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tv   Street Signs  CNBC  August 15, 2018 4:00am-5:00am EDT

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a warm welcome to "street signs. i'm steve sedgwick >> i'm karen tso these are your headlines >> in turkey, the lira recovers for a second day in a row as the banking regulator moves to limit banks for extra transactions.
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asian equities close in the red as tencent shares hit an 11-month low ahead of the tech giant's earnings release dragging hong kong stocks to a one-year trough. and the italian government prepares to launch a safety audit on aging infrastructure after at least 35 people have been killed in the bridge collapse welcome to "street signs." let take you to the market action in europe it's been a bit choppy on the market open. we started out much firmer on the ftse trading up by a quarter percent. we are just trying to stretch higher right now the dax has been a bit more stable around a third of a percent higher some slim gains on the french
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market we are showing you what's taking place in turkey. the bist 100 is down almost 0.80%. fairly wide range as investors grapple with the turkish crisis unfolding. it's nowhere near the challenge we had when we started on monday, but still investors are seeing fairly decent swings on the stock market and on the lira let's take you to the asian markets. what we did have from wall street was a handover. markets stateside bouncing as they parked some em contagion risk fears that risk appetite was displayed across the session fairly broad based when you look at the sectors but the china story has been causing negativity for these markets. we had some data that showed an increase of more than 1% spread across the cities in china and tested the narrative that china
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can stimulate the economy if trade tensions prove negative for the mainland market. it could unlock another credit problem in the housing market. the shanghai composite and csi trading lower. tencent having an impact on the hong kong market japanese stocks, too, going with the broader trend across the asian markets. down in the trading session. >> thank you very much for that. the turkish banking watchdog announced banks for ex swaps will be limited to 25% of equity the lira is firming versus the u.s. currency. 5.3%, 5.4% higher in session and we're seeing higher interest rates into deeper auctions is the government doing what the international community is asking or are they still
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wanting? >> i got off the phone of one local economist, she said the idea of raising formal interest rates, increasing that benchmark rate, seeing it formally raised would be the final gun used in the arsenal. she said the latest measure is just the latest effort to try and meet expectations of foreign investors and also help out turkish corporates and turkish banks. in terms of what ma ththat mease means, it will either force banks to charge more for deposits or call back some loans to meet expectations and requirements on the currency mismatch we've seen previous efforts by the banking regulator to try and come head to head with this challenge that the lira has been facing we are seeing the market coming
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back slightly, but there's still a long way to go we had the continued comments from the finance minister and his father-in-law, president erdogan, trying to cast blame for what's going on here on the united states, enemies within and without. this wi it will be interesting if they take more concrete measures to sure up the borrowing of the turkish corporates in particular >> i wanted to jump in with some comments on the banks in particular circuit breakers kicked in earlier this week to stop the falls in the stock prices. some banks are down 35%. despite the pickup more broadly, somebanks have not picked up short positions are fairly strong on some banks even though we are seeing pockets of confidence return, there's still points of concern for investors for turkey
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>> if you're a european bank holding a stake in a turkish bank, you will have questions on how they will service their longer term debts. that comes down to weakness in the currency almost half of all bank deposits in turkey are held in foreign denominati denominations. it's an automatic thing some say that you do now. you do hedge against these currency fluctuations. one businessman told me yesterday that every night he could he took his earnings in lira and tried to transform them into dollars to make sure he had that in reserve in case of another crash like we've seen the last few days. >> willem, thank you very much for that let's just tell you that this root cause of this crisis at the moment can be pointed in many directions. but one of the root causes of the antagonism between the u.s.
