oil minister alexander novak tells cnbc president trump's criticism of opec had nothing to do with a deal to add more barrels to the market. >> translator: our offer to increase production volumes in june was made well before the appearance of certain tweets. >> erdogan declares victory in the turkish election strengthening his grip on power sending the euro and the stock

market higher. good morning, everybody. happy monday we have just got the headlines coming out, the latest data for the month of june. just taking a look at that we've got the business climate index has come in at 101.8 versus a forecast of 101.7 so a smidge higher there. the current conditions come in at 105.1 versus forecasts of 105.6. a little bit disappointing the eiffel is saying german business morale has fallen in june and the overall expectations index has come in at 98.6 versus forecasts of 98, so a bit of a mixed bag here it seems on some metrics. the numbers have actually outperformed and on others they've underperformed broadly speaking i think the take away from here is that

business morale seems to have got hit and we'll be speaking to representatives from eiffel very shortly. you can see the reaction a little bit of a down trade to the tune of about .1%. anyway, been on a weakening trend this morning the mood has been pretty sour in the asian session with all of the major indices in asia trading in the red to the tune of 1%. of course, this is after new reports saying that the u.s. treasury department is now crafting rules that would bar chinese companies from investing in u.s. technology firms that did have repercussions on asian equities europe received the broader index trading down .6% let's get into european indices. the picture is quite dim this morning the ftse mib underperforming down 1%. only about 1 hour into trading i should mention actually interesting enough i was looking at the year to date performance

of the italian ftse mib. year to date the german index is down 4%. ftse mib is down 1.3%. the german equity index is having a worst year despite all of the political shenanigans going on there that is the picture for the european indices that's one of the sectors i don't think should come as a major surprise that the major under performing sector this morning is basic resources we tend to see that on days when trade tensions are gripping the market you can see that basic resources are down 1 1/4 percentage point. also autos again struggling. the auto sector was down 5% in last week's trading and today doesn't seem like it's better. every single sector is trading in the red this morning. em e.u. officials said it will

retaliate on any tariffs against the u.s. cars. president trump is imposing a 20% tariff on all cars built in the e.u. china and the e.u. will go against the tariffs. i find it interesting that europe and china are putting up a united front here. >> reporter: i think mr. katainen spent most of the interview contrasting president trump's approach with a multi-lateralism he was talking about how, yes, there are problems with multi-lateralism he's not naive, things need to be worked out, but that once you make a decision to choose lateralism or multi-lateralism,

then you engage with multi-lateralism and it works. this is what he had to say. >> unilateralism is a poison to harnessing globalization in a sustainable manner people are worried in all parts of the world, people are worried. we cannot afford to destroy well-functioning multi-lateralism and at the same time we have to acknowledge that there are still problems and wto is not perfect so we have to reform wto in order to make multi-lateralism even better functioning in the future so this unites e.u. and china at the moment. >> reporter: and as you well know, the europeans have just as many issues that the u.s. has when dealing with china. there are a lot of problems that the europeans have with china's made in china 2025 strategy which they also believe is unfair to european companies, but at the same time he said

that the softer approach does yield progress in fact, on his trip here he said that the europeans were able to make progress in their discussions with the chinese on market access offers he says in a couple of weeks they're going to be going and exchanging those views so he says that there is this effort being made to try to work more on investment treaty between the two sides. he thinks there's going to be some tangible results when the e.u. and china meet again at a summit in july. >> after contrasting approach that we're seeing out of the u.s. eunice, thank you for the latest from beijing. german business morale fell in june. it's an indicator of german economic activity. we're joined by timo picking up on the comments on the german business morale falling in june, i see also last week the equal cut forecast to

