welcome to "street signs." i'm joumanna bercetche these are your headlines history is made as kim jong-un becomes the first north korean leader to cross the border since the war with the south, meeting with his southern counterpart, moon jae-in. the tech boom fades in europe as currency pressures weigh on the earnings for a number of european blue chips, but amazon looks to set a record high in today's session after smashing expectations. renault drives off course in

asia as a stronger euro hits sales across the continent sending shares in the french carmaker sharply lower electrolux shares sink to the bottom of the stoxx 600 after posting a surprise profit as raw material costs take their toll all right. let's check in on markets. it is friday u.s. equities were given a boost by the bumper tech earnings out of the likes of facebook the day before and amazon and microsoft. and that momentum continued into the asian session with most of the asian equities trading in the reen kospi was trading up 1%.

europe is more muted but still trading in the green let's get into individual bourses. you can can see the only laggard is ftse mib, down almost 0.5%. ftse 100, we have the q1 gdp data in about a half hour's time all eyes on that preliminary data cac 40 and xetra dax cac 40 is trading around flat. dax up 0.71% both indices are still digesting the ecb conference yesterday where mario draghi cited some concerns about the slowing growth momentum in the eurozone economy. let's look at where the leadership is coming from. chemicals up almost 1%

technology is also having a good day at the front of the pack, 0.7% up on the day. and underperforming is oil and gas, down 0.3% for the sector. also telecoms as well down a quarter percentage point now, main story today is south korean president moon jae-in and north korean leader kim jong-un are continuing their historic meeting. both leaders planted a pine tree on the demarcation line between the two countries. the tree symbolizes peace and prosperity and is planted using soil from the north and south. you can see some live pictures of those two respective leaders sitting outside in what seems to be having a quite animated discussion there elsewhere corporate news shares in electrolux are trading sharply lower after a surprise fall in first quarter core operating profits. the home appliancemaker warned

that raw material costs would rise and have a greater impact than originally forecast and amundi opened higher after strong q1 profits. net inflows reached around 40 billion euros during the first quarter. in banking news, bbva beat profit expectations thanks to a strong performance in its overseas regions net profit rose 12% boosted by its main market in mexico. a fall in bad loan provisions helped rbs beat first quarter profit forecast. the british lending which spent a decade revamping its banking business in the wake of the mortgage crisis, has more solid

capital levels which will soak up an outstanding fine from the department of justice. joining me on the show to discuss the banking sector and rbs earnings is the chief investment officer from axiom investment from top line perspective and bottom line, they beat expectations profit is 17% ahead of company consensus. the stock is still trading lower. do you think it's all about this uncertainty about the pending litigation charge with the department of justice? is this the main story for rbs >> yes it's the main story for rbs. when you look at the quarterly results, it's not only a beat in provision, but a beat in revenues, cost controls. it's positive across the board we have total capital of rbs just about 16.5%

>> which is one of the highest do you think it's high because they're leaving this buffer? >> exactly you have probably 300 basis points of capital, the target is 13%, not 16.5. of course we're still really, let's say, in the middle of nowhere in the doj settlement. that's the same problem for societe generale, which has been hampered that's the main issue, investors may be nervous about this. but this will have been cleared. we'll have a very good run for rbs, which is delivering pretty well >> do you have a buy rating on rbs? >> neutral for now because of the settlement wecan't figure out proper magnitude of the settlement. but definitely again, in terms

of valuation, it's quite attractive we see in above 10, so on 2020 expected results we are quite positive on the stock. >> it's been a big earnings week from banks one of the names that stands out, the focus for the banking sector is deutsche bank with the new ceo coming in, new plans we heard yesterday about plans to reduce their footprint in the u.s. and u.s. investment banking. do you think this is the end of the european investment banks broader dreams >> it's a very good question i think not necessarily. and deutsche bank is in a very, very specific or specific situation. deutsche bank is really very late in the restructuring