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and turkey is the detention of the u.s. pastor, andrew brunson, who is 50. actually a minister to turkish protestants for more than two decades. he faces up to 35 years in prison on espionage and terrorism charges. mr. trump has lambasted. he was placed under house arrest a few days ago, but now a turkish court according to cnn turk says rejects lawyer appeal to release u.s. pastor brunson from house arrest. i will cite cnn turk for that. that's the only place i've seen that report. if there was an opportunity to lessen the tension, it would be in the negotiation to release the u.s. pastor andrew brunson carson hester joins us thank you very much for joining us one question that a lot of european investors have is does
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this crisis have the ability to affect the eurozone in a meaningful fashion we looked at the spanish banks and others let's ask you the questions in another way. on the back of concerns about what brexit could do to europe, on the back of concerns of italy, about slowing growth, about a whole host of other issues, is this something that actually could tip europe to a morphiningfe imeaningful problec scenario >> i don't think so. it adds to the risks concerning eurozone investors, but the bigger risk for the eurozone is the tit-for-tat war with the u.s. if we look at the exposure of the nurdz eurozone to turkey, it that much. if we assume there's a deep economic crisis in turkey, we could see exports going down
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around 25% from the eurozone to turkey this would reduce growth in the "u" to 0.1%. this is not really concerning. where we could get concerns is the political repercussions. there are over 3.5 million syrians in turkey. >> that's what i was coming to getting away from the pure economics of that situation. 2016 i had a 2.6 million refugee figure, now 3.5 million people are displaced and sought refuge in turkey. i've seen it on the streets of turkey they're there. you can see a lot of syrian refugees around the country. the deal with the eu could be in tatters on the back of this. this is the biggest concern for the yurdeurozone syrians based in turkey will be
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incentivized to leave turkey if there's a big economic crisis. and president erdogan may be asking for an increase in price for hosting those syrians. >> given his track record in negotiations, you can't rule that out i want to come back to some news we've been talking about with some of the limits and restrictions that the banks have been facing so far this week a limit of 50% on some fx swaps, that's been reduced to 25% what are the implications of those types of limits and restrictions, capital control, some dispute about whether this is full-blown capital control. what are the ramifications >> what turkey does at the moment is not enough you cannot come with a garden hose and try to extinguish this wildfire they want a massive increase in the interest rate, and additionally we need the commitment from the central bank to get to the 5% inflation goal.
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that's something that we missed during the last rate hike that the central bank did the second thing is we need a u-turn from president erdogan to the u.s. we need friendlier relationships there, otherwise we could end up with a tit-for-tat sanction war, which turkey will lose >> he's been tinkering around with certain restrictions, but the market wants a market friendly move such as an interest rate hike how concerned would you be towards a move towards tighter capital controls a lot of critics have spoken about those measures exacerbating sensitivity and volatility around the currency >> everyone wants to try to prevent public controls. we've seen in the summer 2015, that it had a negative impact on economic growth because it
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reduces consumption. but there may not be another way around this. there is over 200 billion worth of euros and u.s. dollars by the turkish population in the turkish banks. if they feel this is not safe, they will try to get access to that money as soon as possible and in this environment there's no other type of controls for turkey >> sentiment is a fickle thing what about the impact on confidence and growth in europe? >> there is a risk but we had previous crisis events to see how the impact would be on eurozone sentiment in the turkish crisis of 2001 and in 2016 when the coup d'etat had a negative impact, but there was no impact on credit growth or market sentiment.