1.8% from 2.8% should we start to get worried in the german momentum >> the cuts were revised down from 2.6%, which we published at the end of last year, to 1.8 this was a very significant downward revision but, still, i mean, growth of 1.8 is still not that bad but, i mean, we have to discuss definitely the reasons why we cut this forecast. this has to do with the international environment which has significantly deteriorated since the beginning of this year. >> i want to pick on those comments, specifically the international environment. it was on friday that president trump sent out a tweet suggesting that the u.s. may look to impose the 20% tariff on also imports coming from the e.u. when you published the forecast

had you that auto tariff in mind or was that before it so reading between the lines if the u.s. do go ahead and apply extra tariffs on the auto tariff, would that cause you to revise the forecast even lower in the future >> yeah, i think so. in publishing this we still argue that this is a significant risk to our forecast it's clear it was not yet decided the probability that trump will decide in this direction was of course very, very high and, i mean, it is not only the duties on german cars which is, you know, having a negative impact on the german economy, this is whole debate about, you know, the end of multi-lateralism at this time. it's not only cars that we are exporting to the rest of the world. a large part of the goods that we produce here in germany have been imported as intermediate goods and have only been assembled in germany the thing is that the german

industry is very much dependent on global production change and every -- you know, it changed in this environment in -- even when the u.s. imposing taxes or duties on imports from china, this will have an effect on the german economy. >> so this morning our colleague, eunice, spoke to mr. kainen they said the e.u. will retaliate. retaliating on tariffs with extra tariffs. do you think that is the right approach >> well, not -- it is probably not the right approach when you think of, you know, maximizing gdp growth in the short run because this is, of course, something which will hamper growth even further. but, of course, in the long run, i mean, i think this is the only possible answer because if we

are not responding to trump like this, then what keeps him, you know -- what prevents him from imposing further duties. i think this is the right answer. >> you could argue what would prevent him is actually giving some concessions we've heard from daimler they've issued a profit warning. there's been a motion from the parts of the german automakers to actually speak with the u.s. ambassador in germany to think about reducing the tariffs that e.u. applies on u.s. cars. perhaps that would be a better solution than going forward tit-for-tat? >> definitely. the first best solution of all of this would be to reduce duties on both sides i mean, the european union is definitely not the one who's that's let's say behachg very well on duties

lots of imports to the european union are charged with duties as well so of course there is something that we could offer. negotiations, this is what we should do first of all in order to prevent a further spiral into more duties on both sides, but i have the impression that these negotiations have already been started and i don't see -- i mean, we don't get, you know, that much information about the outcome. i have the impression that we had the negotiations with the u.s. and there was no real solution to this problem. >> you say that, but also there seems to be a lot of frustration from the u.s. directed the germany be it on the sides of the surplus, trade policies, not spending enough on nato. are you worried about the state of the relationship that exists to the between the united states and germany? and also do you think that

chancellor merkel could have handled this relationship better >> definitely i'm worried. i mean, from an economic point of view the u.s. is one of the most important trading partners to germany i mean, the problem with this discussion, that it is, you know, very often done with only, you know, one view on the things i mean, it's definitely true that we have a surplus in the goods account so we are exporting more goods and especially cars to the u.s. than the other way around but it is also true when you include the service sector into all of this, then the things look very differently. i mean, we are good at exporting cars in the u.s., very good at exporting the same u.n. economy product. this is how the globalized world is working everybody is producing what has a comparative advantage.

it seems that germany has this advantage in producing cars and the u.s. in other different things so i don't see that this is much of a problem if the u.s. is saying that we are consuming too little, then we could also say that probably the u.s. is saving too little. i mean, this is -- this is maybe the problem. >> definitely not the two on there. as you pointed out, sentiment is getting hit. timo, thank you for joining us now european leaders failed to find common grounds on migration. we have that right after this break.

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he says he hopes someone is named to the role sooner rather than later charlotte joins us to discuss. this issue is an ongoing issue it doesn't sound like this candidate had a strong endorsement. >> so the rumor's been flying around this weekend that the nominating committee had picked mr. capron but the french finance minister is pouring some cold water on that yesterday he's saying he's one candidate among others and we need to consider other candidates. there's two reasons why they're pulling back from this one is that this candidate, mr. capron, has no experience in the airline or aerospace industry and that was one of the key criteria and mr. capron is a restructuring champion he's 60 years old.

