i'm willem marx. these are your headlines a cautious start to trade in europe after u.s. stocks close out their best day since may 4th. italian bond markets recover with a spread on germany tightening. hopes for a political government support italian assets as the five star and lega are open to concessions for economy minister. and shares in german carmakers skid on reports that president trump wants to block germany's luxury autos from the

u.s. market. and the ceo of uber tells cnbc the ridesharing giant will ipo next year and also says he would welcome any investment from billionaire warren buffett. >> i'm like a warren buffett fan boy for many, many years one of my business goals in life has been to get warren buffett to invest in something that i'm involved in. so far i failed. we have some numbers out of italy, the jobless rate is 11.2%, higher than the forecast of 10.9. let's look at the reaction across europe to what is going on in italy.

the heat map shows more green on the board. the euro/dollar up, slightly good news prompting that move higher against the u.s. dollar in terms of stocks, it's a positive start to the morning. so far the stoxx 600 is up 0.1%. and if you look across the individual indices driving those numbers, you can see that it's been well reflected here in london, in paris and in italy where the ftse mib is up 0.4 the xetra dax in germany is the laggard in terms of sectors behind some of those numbers, you can see construction bouncing back up energy is up a half percent, but utilities and autos, based on that news about the german automakers and the u.s. imposing

tariffs to try to stop them, autos down more than half of a percent. let's look at the italian stock market a lot of those blue chip stocks are back in the green after a disastrous day on tuesday. we saw a bit of a recovery unicredit is up 1% banco bpm up 2%. enel down 0.53 telecom italia also having a relatively negative start to the day. let's talk italian bonds we've seen so much activity there. you can see the pricing there is improving in terms of the bonds selling off early in the week. the two-year there is now yielding 1.99. the ten-year is at 2.698

in terms of italian politics driving that, italy prime minister designate is allowing more time for the parties to form a government. cottarelli said new possibilities for the birth of a political government have emerged, this is an indication that a compromise between mat really and the two parties may be reached and louis dimaio had ridge naturally vetoed sivona's role on sunday night, but now says he may have a cabinet role. >> we have a cabinet lined up. we have a candidate for prime minister in goo siuseppe conte. i'm making this proposal publicly because citizens have to know first. let's see if we can resolve the situation, but not with someone who is friends with ratings

agencies, banks or other countries in a negative way. someone who acts in the interest of other nations >> earlier cnbc spoke to the five star mp and asked if the market reaction delivered a strong message to his party. >> the peak of the crisis was caused by the president not allowing us to form the government i think that really scared markets. i think that lesson has been learned by everyone in italy, that what we need is certainty is absolutely what we need is a government that has the political power and backing of voters to be credible internation internationally. when you look at the details of our political program, there's nothing out of the ordinary in what we propose. we basically propose to follow the same approach that portugal followed, to have expansive policies, to generate growth and please market that way as well as citizens by creating revenues

in the country and trying to tackle the debt we have not been able to tackle. in the last hour cnbc spoke to another mp and asked her if she believed another election this year would be a good idea >> i don't think it's reasonability to go back to fresh elections. they say the end of july, which would be impossible, now they're proposing september, which is also bizarre the electoral campaign should be made with people and millions of italians because our summer and vacations in europe. so it was a terrible law, it still is a terrible law that the result in what we have seen is

basically a proposal for a system where nobody wins >> i'm joined by claudia in milan to give me some of the latest market reactions. >> good morning. we heard a lot of interesting input from london just now with emma bonino and the five star movement comments. we are higher this morning by a little over a half percentage point. you are seeing banks on both sides of the board, some are down then you have banks like bpm performing quite well, up 2 percentage points. this seems like a day in which the markets are taking some time off to try to understand what will, in fact, really happen here in italy with the political situation. as you said it is expected that the government -- that there is

an attempt to try to form the government once again. so cottarelli is leaving space for that to happen if that will happen with savonia in the seat is not clear this tells us that according to the reaction in the markets and spreads, there's a lot of concern about this italian situation. emma bonino was saying when it go to elections is a question mark here because of the summer. because of vacations it's difficult to go to elections in july and september it could be, in fact, if we could get a government together and see how they can put a plan forward to try and govern italy and then in a second phase go back to elections, that may be something markets are