process. the plans they are about to implement have been done by ubs, credit suisse, three, four, five years ago. when you look at deutsche bank and the product they delivered, they're a bank from basel 2, and they have to move on, which they have not done yet. i don't think they're like the rest of the european investment banks. >> clearly they're trading at a deep discount relative to their counterpart, but at the same time will investors buy into that story is it an attractive proposition for deutsche bank to go back and be more of a retail bank and a german investment bank >> it's a big move they tack about integrating deutsche bank bank, but that's been on the table for five years

basically. it's not a question of strategic plans, but executing it properly for now it's an open question. deutsche bank is cheap, but profitability is week. they have a long restructuring process. it might be an attractive proposition, but the cycle will change maybe at that point regulation will have slightly changed and made it more attractive in terms of return equity >> can i ask you what your top picks are? we've seen a growth in the eurozone it's pretty broad, despite what mr. draghi was saying yesterday that momentum has slowed down.

growth has picked up which banks do you like for that >> the ones we like, which are geographically positioned around central eastern europe, because this is the place where they have rate growth and loan growth so banks like societe generale, we like those banks. even commerzbank, the other german lender, also in restructuring mode, but has an interesting positioning in eastern europe and commerzbank has a high sensitivity to rite hikes. >> thank you for joining the show this morning.

>> jean-claude junker said greece won't need a precautionary credit line as it is bailed out. speaking with the greek prime minister, he praised athens for excellent reforms. and silvio maro asked whether greece should receive a credit line >> i think that's pretty clear now. in theory they can offer the instrument of precautionary credit line, but at the moment it doesn't seem necessary. markets are calm greece has issued bonds already on several occasions i think greece, if they can continue were their reforms, if they do that, i think greece can

have a clean exit in august and return to the markets. >> willem is live where europ n europeans are meeting to discuss this issue of greece can we expect anything out of this meeting >> no certainty on that, joumanna, but we have heard from a couple finance ministers this morning. you heard there from claus talking about that precautionary credit line and allowing greece to borrow cheaply after the third time bailout we're seeing now. one other issue dividing european member states is how they're going to operate this debt relief after that point the french put forward this

proposal, a dynamic proposal where they would link debt relief payments to the strength or otherwise of the greek economy. i asked whether that proposal would be enough to get the imf on board >> we should be able in the coming weeks to find consensus with all the member states of the group on the debt treatment for greece we have to look at decisions already taken by greece to meet their commitments and close the fourth review. this is the first step, a necessary step to close the fourth review in june. i'm confident we should be able to find consensus of the member states of the eurozone to close the fourth review in june. greece has already taken some important commitments and some important actions.

we are looking for other actions because we think they could put new decisions on the table and by the end of june, if there are new decisions, we should be able to close the fourth meeting. then we will need common framework for the debt treatment which is clear, comprehensive and credible for the markets so we're still in the process of discussing with the other member states that framework. we'll have the first discussion today. i don't know if we can close today the discussion, it takes time, but in the coming weeks we should be able to find consensus with germany and other member states to find that common framework which has to be clear, comprehensive and credible for the market so that the greek

economy recovery can follow on >> the proposal the french government put forward, that dynamic proposal, do you believe that's the only possible outcome that will encourage the imf to get involved after august 20th >> i think that's one possible outcome. that dynamic approach has key advantages, allows us to look at the results of greece, as far as growth is concerned. to then to adjust depending on the level of growth. in discussing that proposal, i had the opportunity to discuss that with germany, with president of the euro group and christine laggard at the imf meeting in washington last week. so the proposal is still on the table. i think it's convenient and an

efficient one. >> >> i heard the french finance minister referencing those meetings last week with christine laggard from the imf, and also at those meetings is the european commissioner. we asked him whether he thought the prefrnfrench proposal woulde enough to get the imf on board, something that is important for the markets to give them confidence on the sustainable of greek debt >> we have the right figures, we not ask too much from greece, but this country now is tis 4.2 overperforming let's not ask them more. i think that's not efficient for their own growth i think that the imf is right, the debt burden on greece is too