he's had several years of restructuring. he's done that with several companies and that's unnerving the unions because, you know, finance director with restructuring experience, he's making them nervous. >> and we can see the stock prices looking at it, we had the big jump when the ceo stepped down at the end of may it fell more than 17%. to date we're down another 2.5%. lots of questions still. investors seem to be concerned about the lack of clarity over the succession plans the board has a very different view it looks as though we're leaning towards someone with the restructuring background and isn't afraid to go more loggerheads with the union. >> that's right. one of the things impacting the share price this morning is that klm and delta are reported to be here with the candidate. delta owns a 9% stake and, yes,

they have to find a candidate because the union bes have suspended the strikes. let's wait for the next person we're suspending this right now and in good faith we wait for the next name. now we're waiting to see the next name. if the nominating committee is thinking of having this kind of candidate, it's thinking that there could be more struggles ahead with the unions. >> i'm beginning to see some repercussions on the domestic perception on how the government is handling this i was reading over the weekend that mr. macron's popularity domestically has fallen a lot because of how he's dealing with the strike with the air france situation. how long before do you think the government will have to politically concede to providing a successor and actually just saying, you know, we want to wash our hands of this it's a private company, you get on with it and we'll stop having

such a forceful role in determining who the successor is going to be? >> that's tricky it's been impacting the popularity of macron the railway responds in a way. the french public has been going through. it seems like he's been winning that battle. on the air france klm side, it's tricky on the one hand they want to look like they're away from the sto story, pro reform, they want the company to deal with it. mr. lamere said we will not get involved if the company doesn't become competitive, it goes bankrupt, we will let it but at the same time it's a lot of jobs. it's 46,000 jobs at air france klm. people are going on holiday. a whole national airline carrier going bust is a bad look and could end up with a big crisis for the government

we'll let business do business but at the same time there are real repercussions. >> klm, one of the big blue chip names there. elsewhere, some corporate news premiere foods is facing calls to remove the ce they said it had, quote, completely lost faith in him and would like to see them recruit a permanent chief executive from outside the country. they plan to vote against darby's re-election at the annual meeting in july. elsewhere, brittain's biggest real estate agent countrywide has opened sharply lower after cutting the half year guidance. the firm says it's committed to rebuilding its sales pipeline which was significantly below last year's levels and thewealth management unit of financial services group old mutual has listed under 9.6%

of the shares were priced at 2.76 pounds with the valuation they offer financial advice, planning and investment services they're in the final stages of a breakup as a result of costly regulatory changes old mutual shareholders will receive 86% through the merger and old mutual has suspended this on the london stock exchange quilter shares are up almost 9% in trading already and iwg shares are trading higher after the office space provider confirmed it was approached by a private equity firm terra firma takeover. iwg says it is evaluating the offer and that those shares are seen trading up around 3% this morning as well. and in europe eu leaders have failed to come up with a joint solution on migration

following sunday's emergency summit while they agree on tighter borders and funding, the issue on how to address the asylum seekers is here. no surprise that there wasn't a major ground breaking agreement reached over this mini summit. the bigger question is what are going to be the repercussions on chancellor merkel? she was given a two-week window from the interior minister to come up with some form of solution and dealing with migration. they haven't come up with any solution is this going to affect her? >> reporter: well, clearly she's facing a lot of domestic political pressure ahead of the csu in bavaria he himself is essentially posturing over the course of the summer ahead of local elections in october trying to shore up support ahead of the elections

trying to make sure that his policies are seen as hard line when it comes to migration when it comes to the ifd, part of the hard line stance is that germany will close its borders to migrants who already have been registered for asylum in other european countries that's what's put him at odds at chancellor merkel. she's welcoming 3 million people in the last three years. she is putting a veneer of respectability over any potential effort to bring around some kind of common agreement around european states she's accepted all 28 member states will not be able to come up with major changes to the common asylum application process that they already have in place, the dublin rules for 25 years here in europe, but hopefully she's hoping that there will be agreements either bilateral or trilateral with other european countries that will ease it here in berlin.