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>> carson, thank you very much we have had that report about the turkish court rejecting the lawyer appeal to andrew brunson, the u.s. pastor from house arrest we've had that second source on the ground willem has done that, also reporting the same story let's push on and talk about the events in italy as the italian government says it will launch a safety audit on the country's aging bridges and tunnels. the transport minister has begun the process of revoking operations for the bridge manufacturer joining us on the phone is ian firth, also a consultant there's been a lot of reports in the telegraph about the type of technology used around this bridge that has collapsed saying
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it was designed by a celebrated italian engineer, ricardo morandi, but it was beset with problems what could you say that could have been the cause for this bridge clapollapse? >> it's early days to say what happened, i wouldn't want to speck lulate specifically morandi's design was unusual there's a series of possible things that could have caused this the bridge is 50 years old it should have had and we believe it has had significant maintenance during its life. that's normal for a major bridge though this particular design is fairly maintenance hungry. but, yeah. it could have been a number of things whether there was deterioration, whether there was anything that had been done to it during the machbs work. we know there was work going on
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at the time. there's been speculation about the storm, you know, was it a lightning strike or even extreme heavy rain building up water inside these things we have to wait and see. we can't speculate anymore >> can you get into the safety audit that's been launched the country checking all aging bridges and tunnels. how big a job is that? is it warranted on the back of this >> i don't know how italy has been managing these things over the years. any responsible bridge owner needs to regularly maintain and inspect structures if the italian authorities have not been doing that for an extended period of time, then yes, certainly an overall audit is critical. you know, in this country we have a system which has been in place for decades of routine regular inspection, maintenance,
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engineers like myself are involved all over the place all the time and the idea being, of course, to identify problems before they become critical. >> just a quick one from me. it's nothing new that current crops of engineers and architects look back on what predecessors have done and sometimes do so critically that's a large part of what we're seeing now about the original design and designer and architect of the bridge. i mean, the techniques used, is it just the case that potentially techniques used, processes used 40, 50 years ago are not fit for purpose now, and this is not just an italian problem but a global problem >> we learn from mistakes. if you like, we develop -- we learn new technologies, we appreciate how things can be improved over time things we did 50 years ago obviously were what was current at that time
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now, we wouldn't do things quite the same way because we have developed things since then. this is a pre-stressed concrete bridge that's concrete with high-strength steel tendons inside it. they've been around for a hundred years or so. but we learned a lot since the '60s about how to design those things in a way that gives them a greater chance of long life. back then we didn't know some of these things engineering like many other technologies is a developing thing. we learn from experience and improve. i have to say i wouldn't find many engineers designing that kind of structure, that particular kind of structure today because of lessons learned. >> appreciate your insight thank you very much for joining us ian firth. let me tell you, on the currency markets, it's not just the turkish lira moving aggressively, though it's given up some early gains. the euro is trading, as you can
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see, a 13-month low verse the greenback. i didn't think the data we broke yesterday, eurozone and german date that was th-- data was that bad. >> it's not just the euro. a tenth of a percent sterling also moving by the same amount so broad based risk off is funneling money into the u.s. dollar at this point >> the gold price, not something we mentioned in the last couple of sessions. >> what is the value of the safe haven in this type of market, bear market territory when you have every type of risk you can cite and bullion doesn't get a bid. 1,187. is it game over or game on for tencent? we look ahead to the earnings release as ilos ott seanher $15
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tencent has hit an 11-month low after earnings were released
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after the bell they are waiting for numbers on the gaming unit after beijing stepped in to ban what was planned to be it's 2018 blockbuster, monster hunter world. the stock lost $11$15 billion in stock value in one session >> a lot of orders were placed for this china launched an official complaint over u.s. interference into solar panels. the solar panels were listed in a 20% tariff in june emanuel hoffman joins us nice to have you on the show i want to ask about some of the em contagion risk, those fears that have been heightened across markets this week on turkey.
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i know the fed caused a taper tantrum back in 2013, many thought draghi could be the next one to trigger taper tantrum 2.0. is the fed the trigger again >> i think it's a similar situation to what we had in 2013 so we have gone from 1.5% to 3% in ten-year yields in the last 18 months. the most fragile economy, em are the most exposed because they are overreliant on external financing. i think turkey is managing risks, but one needs to be careful investing in em. >> what about the policy measures that are at the disposal of emerging market countries. if you look at china there were fears if you saw that house
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price spike clearly the central bank was limited in its ability to pour more stimulus into the economy. is the market too jumpy, too negative on em do you think the central banks and other policymakers have more ammunition at their disposal >> the ammunition of china is not limited. the economy is leveraged corporate corporates are at 17% of gdp in debt so the growth boost they went through earlier in the last ten years with big expansion that was debt-fueled is less of an option today it makes the decision really tricky for china >> you guys do run a book as well active investors, that's the name of the company. what do you have going on in turkey >> a slight overweight position in turkey. we do find value strategies, attractive names on firls that
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a firms that are export driven so the massive selloff leads to selective value opportunities. >> are you topping up those holdings >> we are not because we're managing risk. we've seen a decrease over turkish ek pxposure in the last2 months, but slight overweight currently. >> banks are down 35% year to date you are reentering the space given the huge selloff >> we are more leveraged towards industrial names large banks make them much more difficult to assess. >> are you one lone fish swimming in this pond looking at turkish assets, or are there a few of you out there >> in our growth books we don't have hardly any turkey so in the values we run, we find
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some investors >> thank you very much for the time plenty coming up on the show, including more on the uk inflation meeting. we'll break down the data after the break. your brain changes as you get older. but prevagen helps your brain with an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. healthier brain. better life.
