welcome to "street signs." i'm willem marx. these are your headlines from london on a flat start to the trading day, publics sells off after a sudden dip in the u.s. healthcare business. abb jumps towards the top of the stoxx 600 after it says transformation is working. unilever second quarter

sales miss expectations but the company backs its full-year view despite challenging competition. while most support the move to the netherlands, the ceo understands the frustration of others >> there are index investors in the uk, so you will get some dissatisfaction from these index buyers, which we understand. president trump's former adviser steve bannon tells cnbc it's time to confront china and says the country's trade policies gutted many local economies around the world >> a trade war will end in victory. what you will see is a reorientation of the entire supply chain out of china. good morning as mentioned in the headlines, it's been a flat day for traders so far the stoxx 600 is down around a

quarter of a percent so far. if we look at the individual markets behind that number, you can see why that is the case three of the four major indices are in the red with the ftse mib trading at the flat line the cac 40 down 0.57%. the ftse mib down 0.01 you can see banks and insurance sectors are in the positive. oil and gas above the flat line. we'll look at oil and gas later on basic resources down 1.7%. you can also see that media and chemicals also trading pretty poorly now let's talk about another sector a truckers strike in brazil alongside weak pricing hurt unilever's second quarter sales. they missed expectations the consumer goods group said

overall market conditions had been challenging during the first half of the year but it kept its full-year targets unchanged. the company behind dove soap, they said they were on track of meeting its goal of a 20% operating margin by 2020 i sat down with the chief executive this morning and asked if the company was on track this year to hit targets for sales growth >> we're confident that we will be in the 3% to 5% the first half would be lower on the count of lower pricing and picking up in the second half. what you see behind the results is a strengthening of the volume component, which is the most important. i also think this volume component drives the enormous financials that you see. gross margins again up strongly. underlying market operations up.

earnings per share as a result on a constant basis up nearly 18%. so the internals of what we're producing are good results we see the overall sales parts accelerating over the second half of the year to stay within the 3% to 5% range >> you're bullish about volume increases, but shareholders say they're concerned about weak pricing in the sector and at your firm. you are slightly improved from last quarter, do you expect these competitive market circumstances will keep that low? >> analysts were worried about us not having volume now we have four quarters in a row of continuous volume expansion. i wonder if they're always worried about something. that's fine for us we think we can have pricing pick up over the second half that's probably one of the

drivers and why we feel comfortable in that 3% to 5% range. >> currency markets have been kinder to you this quarter than last time around do you think you could have done more to mitigate the impact? >> currencies are volatile because of the geopolitical environment being volatile we have to deal with that. we see enormous currency swings. we're entering a year again with significant negative currency impact from the emerging markets we deal with eventually that will reflect itself in pricing in the markets. you see behind these results in our overall growth in the emerging market is up 4% so strong underlying growth despite the challenges many of these markets are stressed you take markets like turkey, like mexico, like brazil, with uncertainty, election results, their economic policies are not getting through to the consumers and improving standards of

living >> you're heading for an operating margin of 20% by 2020. you're now at 17%. you're on track, you say what are those other challenges that could prevent you from hitting that target? >> we're not only on track but we're ahead of our path. some skept tiics said you canno get to a 20% margin. we have significantly accelerated our innovation program. what you see here is with the gross margin expansion that is quite healthy at 60 basis points, it's entirely driven by the innovation program and mix and not by pricing as you pointed out. that shows the strength of what we're trying to do if we keep innovation pace, which continues to increase in this company, and work the mix as we are currently doing, just gross margin expansion alone will get us there. it will still allow us to have

more in brent spent, that will strengthen our brands behind us. i think we're continuing to stay on the glide path to the 20% margin by 2020 >> i also asked how he would characterize the mood of uk shareholders following the company's decision earlier this year to move headquarters to the netherlands. >> many of our shareholders understand why we do this, the rational to make this company more competitive, more agile, to participate at an equal basis in future transactions. increasingly investors understand we're moving to a better corporate governance structure. one share, one vote. corporate governance standards that are the best in the world including what is here in the uk, the best standard and what is in the netherlands the best standard so broadly investor base understands what we're doing and they support unfortunately there are index investors in the uk, in an

