear capabilities and try to develop a normal and stable relationship with the rest of

the international communities on that basis we see north korea willing to make some concessions in stopping the nuclear tests there is no statements, there is no commitment to roblg balling k existing nuclear capabilities. >> reporter: it's widely expected that if the trump administration holds on to demanding some kind of deadline when it comes to the potential nuclear removal t will have a very final means, this lack of meeting of minds could be a major stumbling block on the korean peninsula willem >> what are they saying could be behind the change of attitude from pyongyang >> reporter: i think it's really the sanctions.

the maximum pressure by the trump administration especially. i think that's one area that the u.s.'s administration can really take credit for because do know that as of 2016 north korea was growing. the economy was growing. there was a 3.9% volume growth but since last year really the onset of the trump administration, all these sanctions that have been imposed left and right, i mean, just take a look at the latest data that we got this morning china's first quarter on air import to north korea down 87% perhaps that has to do with all of the campaign on north korea to bring the regime back to the negotiating table. so there is that success right there for the trump administration and perhaps the south korean government. so i think the statement that kim jong-un came out with this past weekend was really a

message of, yes, we're going to shift our tone a little bit, change our strategy and we are going to focus on the economic growth and re-establishment and that's a message also for the domestic audience that is struggling quite a bit willem >> sherry, thank you so much for that especially the very striking number about the chinese import numbers thank you very much on the border with south korea and the north. mark burgess is still with us. let's talk about this. is it something that markets are worried about? >> they are. if you look back in history, geo politics has had less of an impact as you might have suspected. we can go back and the two things that are different about today, firstly is the unpredictability of what trump is doing and clearly his president by twitter is something that's had a lot of coverage it is unpredictable. secondly, it's a trade war which

has taken geo politics to a different level. that has the potential to impact the economy and also slowing economic activity. i think markets are right to be concerned about that. >> what about the global funding, i wonder about central bank decisions we have a lot of those coming up what is your prognosis >> i think it's going to be relatively dovish. brexit uncertainty, the domestic economy and general strongness of the north we'll see inflation we are moderating the market is telling us that. i think the fed is a slightly different story. they have rate hikes going through this year and the next

again, we're not -- we're not particularly concerned about inflation. so we don't think u.s. interest rates are going to be timed aggressively. >> talk about the forces because a rather interesting note. what are those factors and forces >> well, there are many and varied we talked about technology and globalization. clearly one has either an individual the ability to source the form of anything in the world in an instant. there are companies that will dlafr to your door on the same day. we've still got an enormous amount of debt globally. demographics deflationa deflationary a whole range of issues. as we said in the paper, the outlook for inflation is

limited. >> thanks for coming on this morning. mark burgess at columbia thread needle. coming up on the show this morning, we'll be hearing from the united arab emirates energy agent. do stay with us for that - 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 brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life.

welcome back to "street signs. i'm willem marx. these are some of your headlines this morning ubs sinks to the bottom of the european market as an equity trading comeback fails to cheer investors. the chief executive tells cnbc certain markets are challenging despite their earnings beat. >> client sentiment is more volatile there's much more selection in how you see the series of ipos we are well prepared. >> meanwhile, better margins boost philips helping them beat forecasts for the first quarter with sales close to 4 billion

uros. >> we are becoming a digital company. we are focused on health kcare, improving the health of people we have made clear choices those are paying off at the same time, doesn't want to get ahead of ourselves. >> the spread between the german and u.s. 10-year yield bonts as long as it nears 3%. sticking with the u.s., president trump tones down his initial enthusiasm for north korea supporting the nuclear program. he says only time will tell if the two countries can reach a deal not been a very easy start for european markets so far this morning. we take a look at the four major indices here all of them in red at this hour.