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welcome to "street signs. i'm karen tso. >> i'm steve sedgwick. these are your headlines in turkey, the lira is recovering for a second day in a row as the banking regulator moves to limit banks for ex transactions. turkey's vice president confirms a slew of retaliatory tariffs on u.s. products saying restrictions are a detect response to deliberate attacks on the economy chinese equities close in th red as tencent shares hit an 11-month low ahead of the tech giant's earnings release dragging hong kong stocks to a one-year trough.
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and the italian government prepares to launch a safety audit on aging infrastructure after at least 35 people have been killed in the bridge collapse. welcome back beautiful timing we have uk inflation data hitting the wire let's go straight through. uk july inflation, first year-on-year increase since november july core cpi down 0.1% month on month to 1.9%. the poll was pretty much looking
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for that rpi up 0.1% month on month, weakest figure since march of 2017 >> the ppi numbers, that's quite extraordinary. >> we have not looked at them yet. >> year-on-year, 10.9% the forecast 10.4% oil prices pushing up costs. quite an extraordinary move. >> the input prices are up 10.9% year-on-year i find that hard to believe -- that sounds high okay that's what it says. let's get liz martins, she's an economist. first blush, what do you think >> headline reading is in line with the market expectations but i think that below target core inflation reading is
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interesting. the bank of england is telling us we're raising rates because domestic price pressures are building and again the headline numbers are not proving that it's the producer price numbers that are reflected, imported pressures, oil price, maybe the fall in sterling the headline number, that core number coming down from the earlier highs. >> what does this mean for interest rates and the pound >> i think they are kind of related. the more interest rate rises we get, the more support there will be for the pound i think our view is that actually as inflation comes down towards target, the case for further tightening does fall away a bit the bank of england is looking for domestic price pressures to build. we have wage growth numbers from yesterday and they were disappointing. >> productivity was good >> a bit better. that's because the pace of employment growth slowed one thing surveys are telling us
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is firms are finding it hard to hire people. vacancies are at a high. maybe the pace of hiring fell a little >> i want to get into those yearly numbers, the import components for producer prices stunning when you talk about a double digit number. you can see it in the crude oil level. there's other components in the basket that have improved. that's chemicals, other imported materials, equipment, food materials. across the economy we're seeing a bit of elevated heat how much of that is being passed on to the consumer >> we can see from the headline number it's limited. that doesn't mean consumers can't feel it. when you go to the petrol station and fuel up your car, you feel it there. we might have further pressures
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later because of the heat wave, you may feel that in the supermarket. so it is still painful for the consumer >> what does mark carney do? it feels like we're perched on the become of what could be an extreme swing in the currency if there's a brexit deal or not a brexit deal. if you get a spike in currency, that should bring down inflag iss inflation issues if you have no brexit deal and there's more potential for a selloff in the currency, you could see a spiral in some of these components wh s whachlcoms what does carney do? >> we're planning for an average of those scenarios, which can't possibly be right. it has to be one or the other scenario ultimately they have to just take a view on that and we'll see which way it goes. that's why we think they're on hold for the rest of the year at least. we don't know what will happen
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>> there's more evidence out there. we often hear how unbalanced the uk economy is. the imbalance caused by too much reliance on the consumer and the housing market the london housing market taking a pummelling biggest fall since september of 2009 house prices across the country were up 3% in the latest set of data these are weak figures as well that will be a warning shot to the bank of england as well, won't it >> the bank of england doesn't target house prices per se, but they do feed into consumption. it's another reason why we think we don't need much more timing >> we have to move on. are gett globally, or are we? >> you do get that competitiveness boost.