independent body, they have decided though we are traded in the uk and you can continue to buy our shares, we're not listed there. so you will get some dissatisfaction from these index buyers the activist investor elliott advisers says thyssenkrupp's ceo should serve in an interim basis. elliott said share holders expect an unbias search for a new external ceo there was growing pressure from how old shareholders for the ceo to step down publicis group has posted an

unexpected drop in second quarter sales and poor performance at the u.s. healthcare business drove a 2.1 pr2.1% decline in revenue the firm nevertheless backed its full-year targets. they are grappling with increased competition and shifting consumer tastes abb shares are rising after the firm reported a better-than-expected 30% rise in second quarter net profit. the group said the economic outlook for europe, the u.s. and china was positive, but it warned about what it called rising geopolitical uncertainties around the world revenue growth at the swiss engineering company was a weak 1%, below forecasts and below abb's target range of 3% to 6% s.a.p. shares are under pressure even though the company raised its outlook for the year. you can see they're down three quarters of a percent.

revenues at its cloud business grew 40% at constant currencies. that helped to drive second quarter results above expectations nonif non-ifrs operating profit beat by 14% nordea posted 1.33 billion euros profit for the second quarter but that damped expectations that revenues in 2018 will match last year. profits rose thanks to reduce costs. the bank also warned that household lending margins remain under pressure that seems like a good moment to bring in jeffrey sachs from citi private bank we heard about nordea's results. i want to ask about the recovery is it fully under way for the

european banking sector? >> very much so. we're around three years into a five-year recovery when you get a severe sell down you get more than a cyclical upturn as we saw in asia 20 years ago, we're seeing in europe now it started with recapitalizations, so core tier 1 ratios are up 15%. then we had stress testing then we had net interest margins beginning to improve through cost cutting, and then more recently a pick up in loan growth up to 3%. we think next year we're likely to see a further rise in net interest margins as rates begin to pick up and then provisions will gradually be written back. putting that together you have a rational for returns on equity to rise from negative few years ago to current 8% up to around 15% over the next two years.

average price to book values, currently 0.8 l0.85, don't refl the current r.o.e. level so we think there's substantial for the upside you need to be selective as we've seen with results from nordea today and gdansk yesterday, we are seeing different results from those two. so we need to be selective, but overall it's going higher. >> do you think the under-performance of the italian banking sector driven by some political uncertainty there, do you think that's over? do you think the italian banks will perform well? >> no, it's not over and we don't think italian banks will participate over the next few months but that said we don't anticipate a major collapse in the italian bank sector. what we're looking at with italy is abank sector with average non-performing loans that are over 200 billion euros, but on

the positive side we've seen some recapitalizations we've seen some improvement in the operating environment for italian banks. what we're watching for on the political front is that the new populist coalition don't expand too aggressively they said they will expand by 100 billion euros. we're hoping they don't go further than 20 billion euros. that would equate a 1% budget deficit. that's sustainable if that's the case, the debt to gdp is sustainable and the banking sector will be resilient. they are the holders of substantial italian bonds. >> you talk about populism in italy and the five-star movement is the driving force behind increased spending on social programs potentially that's what will come about, and where that 100 billion number will come out.

five-star have been disdainful of the financial sector in italy. if problems arise there again, do you think this party, this government will come to the rescue of banks like we've seen happen in the past >> we think they will attempt to do so. but we don't see that as an immediate problem. the priority we think is firstly to agree between themselves what the priorities are also to entrench the support basis. the early priority is immigration. >> deutsche bank, some more worrisome news coming out of the bank there in terms of restructuring. is that something you're watching with concern? >> yes, but we think a large part of the bad news from deutsche bank is discounted in the share price. we can say more generally for this earning season in europe and for the banks and more

broadly that e pecktatixpectatie been revised down. >> thank you very much do stay with us. >> if you have views on the banking sector, don't hesitate to get in touch with us on twitter. coming up on the show, more from delivering alpha as former white house strategist steve bannon tells cnbc the u.s. has been in a trade war with china for decades. plaque psoriasis can be relentless.