high, and that's why linking debt to growth must be examined, examined knowing the constraints of the country politically, but also with the idea that we must keep the greek authorities to capacity to alleviate that burden i think that's the imf's requirement. we must meet this requirement. again, the imf as a partner showing the credibility of the program is very moved. >> we also had a chance to talk to the italian finance minister. he said he would be confident there would be a deal struck today. also in that conversation was that the idea that the greeks still have a bit of work to do they made those 88 agreements as part of that third bailout, but that some of those issues have not been fully addressed they include the privatization

of certain state assets. that's something to watch for as they continue with the strict supervision in the months to come >> thanks for that, willem they're trying to speed up that process of privatization, but it sounds like things are more encouraging. we'll see how this unfolds thank you for that. we did not talk about the recent moves in the euro those were the words of mario draghi as he left journalists and analysts wondering what the government council did talk about in frankfurt the euro fell to 3 1/2 month lows after the meeting with no clear evidence of an end date to the asset purchase program which is expected to run until september. the ecb president was pushed on a number of issues, most notably the recent weakness in data from the eurozone. and the bank of japan made a notable change to its guidance in its latest policy decision. removing the time frame for achieving inflation targets.

the central bank had pushed out the date on a number of occasions and most recently guided that it would hit its inflation target by 2015 the bank of japan also kept the benchmark rate unchanged and pledged to keep the bond yield at 0 percent. coming up we go live near the korean border as the leader the leader of the north and south hold historic talks

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comcast, building america's largest gig-speed network. our top story, south korean leader moon jae-in and north korean leader jim jong-un are making history today kim jong-un promised a new beginning. the meeting marks the first summit between the two cree ykoi more than a decade chery kang joins us.

this is a historic day what more can you tell us? >> well, we're live from the inter-korean summit press center, every one of us, more than 3,000 registered reporters are waiting for that joint agreement that the two leaders are expected to sign or verbally announce the format is not very clear yet. but as we understand it, the fine tuning is under way as we speak. the key question to ask is whether the word denuclearization will survive in that agreement will kim jong-un say yes to such a promise. that's the question that we'll be asking ourselves over the next hour or two i think we'll find out soon. i asked moon jae-in's adviser if he thinks the word

denuclearization will end up in that agreement, he said i think so and i hope so i asked about those concern voices out there thinking this is south korean providing a global stage for kim jong-un to be able to directly negotiate with the u.s. president donald trump and that getting bypassed. he said it doesn't really matter listen to what he had to say >> without making north korea denuclearized we cannot move forward. we are hoping to have peace settlement and improvement for inter-korean relations they are all tied to north korean nuclearization. we hope president moon jae-in and jim jong-un can adopt a statement of denuclearization.

it's important we get a written statement about denuclearization >> the latest we have gotten from the two leaders, they talked in private without any officials of their own in attendance they went for a walk together. they spoke for about a half hour or so in private what did they talk about and is that conversation going to be reflected in the joint agreement? that's another question. to give you the color of this historic meeting between the two leaders, as you pointed out it has not happened over the last 11 years or so, but certainly this is unprecedented and unscripted as well with leader kim jong-un inviting his southern counterpart over the demarcation line there was this moment of ooh and aah in this press center as

well he brought his younger sister who took part in that small morning session of the inter-korean summit and he's bringing his wife to join the banquet dinner certainly perhaps kim jong-un's new year resolution was to look a little more normal and less rogue. >> you did mention they planted a tree together. co> coming up, amazon prime hits rerds in after-hours trading ca. - 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?

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welcome to "street signs." i'm joumanna bercetche these are your headlines history is made as kim jong-un becomes the first north korean leader to cross the border since the war with the south, meeting with his southern counterpart, moon jae-in. the tech boom fades in europe as currency pressures weigh on the earnings for a number of european blue chips, but amazon looks to set a record high in today's session after

smashing expectations. renault drives off course in asia as a stronger euro hits sales across the continent sending shares in the french carmaker sharply lower electrolux shares sink to the bottom of the stoxx 600 after posting a surprise profit as raw material costs take their toll >> we have the preliminary q1 gdp data it's quite weak. expectations were for that number to come in at 0.3% q on q, it came in at 0.1% q on q, that's pointing to an annual growth of 1.2%, the forecast was 1.4% this is a drop from the growth we saw towards the end of last year, q4 this is interesting.