she's talked about goodwill in these conversations. take a listen to her reaction after the conversations finished yesterday. >> translator: we all agree that we want to reduce illegal migration, that we want to protect our borders and that we are all responsible for all issues, which means that it is not acceptable that some are taking care of the so-called primary migration while others are taking care of the secondary migration but, rather, everyone is responsible for everything. whenever possible we want to find european solutions and where this is not possible, we want to bring those who are willing to give it and develop a common framework for action. >> reporter: so the german chancellor is sayingeveryone i responsible for everything a bit of a woolly phrase the asylum seekers and migrants arriving on european shores and those that are the secondary

migration, the movement within europe we've heard a lot about the impact that secondary migration could have on the agreement of free movement of people around europe we have heard from the head of the belgium government yesterday saying that he would like to focus on strengthening european borders. we've had proposals from the french, from the italians how that could be done, whether that would be inside europe in asylum processing centers we've had the agreement between the turks and the european reunion. it has been according to merkel and others, very, very successful. >> willem, very quickly, what was notable is the absence of certain eastern european countries as well. how important is that? >> reporter: well, if you're trying to find a comprehensive solution with the likes of hungary, poland, members of the

group in europe, they are going to have to sign on board for that to become an e.u. 28 priority the fact that they haven't is what's making chancellor merkel talk about the bilateral and trilateral agreements. without all 28 countries signing up, the european commission can't take on the redistribution efforts. >> it shapes up well for the big summit at the end of the week. coming up on the show, presidential power turkey reelects erdogan with an absolute majority bringing into force major new powers for the president. more after this break. polk county is one of the counties that you don't think about very much. it's really not very important. i was in the stone ages as much as technology wise. and i would say i had nothing. you become a school teacher for one reason,

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- she outsmarts me every single time. - checkmate! you wanna play again? - anncr: prevagen. healthier brain. better life. welcome to "street signs." these are your headlines all major markets and sectors are in the red autos are among the steepest decliners as the european administration says it will hit back. >> unilateralism is a poison to harnessing globalization in a

sustainable manner people are worried at the moment in all parts of the world. people are worried we cannot afford to destroy well-functioning multi-lateralism. germany's economic boom is over that's according to the eco institute. russia's oil minister alexander novak says president trump's criticism of opec had nothing to do with the major oil producers to add more barrels to the market >> translator: our offer to increase production volumes in june was made well before the appearance of certain tweets >> reporter: erdogan declares victory in the turkish election sending the lira and the stock market higher. markets are trading in the

red again this morning as the news that the u.s. administration's thinking of imposing even more tariffs not only on european counterparts but also applying new restrictions on chinese companies investing in u.s. technology firms so that has set the tone for trading in asia. we see that in europe. the 2k3wergerman index trading 1.5% last week alone the dax is down more than 4% very heavy trading last week and this morning it doesn't look like it's going to be much better ftse mib is under performing at 1.2% as well let's take a look at foreign exchange dollar exchange was a bit earlier. mixed bag. we can see euro dollars trading a tad better dollar yen, we're seeing safe havens 109.50 at the level trading

stronger and hanging around the 132.50 we've been around there. that's a somewhat hawkish mpc minutes. what you're seeing now is the strength of the dollar is beginning to weigh a little bit. that is the picture. in the u.s. the mood is also looking a little bit sour as well the dow opened up -- well, closed the week stronger on friday but this morning looks as though it's going to open up 140.4. .6, .7%. crucially, nasdaq which so far has been the outperforming index in the u.s. is also seen opening up weaker as well. as we said, this next round is going to hit technology companies. the nasdaq is beginning to feel somewhat of the pain there let's talk about opec. it is a mixed picture of oil in early trading amid expectations in a rise in output with the latest opec and non-opec meeting in vienna.

while they avoided individual country targets, it's expected that the increase in production will be led by saudi arabia. overall the move will see production increase by 1 million barrels a day. goldman sachs published a note saying it is $75 a barrel by the end of the year which is exactly where we are trading right now, steve. isn't it >> yes >> so you've spoken to almost every oil minister who attended the opec meeting. >> i spoke to everyone. >> here's the issue. we went in last week saying saudi and russia, presumably, had agreed to the extra 1.5 billion. what we're looking at is 1 million. it's going to be difficult to get 1 million extra production coming because of the supply constraints that exist. >> look, i can construct a whole argument about why it's bullish. i can actually equally well construct a whole argument why it's bearish as well