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welcome back to "street signs. steve bannon at alpha praised the president for taking on the chinese and said the u.s. would emerge triumphant from the trade dispute. >> i think the number one thing you'll see out of the trade war is the reorientation of the complete supply chain of japan, western europe and the united states and southeast asia that

800 million people before you get to india around the freedom-loving countries. i think the regime in china is in deep trouble. the chinese people are some of the hardest working and best people in the world. it is this regime that has led them down this past and it's the call to personality around xi that has tried to get up in united states' race and this trade war will end in victory and what we will see is the reorientation out of the supply chain out of china. white house economic adviser larry kudlow blamed chinese president xi jinping for holding up a trade deal between china and the u.s. >> so far as we know, president xi at the moment does not wish to make a deal now, i'd love to be wrong on that we are waiting for him the ball is in his court and the tit for tat business, which is nobody's favorite path,

but nonetheless, they can end that this afternoon. this afternoon by providing a more satisfactory approach and essentially, jimmy, doing what the rest of the world knows needs to be done tariffs down, non-tariff barriers down. ip theft, no allow the american, or british or whomever, german, full ownership of the companies operating in china >> larry kudlow talking to jim or jimmy cramer. chinese officials hit back at those comments describing them as shocking and calling the accusations bogus. a spokesperson from china's foreign ministry said the american flip-flopping on trade is now well recognized and it's clear who is right and wrong on the issue turning to europe, kudlow said the administration expected eu president jean-claude juncker

would make a significant trade offer to the u.s. aswell >> we'll be in discussions soon. i'm told he's bringing a very important free trade offer i'm told i can't confirm that i'm told through sources, including our ambassadors that merkel has been working on that, shaking up the eu. >> even after nato, after what looked like a tough nato discussion >> yes >> you're more positive than i've heard >> yes >> last question -- >> i'm here to work with you on this so we may be -- you know, in this game, predictions are impossible but i'm just saying the president has put things on the table. the europeans are looking at them okay we may be pleasantly surprised >> we have to stick to the subject of eu/u.s. trade relationship because president trump threatened to impose

tariffs on auto imports. in a cabinet meeting trump mentioned cars as a significant target for further levees. that faced opposition from the auto industry and many american lawmakers. >> we said if we don't negotiate fair, we have tremendous retribution, which we don't want to use, but we have tremendous powers we have to including cars cars is the big one. you know what we're talking about with respect to cars and tariffs on cars. they know better than you do they know better than all of us do what that means so they'll come and they'll try to negotiate a deal. jeffrey sachs at citi private bank is city with us we heard the president talking about what he likes to refer to as fair trade. the imf released some numbers, potential impact of tariffs across the board do you think europe faces a

greater impact from this than potentially the u.s. would >> they face a greater impact than we previously anticipated possibly not greater than the eventual impact on the u.s just brief context, we thought the first round of tariffs on steel and aluminum would have minimal impact on europe equating to 0.1% of gdp. but we're more concerned now about the potential for auto tariffs. that's bigger sector more important for europe, and we also increasingly are concerned about the ratcheting up of the trade rhetoric and with that we think there could be secondary impacts on business and consumer confidence and global supply chains so, as a consequence, we are slightly more cautious on the outlook for european growth. but not to the point where we think it more than offsets the cheap valuation for european equities, and the growth that