we're coming up to a crucial meeting for the bank of england just a few weeks ago, before mr. carney's comments in washington, the expectation is they would have to go ahead and hike in may. it seems some of those expectation also have to be pared back because of this weak data for q1. pulling up a chart of sterling, the currency is reacting to this about 0.6% weaker. cable has been struggling the last couple of days, irrespective because of that strength in the greenback. we seem to have broken to key levels here. a few people wointing to 1.3-- pointing to 1.3869 that is the story for the uk this morning not so pretty. let's look at how other foreign exchange markets are doing this morning as well.

ftse, a weaker sterling is a good thing for ftse, which is why it's up 0.3% quick look at other foreign exchange markets we talked about cable, euro has been a focus as well since the press conference yesterday euro had not moved a lot during the meeting or after, it happened a couple hours later. there again some key technical levels were broken, and options weighed on the currency pair and got us down through 1.21 so weak levels there dollar/yen continues its charge higher along with the strength in the greenback switching to european markets. ftse 100 is up xetra dax is up 0.7% cac 40 is still hovering around the flat line. ftse mib is the underperformer

let's switch to u.s. futures and see what thepicture is like there. dow is seen opening up about 30 points weaker. s&p about 4 points stronger. this is not major, but bigger picture is the earnings out of the tech sector this week have been extremely strong. speaking of that let's talk about amazon shares touched a record high in extended hours trading after posting first quarter earnings that more than doubled wall street expectations. the seattle-based company saw net income rise to $3.27 a share. when average estimates put the figure at around $1.26 a share huge beat. revenue also beat forecasts as amazon saw strong demand for its cloud computing business and growth in online advertising sales. amazon also announced it will

increase annual membership fees in the u.s. for the prime service and new users will have to pay $119, up from $99 starting from may 11th it's the first price increase since 2014 arjun joins us to discuss. amazing earnings from amazon we saw the f.a.n.g.s putting in a strong earnings season so farfar talking about amazon, do you think the major concern will be one of regulatory backlash at some point in the future >> as you said, very strong earnings report cast from amazon the risk is regulatory problems, but at the moment there's no move from the trump administration on it he has tweeted about amazon and its effect on the u.s. postal service, also around how much tax that company pays.

there doesn't seem to be a sense of worry in the market at the moment there's more worry on the regulatory front when you look at other names like facebook or alphabet and the google segment of alphabet. those seem to have mosh concere concerns the other thing to watch is spending the expenses rose 41% in this quarter year-on-year a lot of that is driven towards content and technology, but also fulfillment which is a key part of the amazon business allowing them to get parcels to peoples houses >> it's interesting it's taken them so long to increase the subscription service amount. amazon prime had the first subscription price increase in a couple years >> i think what amazon has done

smartly is tried to bundle a lot into what you get with that subscription price so you get value for that yearly subscription it's the content it's music streaming content. it's the two-hour deliveries in certain parts of the world you add in whole foods now, those things are getting people excited. amazon broke out that it has 100 million subscribers. and if you look at the subscription services revenue, a large part of that is prime, and tho gro that grossed 60% this quarter. the big thing is how sensitive are consumers to this price change it's about $20 is that enough to get people to

either not sign up or cancel subscriptions? my guess is probably not >> pointing to the big growth in the amazon prime subscribers, but it looks as though the advertising business is still doing well the growth pra jetrajectory is . lk looking at that with facebook looking at the app advertising, the outlook for an advertising perspective for these companies is still looking strong. >> the ad business is not something we have spoken about much over the years, it's always about aws, the cloud division, or the ex-commerce division, --c business th the point is that there is an opportunity for amazon many analysts see this as the year that amazon begins to

invest in ad content people are continuing to move to mobile, andalson amazon's bigge position is shopping items so rather than people going to google for search, when you search on amazon, you could charge people money, advertisers, in order to get their product higher up the ranking. there's a number of avenues, and they're looking to take some of that spend away from the likes of google. >> absolutely. arjun, thank you very much for joining "street signs. let's take one quick look at u.s. markets before we move on we were just talking about some of the strength we saw into the close yesterday. we've had some big outperformance chipotle up more than 20% in yesterday's trading.