contemplating and appreciating the spreads are down also to note yesterday we did see a bond option that did, in fact, go well. so 5.6 billion debt sale that did go through yesterday some of that turmoil from early in the week is seeming to at least calm down. this is not something we will stop talking about, but right now it looks like the market is taking a breather on the italian situation, just holding its breath to see what happens in rome if we get news about a possible government. back to you for now. >> thank you very much for that. i'm joined by an investor director from gam. do you think market participants would be more comfortable with more uncertainty rather than the formation of a new five star lega coalition government? >> it's difficult to say italy -- it's a cliche that italy is used to political

instability and it's also becoming widely accepted that status quo is not the worst thing. >> it's not the worst thing. >> belgium flourished with 18 months of no government. >> do you think there's a reason to pinpoint why investors reacted the way they did on tuesday and what is so different now and it has stabilized to some extent? >> markets are -- after ten years of low volatility markets, we have an increasing portion of participation coming from algorithms, passive programs, this creates an odd environment and odd response to bits of news i think what happened was in global markets, they were more or less up with events people have become comfortable with italy something with a few days of perspective doesn't seem

necessarily that colossal news, it was taken strongly. >> just like an automated echo chamber? >> very much so. given the global fundamentals are broadly sound an supportive, i think the biggest risk to markets is from that eco chamber you describe particularly a large portion of liquidity in markets is provided by those participants. now, you know what happened in early february was an example. i feel the reaction to this, not particularly massive story out of italy is a smaller example of the main thing >> going back specifically to the fundamentals there we heard earlier this week that the economy is in relatively good shape at the moment if you're being honest, do you think that any of these political uncertainties have the ability to negatively impact the

italian economy? >> they do it is true italy has been a dull economy for a long period of time the last two years have been good again, we have a team that looks at credit impulse. credit impulse shows changes in net borrowing. italy is very healthy growing at more than 2% of gdp. you will have seen the comments from chief executive of unicredit that his corporate clients more or less universally say they had the best couple of quarters in 11, 12 years >> they have said that we're used to this we'll get on with it i want to ask about unicredit. are you nervous about that position >> yes everything i just said, notwithstanding, you asked if politics could negatively impact

things, the answer is yes. the performance over the last two years, it has shown some confidence if that confidence is shaken, that makes a difference. and there's not a zero probable of italy coming back to the eurozone my been is it's extremely unlikely and a bad idea for italy. because that's the most likely outcome doesn't mean it's definite by far the most probable outcome is that italians continue getting on with business, and that the strong fundamentals continue, but it doesn't mean there's no chance of something disruptive happening >> one other element is the european central bank. we heard from a long time that mr. draghi is planning on

looking at things, do you think what's going on in italy could change his timeline? >> i think so, can italy has been a benefactor of quantitative easing. i think mario draghi, it is absolutely -- he responds to data as do all central bankers i think he'll be looking not so much at the politics but at the reaction of markets over the next few weeks i suppose if one were to be slightly conspiracy here wrist about it, should we go back to situational yields, should italian businesses think about higher interest rates, should italian households think about higher mortgage rates that could change their thinking. i feel this whol reflexive. you can see with five star and lega, those parties change what

they say based on polling on a daily basis. the markets already pushed back its view on when the ecb will change direction on monetary easing it would be unsurprising if not quite possible this might push back the change in direction of monetary policy. >> stay with us. we've been talking about some losers potentially from the italian fallout over the course of the week. the fun rund by bill gross suffered its worst one-day loss ever on tuesday. wiping out investor gains since its inception back in 2014 the fund, which has negotiate

lidlittle exfoplittle exposure to italy. the spanish parliament is debating a no confidence vote in the government of maryaiano rajy coming up, dara khosrowshahi talks about taking uber public 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