we've seen from european companies. >> does this end up with the tail waging the dog somewhat if we see that growth slowdown because of tariffs, do you foresee a change in the attitude of the ecb or the bank of england when it comes to this? >> with the ecb we don't think they'll change their path. they have been clear that they will keep the deposit rates where they are for a year, and we think they could keep them where they are up until november, when mr. draghi leaves his post we think the balance sheet contraction program is also likely to remain intact. so they'll end their bond buying program by the end of this year and face gradually increases in their selling down of bonds. when it comes to the uk, we think that the key issue in the uk is that the cyclical slowdown is at a further stage than it is in the rest of europe. we have signs of weakness in

retail and also in the property sector and that could be exacerbated by the domestic political backdrop. so those factors mean that in the uk there's a decreasing possibility that the bank of england will raise rates aggressively so far they only raised rates once to 50 basis points. it's ten years since we had rates higher than 50 basis points >> you mentioned the domestic political situation in the uk. britain's new brexit secretary is off to brussels to meet michel barnier today there still seems to be a diminishing chance of a leadership challenge for theresa may. i have to ask you this straightforward question how do you rate the chances of her surviving until march 2019 >> we think we would agree there's little chance of a leadership challenge in the short-term by march we would have reached the point where we had the eu

response to the white paper and the uk putting forward their proposals to the uk partmenliam. we feel there could be challenges in parliament in passing the eventual brexit deal that could pose challenges not just for the brexit deal, but also for the leadership. we could see a period of turbulence in the first quarter next year. between now and late autumn we see a period of some stability in the uk political backdrop, but also in terms of asset prices we think they'll be volatile within a stable trend. >> we have to leave it there that's jeffrey sachs for citi private bank. coming up, tesla's major sho short seller jim chain knonos hs back at tesla. the latest after this break.cala

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cost support options. olay total effects. the power of 7 benefits all in one bottle. without costing $100, $200 or $400. enriched with vitamin b3 complex, for beautiful skin. olay. welcome back to "street signs. here's some headlines. on a flat start to the trading day in europe, publicis shares

sell off after a sudden dip in its u.s. healthcare business abb jumps towards the top of the stoxx 600 after it says transformation efforts are working after second quarter numbers beat expectations growing in all regions and divisions. unilever second quarter sales miss expectations but the company backs its full-year view despite challenging competition. while most support the move to the netherlands, the ceo understands the frustration of those who don't. >> there are index investors in the uk, so you will get some dissatisfaction from these index buyers, which we understand. president trump's former adviser steve bannon tells cnbc it's time to confront china and says the country's trade

policies gutted many local economies around the world >> a trade war will end in victory. what you will see is a reorientation of the entire supply chain out of china. to bring you fresh uk retail sales figures, we're expecting 3.7% for the month of june we ended up with 2.9%. that's against may's number of 4.1% year-on-year. so a bit of a dip. analysts were not expecting that to have a major impact on the pound. sterling is weaker against the dollar right now not taking a huge hit on that news so far. we were expecting to have the good weather in the uk and the world cup football may have helped sales but they have failed to meet expectations let's look at european markets

the four major indices in europe are mixed. ftse 100 is narrowly above the flat line. xetra dax is down a third of a percent. the cac 40 is trading down almost half of a percent and knin italy the minute is do into the red let's look at u.s. markets you can see all three major indices there in new york are expected to open lower the dow jones being called down almost 60 points nasdaq down 16 and the s&p is expected to open slightly down as well. amazon's market value has risen above 9$900 billion, that threatens to displace apple as wall street's most valuable company. the share price hit $1,858 after the e-commerce giant said they sold more than 100 million product during its prime day

shopping event analysts said it vented mohave d more than $4 billion in revenue. buyers beware, the things most hyped produce the most pain. those words from howard marks. he has 1$120 billion in assets under management and warned while the f.a.n.g.s are great companies, he thinks the etf flows pouring into big tech made the entire sector more risky >> etfs have drawn in a lot of capital. one thing that helps them is to hold the market leaders. they've been holding the stocks with the momentum. this draws in more capital, does more of the same it looks like a perpetual motion machine, but we know there are