visa up 5% time warner is the underperformer here, down 2.7% generally it's been a very strong earnings season so far as far as the u.s. is concerned a lot of the -- there was a lot of treptatiidation going into t earnings season. it seems on all of these metrics for the most part, about 80% of these companies have beat. it's a very strong earnings season >> we were talking about the tech companies let's look at after-hour trading for some of those companies that we cited microsoft also had strong earnings numbers yesterday, trading up 2% in after-hours trading. intel trading up 5%. baidu, the u.s. listed version of baidu trading up as well. yojosh lipton has looked at the latest figures from microsoft. >> microsoft reporting and beating eps of 95 cents on

revenue of 26.82 billion versus expectations of 85 cents on revenue of 25.77 billion looking through the segments, kelly, revenue and productivity and business processes, $9 billion, but office 365 commercial revenue up 42%, and revenue in intelligent cloud, 7.9 billion, and azure growth, 9.3% and windows oem up 4%, kelly, and, timely, commercial cloud revenue clocks in at $6 billion and gross margin there of 57%. an adoption of cloud keeps ramping and that the primary growth engines of the business continue to move ahead, but there was a deceleration of azure growth this quarter, perhaps due to seasonality josh lipton, cnbc business news,

san francisco. renault has confirmed its 2018 targets after reporting moderate growth in revenue for the first quarter. it was up a lower than expected 0.2% on the same time last year as the french auto group saw sales in key asian markets falter set backs in india, china and south korea offset gains in europe and russia. daimler has seen first quarter earnings before interest and taxes dipped below expectations the figure came in at 3.3 billion euros as currency pressures weighed. but daimler did see sales boost profit margins at it's mercedes-benz luxury vehicles unit. shares in eni are lower after the oil major posted a sharp rise in first quarter profits boosted by higher crude prices and output. the company also confirmed its guidance the chief executive confirmed the firm's goal of being cash neutral for the year at a brent

price of $55 a barrel. norway's sovereign fund reported negative first quarter returns on investments citing falling stock markets. the funds return was minus 1.5%, lagging the positive return of 3% last year. after the first of french president emanuel macron to washington, president trump will later today welcome german chancellor angela merkel to the white house. in contrast to the state visit afforded to macron, merkel will have a one-day working visit the u.s. will look to focus on getting berlin to increase its nato funding the working visit will continue for the u.s. president when he travels to britain later this year. a spokesperson for prime minister theresa may said president trump will visit on friday the 13th of july when the two leaders will hold bilateral

talks. we'll be speaking with mark patrick 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. or discover magic when you hit the open road.

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welcome back to the show just recapping the numbers out of the uk. we are seeing sizable moves on cable. sterling down 0.7%, and broke through some key levels. the 100-day moving average has been broken through. the catalyst for this move was the weak gdp number we got very weak numbers here again, there will have a knock-on effect for whether or

not the bank of england decides to hike in may that will be an important meeting. shares in aker solutions are sharply higher after reporting above expectations ebita came in at 425 million crowns, up from 355 million crowns a year ago. it expects revenue to be up close to 10% i'm happy to say the ceo after aker solutions joins us on the line picking up on your outlook for the year it looks like there's a decent recovery going on in your space, facilitated by the rebound in oil. can you tell me how the outlook looks for the rest of 2018

>> yes, we have presented strong results. our top and bottom line are up and our margin was good, and we had strong order take on q4. i think the oil price is having an effect on projects. going forward we continue to focus on our execution, and also making sure that we treat competitors in global turns. >> you talked about efficiency savings. can you talk to me about that and what type of efficiency savings you're referring to there? >> we engaged in the last three years in large improvement and cost reduction program i think the whole industry is attacking that front we have been investing