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. welcome back uber is on the road to a 2019 ipo, that's according to ceo dara khosrowshahi who told cnbc that the ride hailing company is in a good position after it reported strong first quarter revenue growth and reduced

losses speaking to my american colleague carl quintanilla he add the ridesharing company wants to fill some key positions. >> i'm looking for a cfo, that's a pretty important person as part of an ipo we are very much now rebuilding the brand and what uber represents i think we're making terrific progress there as far as people understanding that this is -- we are a company that is going to be defining urban mobility going forward. we are looking to build out the safest mobility platform on earth. you have seen some moves we made on a safety front in terms of driver screening, making sure anyone who drives on the platform, they're checked out, safe, et cetera, but also making sure you're on the trip you can share your trip with friends and loved ones we introduced the 911 button if

anything goes wrong. now we're working on improving the product. as we improve the product, i think the financials will improve as well. i think us on track with a 2019 ipo, and e! riley about execution. >> interesting if market conditions were to continue as they are now, you would feel comfortable saying '19? >> at this point, yes. >> khosrowshahi confirmed that uber held talks with berkshire hathaway berkshire hathaway reportedly offered uber a $3 billion offer earlier this year, he did not confirm that but he said he would like to secure an investment from mr. buffett. >> we did have discussions i don't think the reporting was entirely accurate. warren buffett is an investor who has the ability to have his choice of investment in the

univer universe his brand and smarts are unparallelunpar l unparall unparalleled i'm a warren buffett fan boy for many years, one of my business goals in life has been to get warren buffett to invest in something i'm involved in. so far i failed. so maybe, maybe one day i can convince him that times will be right, he'll be willing to honor us with an investment. it hasn't happened i think warren can invest anywhere any time. >> in a statement to cnbc, mr. buffett said he was a great admirer of khosrowshahi and that there were discussions between berkshire and uber but that some reported details are not correct. separately donald trump is looking to block the import of premium german cars into the united states, that's according to a report in a german magazine the report cites eu diplomats

who says president trump told his french counterpart, emanuel macron, saying he would pursue his trade policy until there are no more mercedes-benz vehicles rolling down 5th avenue. the white house could again cite national security concerns as a reason to impose any fresh tariffs. europe steelmakers are in focus once more as the white house looks like it's going to scrap tariff exemptions for the european union the trump administration is set to make the announcement later today. the report sent shares in the major u.s. steelmakers higher in after-hours trading. troop trade officials meeting in paris failed to reach a deal wilbur ross dismissed talks that

tariffs would impede talks >> the sky has not fallen since we put tariffs on, and it won't. the proportionality is too small. the whole amount of tariffs on steel and aluminum are a fraction of 1% of the u.s. gdp so how much impact can that have on anything? it is just silly >> we'll have more on those trade talks with the eu later today when wilbur ross joins our colleagues stateside at 4:00 p.m., 16:00 central european time ali is still with us from gam. this story about trade tariffs, i spent lots of time in brussels the past few months talking about the impact this could have on europe. the reason europe doesn't think it's right is therea long-term solution for figuring out overcapacity in that sector? >> i don't think that president trump and wilbur ross are thinking long-term about the steel industry

they are having battles with europe, china, mexico, canada i was interested in the comments from earlier on. it's clear that the view the eu is take and the view china is taking is that one has to be firm when you're -- when what's become your opponent keeps changing position. the long-term structural changes required to make steel and aluminum companies competitive will not happen from these tariffs. u.s. consumer also suffer a little and the view from the administration is that they won't notice in the short-term >> if these tariff exemptions are scrapped, the deadline is june 1st, europe peels thfeels v to go to the wto what does that mean for equity investors? >> in terms of modeling, the earning os compan earnings of

companies are directly affected. the u.s. is talking about putting tariffs on $50 billion of chinese imports, that's among $2 trillion of exports reported last year. the impact of tariffs will be incremental. over a period of time it can make a difference. as of right now, given howen certain size, scale, scope tariffs might be, i would be surprised if equity investors were making changes to their assumptions. >> one final question before the break, do you think the uncertainty about trade policy will continue to weigh on stocks >> seems clear that the volume on this stuff keeps getting turned up from the american

administration i'm not sure, but at this point one has to assume whatever impact it is having will rise over time. >> ali, thank you for joining us this morning next we'll hear from juan manuel santos. why did i want a crest 3d white smile? dinner date...meeting his parents dinner date. so i used crest. crest 3d white removes... ...95% of surface stains in just 3 days... ...for a whiter smile... that will win them over.