none if and when it ends, it will end worse for the stocks that have had momentum and for the etfs that hold them than for the rest >> still at that event in new york, jim chanos has hit out at elon musk for overpromising on production figures we heard that again and again. speaking at the delivering alpha event, the short seller also claimed that shares in the carmaker are underperforming >> the bad time to be short this stock was '13 and '14. we short towards the tail end. it ran from 30 to 300 and so since 2014, this stock has gone basically flat i mean, a lot of volatility. compare that are to the nasdaq since 2014, underperforming dramatically this company has been about selling the sizzle now that the steak is here, it's sort of raw and uncooked

>> he uses this time also to just make a plea to my good friend, elon musk, appreciate the efforts in thailand, but if you want to help out a charitable cause, help out wall street's short sellers >> joumanna bercetche joins me now. a little throwaway line there from jim chanos. the tech sector, people warning it's more risky than you might allow. it's just significant for the u.s. markets >> it is that's the big discussion we're looking at almost halfway through the year, so people are looking back at earnings year to date, assessing how much of the leadership has come from the tech sector. the answer is a lot, if not all of it. if you take out the tech sector from s&p, s&p would be down year to date. so almost 99% of the performance of the s&p has been driven by tech if you want to whittle it down further, i got this from the

guest host on "squawk box," two-thirds of the earnings have been driving by apple, microsoft and amazon so a lot of leadership contained in a small narrow part of the market so the question becomes is this likely to continue will we see this performance in the latter half of the year? and, two, will the leadership spread out will it become less narrow an move to a more broad based structure? i think on the first point almost everyone will tell you the same thing, valuations are high but can they be justified? the answer to that is probably yes for a lot of these companies because they're still bringing in the money, bringing in the revenues again, another statistic for you, twice -- the revenue growth exhibited by the tech companies is twice as fast as the normal -- as the rest of the companies within the s&p so the growth is still there

revenue growth is still there. they're drawing huge amounts of money, billions worth of revenue. if you look at amazon yesterday, one day, amazon prime, they sold 100 million products and are estimated to have made 3$3.6 billion worth of sales in one day. so the numbers are still there that's an important point. the second thing is -- at these conferences, delivering alpha, people are vocal on this you have to think about where you want exposure. you can't just take a sweep, broad brush, you want to dig down deeper into the companies and look at the future, which is cloud, digital payments. there's been outperformance between the software companies and traditional hardware companies like intel and samsung, which underperformed relative to those forward looking technologies >> what are the stumbling blocks

for the sector we had the 4.34 billion euro fine leveled against google by the european commission. is regulation a challenge they'll all face >> again, that's the big question that's the million dollar question people are asking >> trillion dollar question. >> trillion dollar question. take google yesterday. $5 billion fine. the share price barely budged. it was flat on the day that's because google are sitting on 1$100 billion worth o cash >> pocket change for them. >> it is the question is whether or not this will impact their business model going forward. will they be forced to break up some businesses. will they be forced to allow other entrants into the market, and then the question is what other company has the scale of google enter into the market in the first place? probably another big company, like samsung

so i think the bigger point is that these mega companies are so big in scale and in breadth that it will be very difficult for regulators to start tarnishing the revenues they're captive markets. you have got 500 million on twitter, these are huge vast numbers of people. the question for the likes of instagram and twitter is how they monetize that given they have such a big breadth of audience >> based on the sheer scale of these firms, the cash pile they're sitting on, it makes it difficult for start-ups. does that mean the big firms continue to win in these circumstances? see their share prices continue to outperform? >> i've read a couple of analyst notes. i think the opportunity here is buying the companies that are generating the revenues, but