it will be 1 million, others saying they haven't increased production at all. so there are arguments november 21st, 2016. 1.8 million barrels off the table. we knee historically opec has cheated. they've got very strict adherence. it's pretty much run by saudi and, indeed, the russians and the president of opec at the moment to keep people complying. the problem is, they've been over complying and over complying because some of the major producers, including especially venezuela have had a failure to produce all they're supposed to. instead of cutting 1.8, they've cut as much as 2.5, 2.6 barrels a day which means there is this leeway for opec to produce more but only get back to what they said they were going to produce. the problem is this only lasts

six months until the end of the year and thereafter as mr. novak has been saying to me, we need a completely new deal as well. there are a lot of smoke and mirrors. the problem is not many people can produce. opec is 1.2 million of that 1.8. the saudis, we can put that back on the table others, such as iran, are going to have to take it off the table because of the onset of sanctions. which is where the smoke and mirrors come in. in effect all we're talking about is going back to where we should have been, which is 1.8 million barrels a day. >> it's coming at a time where it looked like it was pretty much in balance. if you're offsetting what was done originally, you're not introducing any additional measures. >> very live issue. >> and demanding is continuing to grow. >> the amount of global demand, that's how much is actually used every day. 98 to 98.7 million barrels a

day. we are increasing global demand. even that growth is coming off the table. there are infrastructure supply issues as well and concerns about utilization. it means the non-opec supply growth is potentially slowing as well so there are all kinds of head winds, geopolitical and actually physical ones including the lack of investment in the industry. we've been speaking to one or two of the ministers from the consuming nations as well. we spoke to mr. novak as one of our final big interviews of the week and i've been trying to get him to say how he's dealing with the united states as well because, of course, mr. trump has been very vociferous. >> he was tweeting last week. >> he was, indeed. i thought this one was more toned down previously which is basically saying, opec, quote, at it again. i hope they can maintain production i spoke to mr. novak

i'm trying to dig into this relationship and whether russia was responding to mr. trump or working independently of it with saudi. why don't we listen in. >> translator: well, to begin with, i would like to mention that we do not supply oil to the u.s. if we do, the quantities are tiny our markets are elsewhere. secondly, the u.s. is just another consumer like the rest of consumers i've already told you that when we make decisions we take into account the interests of consumers and not just of producers. thirdly, i'd like to stress that our offer to increase volumes was made before certain tweets russia had proposed to ease the quotas back at the end of last year and we began to discuss in detail in february of this year.

>> mr. trump's tweets do not help the situation though, do they they didn't help the dea log between consumers and producers? >> translator: the situation i the u.s. is quite distinct, special. they consume large volumes as well as produce large volumes. i think they have an interest to have a reasonable balance between producers and consumers. on one hand, high prices stimulate production growth. on the other hand, high prices bring the demands down and hike prices at the pump the u.s. are an excellent example for a need for compromise between production and demand which is exactly what's happening globally when we are talking about balancing the markets. i would like to remind you of our previous discussion. i think we discussed this before, but after our cooperation agreement between the opec and non-opec countries that refer to the price incre e

increase, it was tech companies that have increased production and volumes. >> i'm fascinated he says we've done a bit let's be fair to mr. trump, both mr. trump and the indians and also the chinese, they're saying, be careful here. if you don't want to derail the economic recovery, the indians are very worried about it. they take a lot of subsidy off as well. the fiscal deficit has expanded. the cost of oil has gone mad don't upset the customers. saudi arabia was very, very clear. we have listened to the customers. >> the largest producers >> got to move on. thank you. >> fabulous. thank you for having me. >> that was fun. looking forward to the december one already. >> you may well be there. >> i doubt it. i'm not ready for that all right. elsewhere, turkish leader erdogan has been re-elected as the country's president after

receiving an absolute majority the country's state media is reporting that mr. erdogan has won 53% of the popular vote with 99% of the vote counted while his rival mohamed ince 2350k 1%. the opposition party has not yet conceded the turkish yen strengthened erdogan said he hopes to significantly changes the system >> translator: the chairman of high electoral board has just declared erdogan is the winner of the election with absolute majority starting from tomorrow we will start working to fulfill pledges we made to our people. >> timothy ash joins us. there are so many things to discuss here the first thing i want to ask your opinion on is the fact that he did so much but crucially