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. welcome back to "street signs. i'm willem marx. these are your headlines this morning. a relatively positive start to trade i europe after u.s. stocks close out their best day since may 4th. italian bond markets recover with a spread on germany tightening. hopes for a political government support italian assets as the five star and lega are open to concessions for economy minister. and shares in german carmakers skid on reports that

president trump wants to block germany's luxury autos from the u.s. market. and the ceo of uber tells cnbc the ridesharing giant will ipo next year and also says he would welcome any investment from billionaire investor warren buffett. >> i'm like a warren buffett fan boy for many, many years one of my business goals in life has been to get warren buffett to invest in something that i'm involved in. so far i failed. >> just a few hours until the market opens on the other side of the atlantic after that positive day, the best since may 4th. it looks like all four indices will open positively the dow jones called up 42 points, the s&p 500 up 4 points. in terms of european markets,

the german market is still in the red. the xetra dax down 0.13. in london, the ftse 100 up 0.30. in paris, the cac 40 is up 0.47%. the euro is stronger against the dollar the pound is also stronger against the dollar the dollar is weaker against the yen and the swiss franc. the turkish lira hit the highest level in two weeks as investors welcomed emergency measures by the central bank to simplify its money trar potary framework. the lira hit a record low against the u.s. dollar. moody's has revised down its growth forecast for turkey amid concerns that president erdogan

was threatening banks independence erdogan has been vowing to increase control over monetary policy after last month's elek hun. and in china, the official pmi rose to 51.9, and analysts expect a contraction from the previous month the strong figures allayed concerns of a slowdown in china's economy. returning from her trip from sunny paris, joumanna bercetche is here to talk about trade tensions what can you tell us >> it wasn't a sunny trip. >> whenever i saw you it was >> as you imagine at the discussions, trade talks were front and center italy aside, we had that market reaction in italy, but trade concerns were at the top of the list of concerns when thinking about the outlook. i was on a panel yesterday i asked all of the people what their number one risk is for the

future they all said trade war escalation the potential imposition of tariffs. this all was coming at a time when the u.s. commerce secretary wilbur ross was in paris on his way to china there was a bit of hope at the beginning of the week that perhaps when wilbur ross would meet with his counterpart, cecilia malmstrom, that it would yield a positive outcome that doesn't appear to be the case it appears these tariffs will start getting applied the end of today or tomorrow. it's interesting it comes at a time when the other part of the discussions was about multilateralism. the french president gave a strong speech yesterday where he was talking about how they can modify some elements of multilateralism and this joint approach to dealing with trade issues to make it more inclusive and deal with issues pertaining to intellectual properties

so talking about issues with china and china's trade practices. i think the takeaway from that format is that people do want to stick with the multilateral way of approaching these trade discussions, but the u.s. seem to want to do it alone i had the opportunity to speak with the colombian president, mr. santos, he is coming up to the end of his term. i was curious to hear what he had to say about the latin americans relationship with the u.s. now and also in the context of them being a small, open, free trade economy, what he had to say about the ongoing so-called trade war. >> many comments have been negative for the perception of latin america with respect to president trump and his administration however we need to continue. we need each other u.s. is the best and first

investor, first trading partner. colombia is helping the u.s. in many respects with central america, with the fight against drug trafficking in all of the region so, we need to maintain and hopefully strengthen that relationship >> colombia is a free trade economy, open economy. when you hear the likes of the u.s. again looking to impose tariffs, so-called trade wars, trade disputes going on, does that concern you >> yes, it does. we think that this is something that in the long run is going to be very bad, even for the u.s. bilateralism does not work it might work in the short run but not in the long run. i hope the u.s. reflects on this the best way to go about this is working with the world, not

against the world. >> there you have it another head of state saying bilateralism doesn't work. it may work in the short-term but it's not necessarily going to work in the long-term so weighing in there one of the things wilbur ross said on the panel yesterday is that there's no reason why we can't continue negotiations even if tariffs do go up. we'll have to see how the eu respond to that. we're coming up to the end of president santos's turn. we have the run-off election coming up on sunday with the hard line conservative guyi an election runoff will be held june 17th. i asked president santos for his take on what he would think would happen if duque would emerge as the winner and what that means with the secease-fire