ftse 100 down. xetra dax is down .3%. if we look at the currency markets this morning, we can see that the euro weakening pretty significantly there. down a quarter of a percent. the dollar strengthening against the yen and the swiss frank and pretty much a parity with the pound at this stage of the day if we look ahead you can see the futures looking down, the s&p 500 and the nasdaq looking to get a bit of a stock open in a few hours' time. meanwhile, oil prices have dipped after a report showed the u.s. rig count continues to rise however, they do see a little bit thwarted due to strong demand and opec led cuts the uae energy minister said

they should focus on the basics of the market. >> the problem with the social media, people talk and leaders talk but you need to go and look at the fundamentals. and fundamentals was very clear from the beginning we will remove -- we will cut the production to allow the market to have full recovery our problem is not that. the problem is if we keep the market over supplied or we drowned the market again, what is going to happen no one will invest and we will have a way bigger problem down the road what we're trying to do is incentive advise investors to invest more than $2 billion needs to invest to be able to get back the lack of investments that was undone in the past three years this is i think bigger than just

looking at the prize today or yesterday and say the prices are higher. >> so a lot of success coming out of this meeting of opec and non-opec ministers what does the meeting in june look like? >> the meeting in june will be very interesting for a couple of reasons. first of all, we are trying to put a proposal on the structure to the minister so that is going to be something that is importa important. the first time we discuss it we're not going to do anything until probably the end of the year that is an important element the other element is we said in the last meeting that what are the levels of -- fair level of inventories that we should target we have the committee, the joint

ministerial monitoring committee have assigned a technical team to go and work on this new level of inventories that doesn't take into account the two years of significantly over supplied markets and they would come back and explain to the ministers the other thing is the conference the conference is trying to organize probably the largest ever conference in the history because this year we are not only 12 or 14 countries, we are 24 countries and we have expression of interest from many other ministers to join. >> meanwhile, the president of mexico says he's confident his country can agree on a revised nafta agreement.

he struck a can have debt tone about the ongoing negotiations. >> translator: we fully trust and we have optimism that we will be concluding a reorganization of nafta with north america as i have said and ensuring benefits for all of its partners. in a related and exclusive interview with the imf, the governor of the central bank said he was excited about it. >> we know that there have been ups and downs about it in the negotiations there has been important progress on several fronts and we do hope that the advantages for the three countries will prevail in some version of the agreement. >> have you sensed that the

growth in mexico has been -- >> we've seen consumption and investment has been stagnant and associated with uncertainty. >> is there expectation that that investment will come back in if there's clarity on nafta or a version of it. >> we fully understand that they have been in the execution phase. new projects have been delayed it's been invaluable as soon as there is clarity we're sure they will retake the projects >> is it difficult for you to manage the currency when every time the u.s. president sends

out a tweet it goes up every day? >> we have a market that reflects information very timely what i will say is that obviously some of these news and po posture and messages have an effect of the exchange rate. i think the exchange rate has been learning how to extract the signals from those pieces of information and so far i think that the market has priced the nafta event according to what is likely to happen cnbc also spoke to the bank of japan's governor who said, quote, strong monetary policy for some time. he told us that he expects japan will hit the central bank's 2% inflation target in fiscal 2019. >> according to the latest

forecast of the policy board, it's around fiscal 2019 so maybe one to two years time but this is only forecast >> now get your diaries and/or calendars ready. this week we'll see earnings from fang companies. google, alphabet will report after the close today. reports from facebook are due on wednesday and amazon's earnings are out on thursday. finally, apple will report next week on may the 1st. netflix reported last week with better than expected growth. google is looking at eu data regulations. the newspaper reports that google wants to be a top level handler of injury under be the eu's tech regulations.

critics say google's current plans do not match the spirit of the gdpr it does not give users enough control over personal data investors will be looking at several numbers. this is from the smart home hardware division and google fiber. that will be a focus on google's ad business which introduced just over $27 billion of revenue in the fourth quarter. in the wake of a data sharing scandal from facebook and the tech industry, google's own questions will be looked at. it will be involved in a number of pretty significant legal battles. if you have a view on any of those tech earnings coming up, please follow us or contact us on twitter @streetsignscnbc or tweet me directly @willemmarx.

germany's social democrats select the first female leader in the party's 155 year history. can she survive? we'll hear from martin schultz coming up after this break ahh... summer is coming. and it's time to get outside. pack in even more adventure with audible. with the largest selection of audiobooks. audible lets you follow plot twists off the beaten track.