even with the alliance, so if you put akp and mhc together, they put 343 seats, that's still short of the 360 that's needed to enact constitutional changes. in some respects, is that serving as a check and balance against what president erdogan can do in his terms? >> big surprise. i think people expected co-habitation. this is a first round erdogan victory. it's significant caught most people by surprise the second thing is the strong showing of the mhp, the secular nationalist party. you mentioned checks and balances many people worried by the presidency and too much power to erdogan. i think what we learned during that campaign is the constitution is similar to the u.s. constitution. i think the fact that akp itself stand alone without the mhp failed to get the overall

majority it alliance on the mhp it provides a bit of assurance that erdogan doesn't have absolute power, that parliament with the mhp will moderate perhaps some of the excesses of, you know, single party ruling effect with akp and erdogan. that's a silver lining for the market >> and also perhaps one of the reasons why the currency is reacting so much stronger. why do you think the currency is reacting so well >> well, a few things. it wasn't particularly excited about the prospect of co-habitation. i think most people assume it will be a difficult relationship if the opposition is the parliament and the presidency. most people assumed that would lead to early elections, joint presidential and parliamentary as it is, we don't have the uncertainty of the two-week second round presidential election again, the chances of early parliamentary presidential elections are reduced. i guess in the end we know erdogan, he's been in power for 16 years

i think there's a bit of an assurance that he doesn't have an overwhelming majority in parliament the mhp can provide a check. people are waiting to see particularly in terms of the economy. >> what investors really care about from here is what the central bank is going to do. we saw them intervene perhaps with a bit of a nod from president erdogan. it's helped the currency somewhat are we expecting the central bank to tighten monetary policy further from sfleneer will they allow that to happen >> it's all about confidence the real economy is slowing really sharply so i think we will see rebalancing domestic demand will slow significantly. the current deficit will probably moderate towards the year end inflation will pick up and probably reduce but, again, it's all about confidence at the moment there's not much confidence in the central bank and erdogan's trip to london, it's made them very, very

nervous about central bank policy i think it's very, very important. the team in place, the key economy positions and the messaging they send to the market in terms of central bank independence are actually very important now. if there's a decent team in place, i think with domestic demand slowing and rebalancing coming through, they could be okay but if he goes back and trying to cut rates too early, then, you know, he'll have a little difficulty in terms of market performance. >> what people don't realize about turkey is, yes, they have a very large current account but from the fiscal side things are relatively under control the gdp is relatively low as well there is also some reports suggesting that if things do continue to deteriorate, then maybe there could be a possibility of turkey joining an imf program. what do you make of that. >> you mentioned the positives people tend to be very negative on turkey. >> silver lining. >> yeah. there is an inherent bias

against it particularly in political spheres. that said turkey has strong banks and they're in great shape. 28%, there's been some fiscal loosening. it's only going to be a 3% deficit. if they don't shore up market confidence with a decent economic team and offer up the policy for the next six months or so, you know, then they could be in difficulty they have a large external financing gap. very dependent on european bank rollovers. if erdogan doesn't send a message that he understands the need for an orthodox policy stance in the next six months, then they could have difficulties then i think they would have to probably go to the imf. >> not quite time to buy them. >> i wouldn't be able to do buy or sell recommendation i don't think it's necessarily as bad as people make out. there are options and ways out and if the policy is reasonably

orthodox, we could have a decent end to the year. this rebalancing thing, the fact that domestic demand is moderating will help >> timothy, thank you very much for joining "street sign"s that was timothy ash from blue bay asset management. now useless, unsafe and dirty. that's how the bank of international settlements views cryptocurrencies we'll hear from the chief right after this break

happy anniversary dinner, darlin'. can this much love be cleaned by a little bit of dawn ultra? oh yeah one bottle has the grease cleaning power of three bottles of this other liquid. a drop of dawn and grease is gone.