with the farc. >> he is tied to the constitution, and the constitutional court made a ruling that for the next three presidential periods nobody can take decisions that go against the compliance of the agreement. but also nobody in colombia wants go back to war politically it's impossible, legally it's impossible, practically it's impossible. >> how do you see the government's relationship with farc looking down the line >> in the last presidential election, which was last sunday, first round, for the first time you saw the commander of farc and his ally, for the first time

in life depositing a vote for an election this says it all m he ga he gave up his arms. he's the leader of a political party. the relation sship of the farc a political party will be the same as any party in the future. >> this has been the big question for colombia. lots of questions. president santos has won a nobel peace prize for bringing about this peace secease-fire the question is whether the future governments will respect the cease-fire he said that no one has the possibility to break away from it it's in the constitution now, it's a clear ruling that that cease-fire has to be respected in the future. that's a key point when thinking about how politics will evolve from here. some people have said the potential next president in

colombia would be sympathetic -- not sympathetic, but was anti calling for this cease-fire in the beginning, but then the president is saying nobody wants war anymore. we have to respect the constitution >> i suppose there's a difference between canceling a deal and trying to renegotiate it, unravel certain elements of it we're joined by our next guest, and marcos, i want to ask about that we heard during this campaign about relooking, re-examining this peace deal. he looks like he's on top for the second round of voting do you think he'll have the ability given where congress has stood on the issue to revisit this

>> i think he doesn't have a lot of room to change the peace deal at the same time he was prop propelled in the polls with this anti-peace dialogue with the population the referendum did not go through by a thin margin at the same time it's dangerous to think he wants to change the peace deal from outside the world. the peace deal itself was not popular in colombia because it give the guerrilla political power it was given the farc seats in congress, which was something not popular in colombi colombia >> if his victory brings about uncertainty in the peace deal, he's still the business candidate, so a victory for duque will be a good thing, right? >> it's an interesting question. if you asked me this a year ago,

i was always telling my clients that colombia's election would be decided in the center most of the candidates were center left or center right, then we have a run off between the right wing and the left wing he is the business candidate he's promising tax cuts. at the same time he's promising amending the peace deal. i would not treat this too seriously. it's more like a campaign promise. at the end of the day he will go there to rule the country. >> you think it motivates his base in some ways? it motivates the base, but he wants to get things moving and growing again. >> the big question is what happens to some reforms that president santos put in place. he was proud of the fact that colombia has made it to part of the oecd he said in order to get there,

they had to introduce certain measures, introduce certain reforms to be eligible the question for investors as far as they're concerned, not just the farc peace treaty but what happens on an economic scale and whether the next government would be incentivized to pull back some of those reforms. >> if duque turns out winning, we'll see a huge amount of continuit continuity his economic platform is not different from santos. he promises tweaks to the fiscal rule but they're not a game changer a free floating exchange rate, monetary policy independency so we see no real big change and we see a divided congress.

so it will be very hard to enact very drastic changes through congress >> joumanna, thanks for bringing us that interview. we'll move to brazil where the economy has continued expansion for a fifth straight quarter. gdp rose 1.2% in the first three months of the year some fear, though, that growth could be derailed by the recent trucker protests brazil's agriculture minister says the poultry industry could take years to recover. about 24 million chickens will be culled a day if suppliers cannot get food to the birds because of the protests. brazil is the world's biggest chicken exporter sticking with the country, oil workers are striking against petrobras. the protest was called to

demonstrate against the company's fuel pricing policies and calls for the ceo to resign. the oil fund said there were no production losses so far this year i've got to ask, why is the country's fuel infrastructure such a mess? you have a tiny fraction of gas stations having any fuel available? >> i think it high light highliw logistics are so poor. brazil has very few railways, and the few that are there are owned by the mining companies. i turn back the question why the logistics are so bad >> is that a lack of public spending in terms of infrastructure over the years or the fact it's a big gee ography and difficult to get around? >> that's part of the answer maybe 60 years ago we made the political choice to turn the capital back to brasilia and abandon railways