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welcome back to "street signs. ten-year treasury yields are continuing to rise in early trading edging ever closer to that 3% number the prospect of strengthening inflation in the u.s. amongst a more hawkish fed has seen bonds sell off in recent days. the yield on 10-year treasuries at the highest level since january 2014 with the spread over the ten year at the widest level in 29 years. speaking to cnbc at the imf spring forum we have francesco gazaretti said that some of the issues that affected bond markets last year are still significant. >> one of the problems that i encountered in approaching markets was that it carried into

2018 something that happened in 2017 with just the flattening of the yield curve in the u.s that was, i think, due to a combination of two forces, the fed hiking, pushing the front end higher and other banks with the qe for 2018 i think this changes because the fed is priced to deliver more hikes this year and the foreign central banks may not be doing as aggressive qe going forward. the ecb is tapering, the fed is going to continue shrinking its balance sheet. so these forces become a bit more uncertain plus you have more inflation coming up so i think rates can go higher and the curve can steepen. there will be a risk of moment for markets. >> and italy's senate speaker told president makarella that she failed to break a political dead lock forcing him to break a

4-4 deadlock they still cannot reach a deal on a coalition agreement the five-star leader said he's willing to form a coalition government but he again insisted he would not work with that party's electoral allies. sticking with european politics, germany's social democrats have elected andrea nahles as the first female leader she won 2/3 of the votes speaking after the election nahles promised to fight for social justice and the spd suffered the historic defeat in last september's election and have once again decided to become a junior partner to angela miracle merkel's colleagues annet annettea is joining us. >> reporter: that's the big

question the results are showing that the party is clearly divided into two camps. one camp is in favor of the grand coalition and they voted in favor of it and the other camp is against the grand coalition. so her big job is to reunite the party and also to make it more attractive to voters recent opinion polls have really shown the spd being at par with another team that means in the a lot of good for the party. some years ago it was almost as high in the rating as angela merkel's cdu having said that, i put that question to the chairman of the spd and asked him whether she's the right woman to actually turn the fortunes of the party. >> it's the first woman as leader of the social democratic party in germany in more than 150 years.

that's great progress. then you could see in her speech today that she really has the experience and the competence to stand for an spd that you will see as the leading party in european affairs in terms of progress in europe, which will be very important thing to do and also we're talking about the digitalization of our industry, talk about workers rights, social security and the future of that, all difficult questions. as you can see as a result of the election today, that's a difficult problem for the spd as well with a lot of discussions about that we have to be the party that answers the future questions that people have in germany in very unquiet times with the russians on one side and with an

american president with straight policies with europe that are very troublesome for european countries. >> let's also talk about the recent ratings in the opinion polls. the spd has quite a low showing. is that impacting over and can you build up trust now once again? >> well, i think it has to do with the decision to enter, again, a great party we have a majority of that with a decision being made with our membership yet there is a minority that is not too small that was against entering this government again and we will have to prove that on one side being part of the government's progress and on the other side that as a party we think into the future besides what we're doing in the government. that has to be done at the same time and she is the right person

to do it. >> reporter: another big topic in berlin and for the spd is clearly what the new government will do about europe we have seen a recent sort of backpedaling by angela merkel's party from that big vision for europe from working together with emmanuel macron, but the spd has actually a different idea on that topic i caught up with their former leader, martin schulz, take a listen. >> it was a gains movement and i think, yes, she is savvy enough to get trust by those who are reluctant. >> let's look at what he means for europe and what your party means for europe because we had recent sort of peddling back by angela merkel and her party when it comes to more integration for europe what's at stake here >> i think it's absolutely clear