welcome back to the show cryptocurrencies are useless, unsafe and dirty that is according to the latest report by the bank of international settlements. i spoke with the chief cars sons and asked about the dangers of cryptocurrencies. >> they're portraying themselves as being an international currency and they need to have to correct to work it has to be a good unique account, a medium change and

good positive value. cryptocurrencies do not fulfill any of those characteristics, therefore, what we do there is just to warn people that, you know, cryptocurrencies are not currencies they're assets >> with that he's warning that cryptocurrencies are not assets. elsewhere, saudi women have taken to the road for the first time after the kingdom lifted a long standing driving ban. saudi arabia had been the only country in the world where women can't drive. hadley joins us from a hot saudi. >> hot and windy. >> it's not just about the driving. this is also about opening up the economy. it's about creating opportunities within the work force. are we likely to see a good tailwind for the saudi economy on the back of this tailwind >> reporter: that's what the saudi officials are hoping for they're hoping for billions of dollars to be added to the economy, as many jobs as they

can think of certainly one company that's going to be looking to add jobs there is one of these ride sharing companies. it's the regional uber it's interesting to note and i had a chance to catch up with careen captinas, women drivers who hit the road yesterday, but i got a story from the co-founder. >> women do want to drive with women so we are opening up a whole new segment which was not using ride sharing apps who's now more into rigde haling because of the market increase we are believing in a society which is way more modern and with that transportation will increase. >> reporter: so in terms of how this is changing society, you've got women now able to drive, a lot of questions over how this

is going to really transform the saudi economy, bring more women into the workplace and eventually create the opportunity where you have two income households. were you surprised at the pace of this change >> the pace of change is not surprising us. when we introduced careem for saudis, for saudis to become drivers on the platform, we've seen it picking up so fast and we see that the society is very flexible and easy when it comes to adapting to change. and this is what we see as well now with that group specifically after it's announced, 2,000 women are registering for trainings. >> that was the co-founder of careem it already has women drivers on the road uber, not quite there at least in saudi arabia. careem's co-founder is telling

me he's hoping to add 20,000 women as captains by 2030. >> hadley, stay warm out there i'm sure you will stay very warm okay a dominant england defeated panama 6-1 punching the ticket into the knoout round. harry cane bagged a hat trick. adam is with us. people are calling the hat trick a panama hat trick >> quite clever. >> so everyone's really excited about england now. playing devil's advocate, england beat two relatively poor teams. we haven't really played anyone on the top of the list perhaps we're getting a bit ahead of ourselves. >> you can only beat what's in front of you these are the two opponents they had in front of them watching england for a long time, i've seen them toil in

playing trinidad in 2006 and algeria. it is nice to see scenes like this england scoring goals and playing at least to what you would expect them to do in tournament so often there is a golden ger ner rags coming in with so much hype in them two games, qualifying with a game to spare. it's only the third time in world cup history that england have actually got a game to spare and already been through for the knockout stages. >> they're playing belgium next. do you think that they will put on the reserve team to give the top players a break on this thursday's match given we know for sure they're going to the next round >> after the game he said at halftime that he was telling the players to get at least one more goal they were upset they conceded at the end. the goal, historic goal for panama but that would have taken them to the top of the group. it did take them to the top of the group. he says they want to wip the

group. they want to have it in their own hands. what happens after that, the last 16 could be one of japan, colombia or senegal. england top of the group they want to win this group because even though they might play germany or brazil in the quarterfinals, those are the teams they're going to have to play at some point that will be when the real test for england is to come i want to see england bet a team they're not supposed to beat. >> they're going in with a positive momentum for a change thanks for that very quick look at u.s. futures before we head out. weak day for equities but that is it for today's show "worldwide exchange" is coming up next. jurassic world: fallen kingdom

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it is 5:00 a.m. here in new york and here are your top five stories right now and they are truly worldwide. here in the states, stock futures in the red again trade war fears hitting wall street and your money. that leads us to china the white house reportedly working up new trade restrictions but could china do something that would shock everyone the european union firing back at the threat of new auto tariffs. we are headed live to brussels on that. in turkey, president erdogan cementing his power following nationwide elections. and it is a sign of the times, saudi arabia, decades of bad policy coming to an end on this monday,