>> the chickens are coming home to roost on that decision. what's the possible knock-on effect from all of this? there's a huge area of life that will be impacted by this >> it's huge at the moment it's hard to quantify the impact on gdp i made some calculations q2 has 50 working days more or less if you take that 10% of the activities will be affected, we'll see about 1% level shift, temporary level shift in gdp that will knock on maybe 2% of growth rate. so you will see gdp on the quarter on quarter basis contracting in q2. yeah it's not looking really good

there's fuel prices rising, but also some shortages, shortages amplified the effect on inflatio inflation. >> is the idea that petrobras is passing prices on to consumers that they haven't in the past? and one last question. one massive hit to the share price of petrobras if you're an investor looking to park your money there, what should you be avoiding >> i take a different view on that i would use the opportunity to buy more petrobras i don't think this will be permanent. i'm bullish on this one. >> thank you for joining us. it's deadline day for the eu

to present measures to iran in a bid to keep tehran in the jcpoa. more on that when we come back

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welcome back to "street signs. the european union faces a deadline today to present iran with measures to compensate america's withdrawal from the nuclear deal it's unclear what those measures could be, but it's thought maintaining the country's oil supply will be key separately iran asked iran to support tehran against u.s. sanctions as it looks to maintain oil revenues. oil is under a bit of pressure today following that surprise rise in u.s. crude inventories brent is at 7.18 wti at 67.82 expectations that saudi arabia and russia could increase output next month are also weighing on prices i'm joined by the head of energy

news i have to ask you about that meeting. what do you expect to come out of it in terms of conversations between opec and russia? >> a lot of noise. >> how do you cut through the noise? >> you have to look at the price. the interesting thing now, is that everyone in opec is talking about target price, the target price that works for ail prodoi producers and the talk of a sweet spot 8 $80 a par rel wbarrel was too ee you look at growth in russia, predicted to be 1.7% for the economy. they don't have a problem with inflation anymore. that's not the picture you're seeing around the rest of opec venezuela is on its knees.

nigeria struggling iraq, libya suffering pain coming out of severe political turmoil. they all need different prices you go from russia, you get budgets based on the low end, the high $40 range, 40 to $50. you go to saudi arabia, saudi needs, according to the imf, 80, $85 to balance its budget. probably higher. there's a big range there. >> to build up its reforms >> that's right. and the reforms will cost money. they burnt out their reserves over the last two years. that's the tension here. there's not an ideal price for opec >> you hear the saudis say we're quite happy with $80 a barrel, but you question that? >> you have to look at the numbers and realities of the

saudi economy. part of mohammad bin salman's plan is a huge multibillion spending program to develop infrastructure, huge industry and tourism cities on the west coast of saudi arabia. that's going to cost a huge amount of money. then you have the legacy issues that saudi needs to address. they are running a structural deficit. they have been draining reserves it's not just saudi arabia, you look around the gulf these are high-spend economies so, they need the high price >> you say let's look at the reality. you have to look at the reality. one reality is that saudi arabia and iran are far from being friendly with one another. so the idea that iran will go to epeck a opec and say help me out, do you think that will get a warm reception? >> there's going to be no love at all i'm predicting one of the most

fractious meetings i've been going to in a long time. i think the oil minister has been a good citizen in opec over the last two years it served iran's interest to go along with what saudi has been doing. think increased their production by a million barrels, but that will be wound off. but do the saudis need iran, that's the question. and where can iran cause trouble? maybe they can talk to the iraqis they're a big player now exporting about 3.8 million barrels a day. you know, iran has close political ties with iraq you know, saudi played a good game here. they have a lot of good will that they built up amongst producersment mement and we hava meeting that may go ahead this week the interesting outlier is

qatar. you have the dispute between the gulf states and qatar is isolated what will the qataris do they've been very quiet. opec likes to present a united front. that will be very, very difficult coming up into the next meeting >> thank you very much for coming on. >> thank you >> that will be something we watch closely, that next opec meeting. the u.s. futures ahead of the market open, all three indices looking to open positively this morning with the dow jones called up more than 20 points. that's it for today's show in london i'm willem marx. "worldwide exchange" is coming up next.

it is 5:00 a.m., here are your top five at 5:00. warren buffett shocking everybody confirming he held talks with uber. we'll give you details plus exclusive comments coming up. the trump administration reportedly working up new tariffs on steel and aluminum for europe. new evacuations have been ordered in hawaii. mount kilauea continuing to erupt there. the american city that some fear is overbuilding. and the internet going wild to