between merkel and us, there is no disagreement but there are obviously some conservative elements within the democratic union and looking to the area. a lot of explainable why that strategy is shown now that they are reluctant. but we are completely in agreement here and in the party, it shows that myspeech was completely similar there is no doubt we will insist on the application of the coalition agreement. >> will that be working together with emmanuel macron, big innovation for europe? >> without the sustainable german contribution to deepening the european union, macron is

here the united kingdom leaving the european union means one of the four members of the g-7 coming from the european union is leaving. that means there are three others, germany, italy, and france should cooperate as much as possible. all three countries, that's a difference to the u.k., are members of the eurozone so they have a common interest and the germans will not take a unique opportunity serious which is why it's a surprising basic engagement for europe, surprisingly for the french president which is in my eyes the first time the french president says europe is our best interests. if this is not answered by germany, not only europe will be in problems, we have strongly

the european vision to take as one of our highest priorities social democrats in the government >> reporter: the problem that european integration or more integration for german lawmakers with the german chancellor is that it's highly unpopular for them to integrate through that and also have the common debt which would mean the taxpayer is also responsible for debt which is produced, say, in italy so i guess in the next four years we won't get anymore integration at least with angela merkel in top. >> anetta, thanks a lot. the u.s. president will be meeting and hosting the french leader at the white house in the first state visit since he took office in january 2017 nbc news's tracie potts is in washington for us this morning tracie, what can we expect these

two leaders to be discussing when they meet >> reporter: so a couple of things i mean, there are a lot of policy things that they need to talk about, this joint strike recently in syria and what's the way forward there. what do they do if there's another threat or if there's another chemical weapons attack. how do they deal with syria and russia, terrorism, the economy a number of things they're expected to talk about north korea. one thing that's weighing heavily on the minds of europeans that macron may be able to have some impact on is whether or not the united states is going to pull out of the iran nuclear deal he's being sent here to some degree as an emissary for other countries like germany that want to see the united states stay in this deal. they think the u.s. pulling out is a bad precedent because they don't believe that iran has broken the terms of the deal they also think it's a bad precedent for dealing with north korea where the president is trying to get them to back off

their nuclear program. pulling out of iran could signal to north korea that the u.s. and maybe other nations won't stick with that deal so a big part of his trip is to try to use what he says is a developing, very good relationship with president trump to convince him to stay in the deal, that deadline coming up may 12th. tracie, i would like to be a fly on the wall for that conversation tracie potts, thank you very much for joining us. just a recap on ubs. the shares are trading significantly lower after the bank's cet1 ratio fell slightly short of analyst expectations. you can see they're down more than almost 3.5% so far today. they struck a cautious tone for the quarter adding geopolitical tensions could threaten confidence there were strong gains in the investment banking and its wealth management units. let's take a quick look at u.s.

futures at this stage in the morning. just a few hours ahead of the u.s. open. you can see the dow jones there looking to open slightly lower, down more than 47 points s&p 500, nasdaq as well also looking at a bit of a soft open. a quick look at european markets. our heat map here, still down into the red stocks europe trading down more than .1 of a percent that is it for today's show. i'm willem marx in london. "worldwide exchange" is coming up right now these birds once affected by oil are heading back home. thanks to dawn,

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you know what's not awesome? gig-speed internet. when only certain people can get it. 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.

buckle up. we're about to find out if companies deserve your money the biggest week of earnings kicking off. the name to watch straight ahead. oil alert, crude flirting with 70 bucks a barrel the impact that could have on your wallet. we are headed live to the korean peninsula it is monday, april 23rd worldwide exchange begins right now. good morning and welcome from wherever in the world that you may be watching. i am brian sullivan. thanks for