two-thirds of our r & d investment on these solutions. so that's what we're doing also working to reduce the break even point of the project. you said you expect revenues for 2018 to go up 10%. you also said you expect mar yins to remain the same. does that have implication for your cost-cutting plan will you stop cutting costs at this point given you expect margins to remain the same >> not really. the market is still competitive. if you look backwards, the last tr three years there's massive underinvestment, which they will start addressing now, or we'll have affect on the balance of supply and demand. we will continue pushing that. we are in competitive market conditions, and we expect operating improvement efforts to

sustain. in the long term we expect good leverage as a company since we made a lot of investments before the cycle. >> i see you announced a deal with statoil to work on oil field development. any other deals in the pipeline? >> i was very close to statoil, it was a key client. but certainly working close with statoil, one of our top clients. >> thank you very much for your time this morning, luis. >> rusal is reportedly working on changing its board of directors and management and is said to be in talks with u.s. authorities to see if the reshuffling is enough to lift sanctions from the company according to reuters, the company hopes to keep ownership

at 48% there were reports yesterday that he was trying to retain control. the day after the sanctions were announced, rusal shares plummeted 50% in trading. rusal's top trader has left the company according to the financial times. the former rio tinto employee was reportedly responsible for about 80% of the group's sales, including owl of those outside russia and bayer has sold its crop sciences business to basf for.7 billion euros in a bid to satisfy conditions set by the eu and other regulators over its long protracted takeover of monsanto the sale includes bayer's global seeds business

syngenta raised $4.75 in a bond issuance last week the swiss seeds and pesticides company says funds will be used to refinance bridge loans for its 43$43.5 billion takeover by chemchina. mark patrick, the cfo of syngenta joins me on the line. congratulations on raising that money, but this came six months later than you wanted. what were the conditions that allowed you to proceed with the bond issuance this time? what has changed >> it's quite simple when we were targeting the bond in 2017, at that time we were then finalizing the u.s.

litigation settlement and we were in position that we had to withdraw the pond because we were not in a situation where we could actually disclose the terms of that settlement that we reached with players in the united states. secondly at that point in time we were hopeful syngenta could take part in the m&a rising from the two large mergers that were going on in our sector obviously that's changed with bayer selling a number of remedy assets to basf and ultimately syngenta, who is not in a position or regarded as a credible acquirer by the antitrust authorities. those two events changed between september of last year and now

which enabled us to go forward to the bond market with a much clearer message in terms of the underlying performance of the company, the crystallization of that litigation, which some numbers were substantial in the press, and able to put metrics in place to underpin the balance sheet strength going forward >> syngenta was just bought by chemchina. i wonder how big the opportunity set is in china in terms of advancing this technology and whether or not you're concerned about the recent trade disputes going on between the u.s. and china, particularly as it pertains to intellectual property and technology. >> i think the trade disputes, that's something i steer away from in the sense these are government to government issues that will be resolved over time. certainly for syngenta it's something to remain vigilant

around we have no prosubjeducts on the. but importantly given the strength and the global footprint syngenta has, and the strength of our portfolio in seeds and crop protection in latin america, should there be a shift of soybeans into latin america that's positive for us, but we need to see how these issues resolve and the dialogue continues between the respective governments over the coming weeks and months to the question around china, this is a substantial opportunity as i'm sure you will appreciate crop modernization is a core thrust required for the most populous nation on the planet. so improving productivity and driving a self-sufficiency

agenda is something at the heart of their five-year strategic plan >> sir, i'm afraid i have to stop itunfortunately, but thank you for joining us on the show we'll continue this conversation at a later time. that was mark patrick, cfo of syngenta there i would like to look at u.s. futures. dow is weaker now, seen opening up about 40 points lower s&p about flat and we will leave you with live pictures from the korean border as the historic meeting between the leaders of the north and south continue "worldwide exchange" is coming up next.

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it's 5:00 a.m. in new york, 6:00 at night in seoul, south carolina here are the five big things happening now. the leaders of north korea and south korea meeting face-to-face for the first time in decades. amazon shares soaring as earnings came in strong but they also announced a big surprise you may not be happy about. sprint and t-mobile could rap up a deal within the coming days. president trump hosting german chancellor angela merkel at the white house. and meet your number one nfl draft pick >> the cleveland browns select