then reinvesting those revenues back into the resurgent technology to make sure they're still ahead of the rest of the pack and creating additional barriers to entry. because the more you're investing technology on a forward looking basis, cloud computing, artificial intelligence, whatever it is, the harder it is dush- dush-- >> you're making as many bets as you want to make >> but you need the money to do that in research and development. that's the issue that the european commission is struggling with. they're trying to diminish the influence of these mega tech companies. it will be tricky for them >> thank you very much that was joumanna bercetche, my colleague in london. the newly appointed uk brexit secretary is taking questions from mps for the first time as minister for brexit. according to "the financial

times," he will deliver notices to businesses and households on how to prepare for a no-deal brexit he will also travel to brussels to meet with michel barnier. the european commission slapped a record $5 billion fin on google ordering the tech giant to stop using its android operating system to block rivals they say they used the vehicle as a dominance for its search engin engine >> this is not about apple or android, this is about google behavior a behavior that is illegal for a dominant company because it's unlocking -- or locking down competition and disabling innovation and choice that we would all like to enjoy.

>> softbank slammed the japanese government ban on ride hailing services saying the decision is stupid makiko utsuda has more on this from the nikkei. hi softbank's ceo spoke at a company event today and stressed the importance of artificial intelligence in all aspects of business in the future he said they are falling behind u.s. and china in the ai technology and was critical of the ban of ride hailing services in the country he said ai together with ride hailing services would allow for a higher level of mobility and said he could not believe they were such a stupid country to ban the service. the japanese government outlaws nonprofessional drivers from transporting paying customers citing safety concerns and that the taxi industry also opposed

deregulation masa son sees a lot of potential in ride hailing services, and they have invested in uber and similar services in china, india and southeast asia now while ride hailing remains difficult in japan, softbank and didi announced today they will jointly launch a taxi hailing service in japan that would match users to existing taxi fleets that's all from the nikkei back to you. >> that was makiko utsuda live from the nikkei. speaking of large asian companies, china tencent is looking to expand its we chat pay service into the u.s tencent's strategy, which comes amid brewing trade tensions between the u.s. and china will focus on chinese tourists abroad speaking to arjun kharpal, they

detailed the next steps in tencent's expansion plans. >> the u.s. is a market we are focused on now maybe in the -- after july you will see a lot of merchants who exited wechat, maybe in the airport and some duty-free shops. they already access wechat, because the u.s. is a very big country and has a lot of merchants. we will need do it step by step. >> you have some duty-free, some airports on board what are the next stages for your expansion into the u.s. from the cross-border wechat point of view >> it is like asian countries. the first step, we will choose

the merchant, which are chinese tourists alike some duty-free, restaurants, maybe the next stage we will try to find some more merchants, just like some supermarkets, some convenience stores, like transportation, like taxis, like some -- just like that, yes. we will choose the big merchants. then we will try to then -- then when it has showcased, when we have the showcase, we will try to explain it to small merchants. >> so we can expect to see more merchants throughout the year? >> yes >> are you worried as you expand into the u.s. about the current tensions between the u.s. and china when it comes to trade war that perhaps some tourists might be put off from going to the

u.s. or that it could affect some american businesses desire to bring wechat pay on >> actually wechat pay is just a payment product. if chinese tourists want to use it and the merchant wants to accept that, i think we have market. and jay powell spent most of his time in front of the house financial services committee in washington discussing monetary policy and trade related risks but also hit out at cryptocurrencies he told the congressional panel they posed a risk to investors and he talked about their potential ramifications for consumer protection efforts. however two high profile crypto investors rejected the fed chair's criticism at cnbc's delivering alpha event >> the fed is asleep at the wheel on this. this is a space where there is a great deal of movement the chairman of the fed went in front of congress today and said

not so great things about bitcoin and the impact of the bitcoin price was zero i think as he gets you to speed on what cryptocurrency is and what bitcoin is, there is very little use for nefarious activity, and he will learn that the efficiencies this drives can far outweigh that and then learn the hard truth it can't be shut down. coming up, the open championship is set to kick off in scotland. we're live from the golf course after this break olay ultra moisture body wash gives skin the moisture it needs and keeps it there longer with lock-in moisture technology skin is petal smooth after all, a cleanser's just a cleanser unless it's olay. man: are unpredictable crohn's symptoms

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welcome back today golf's oldest championship, the open, begins this morning in scotland some of the best players in the men's game competed for that coveted claret jug adam reid joins us with a

special guest. >> yes good morning it is still very sunny here at carnoustie wind is picking up a bit i'm pleased to say i'm joined by the chief executive of the rna, a satisfied man i hope this morning, seeing so many people through the gates. martin slumbers, thank you for joining us let's get your views on how things are going this morning. we heard in the build up that some were saying they may be targeting a record low score at carnoustie is that an option what are your thoughts >> very much the golf course -- we're focused on making sure the golf course is what mother nature brings to us. it's a traditional links course. we had this wonderful summer of hot and dry, and we have a firm and fast golf course out there whether it's a record score or not, that doesn't worry me at all. what worries me is ensuring we

have a platform that the greatest players in the world can show us how good they are. it's early days. great to get the balls in the air, get going there's some good golf being played >> absolutely. you mentioned records. we saw record numbers of crowds through the gates last year at royal burke. over 230,000 patrons how is carnousti es tshgcarnoust >> the number of people who come to watch varies where we go in the country. st. andrews is the most popular. it has about 30% of the crowd coming from overseas they want to come and see the open at the old course last year it was a record crowd out and we are looking here at carnoustie, they are in a remote part of scotland a beautiful part of scotland but at the moment we're looking at this as a record crowd for

carnoustie for the open championship if the weather keeps like this, i'm sure we'll have many more people over the weekend. who knows, it may get better than that. >> early days of the open, what have you noticed walking the course so far among the patrons coming in the door size, shape, age, gender what have you noticed? >> we are really keen not only with our responsibility for the open but also for participation of the game and growing the game professional golf is a business. this means the companies being able to sell to people, and the more people playing the game the more commercially attractive the sport is we balance up those two things this is our showcase, our shop window of what we think golf is

about. we have a couple of simple objectives one is we want to have 25% of the people who come here under the age of 25. we want to increase the amount of diversity of not just having middle aged men watching we want young amilies. we want women here watching as well as lots of 25 -- under 25s. as i walk around, i'm seeing that the sunshine makes everyone smile any way, but we're seeing a lot of young kids. there was a mother and a young baby on the first tee at 6:35 this morning we're seeing more women coming to enjoy the golf. that's good for the business of golf >> and always looking at the future, you're heading to the northern island next year. what is that saying about other courses, about that course, and other courses on the rotation that may not have as much of a look in recently, like the muirfields and turn bur others?

>> we have a pool of courses we go to. but we're real excited about royal port rush. we have not been there since 1951 when max fortner won over there. with the help of the northern ireland public authorities, the tourist board, it's been a fantastic partnership. we brought the course up to modern day standards a lot of money has been invested into the infrastructure to get people when you have this number of people around, you need trains you need good roads to be able to move them around. the northern ireland government has been good at doing that. it's not a competition between venues, but all the other venues are here and they're looking and saying what's going on what has this done well? how can we do this better at our course that's good, i think >> lovely. thank you very much for your time we are looking forward to this

tournament, first of all thank you very much for joining us so, a great start to the open. let's keep an eye out for tiger woods teeing off at 4:20 central european time. in that time there's a lot of great golf going on around the course here. >> adam there talking about sunshine, you seem to be ear to ear there. do you fit under that 25 category that he said was so important for viewers? we'll leave it there on that note thank you very much. let's look at the u.s. futures you can see that all indices are called down this morning in new york that's it for today's show i'm willem marx. "worldwide exchange" is coming up next. . time for whitestrips. crest glamorous white whitestrips are the only ada-accepted whitening strips proven to be safe and effective. and they whiten 25x better than a leading whitening toothpaste. crest. healthy, beautiful smiles for life.

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