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the strength of the dollar means other countries have seen their currencies fall as well. in theory you get that competitive boost. on the other hand there's so much uncertainty about trade relations with our neighbors post-brexit. that offsets to some degree. >> we'll let you go. did you just say pay was not showing a bit of disappointing growth not if you're a ftse 100 ceo that's next. liz, nice to see you >> only a select group of 100 people >> and cohorts >> ftse 100 ceos saw their pay increase by 11% in 2017 compared to a 2% rise for british workers. according to figures, the median average pay for ftse bosses reached 3.93 million pounds in
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2017 should we go there's some good ones out there. >> every single penny. let's look ftse 100, the bell curve you have the ones on this side of the bell curve who are good they deserve every penny they get. ones in the middle, they're all right. then you have a chunk who are not worth the massive pay rise when you have earning s 145 time your average workers salary, something is wrong, isn't there? fully paid up into the adam smith club, but this is wrong, isn't there? >> if there's a resetting of expectations around conditions and all the uncertainty, clearly the ceos are dealing with some of that, it can't just be the workers who pay the costs. we started out the year in davos, we were talking about how there needed to be a more even
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split. >> they take the talk, they come home and get an 11% pay raise. >> that was for 2017 >> no, it's every year >> every time we talk about this, it's the same when you talk about bank jobs and bonuses, there's the ability for workers to go out and get a job somewhere else we're in an era where you can have a startup, they can go to eevaluation in the millions or billions, and people with this type of skill set would be hired for those types of companies if you want to keep the best in talent for the top british companies, you need to compensate them accordingly. >> maybe some performance criteria are wrong maybe some reminstitutional shareholders should show their teeth and say no how many times have we seen
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conversations, oh, there was a dispute about the pay, there was a vote down, but it was still passed by 65% of the shareholder roster because the institutions they keep quiet when it comes to ceo pay. >> should we bring sir martin sorrell in here? >> he's a stakeholder as well. >> he earned 15 million pounds a year from 48 million that's his lowest pay package since 2011 from these numbers, the component in the ftse 100 of ceos earning more money, it was spread more evenly across other companies based on these numbers. >> i always had a problem on two fronts on the martin sorrell side of things one was the fact that he drove enormous growth in this company. as of late it was a more checkered performance. the other was up until recently
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a lot of that remuneration was the fact he was a shareholder who had a large stake. so you couldn't look at that salary and divorce it from the fact that he was getting money as a shareholder >> 3.3 million pounds is the average pay. what is the number toss out to the viewers, what is the number that you think ceos of large companies in the uk should be paid across 1 million >> depends on growth, industry >> it's an average >> yeah, get involved. rbs announced it plans to pay an interim dividend of 2 pence per share in october this after the british bank reassere reached a settlement with the u.s. rbs agreed to pay $5 billion
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rbs denies any wrong doing steven carter has been approached by bt with a view to replacing gavin patterson as the telecom company's boss bt is keen to unveil its new ceo by the end of october citing a friend -- citing a friend? citing a friend, the report said carter is not part of any recruitment process. karen what about the european markets? >> let's go back to how we're trading on some of these markets. the ftse just holding out in positive territory it's been one of the choppier trades in the market we had a bunch of data out on the inflation side also sterling. a tenth on cac trade let's get into the turkish market this is down 1.9%
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we were opened firmer. the fx markets a bit of choppiness on this trade around some of the major pairs. euro weaker all morning, down a tenth. the dollar gaining to the yen. pound suffering to the dollar. it's the story of dollar strength playing out the dollar gaining to the yuan u.s. futures might be important to the narrative when they open later on today we had a much stronger session playing out stateside yesterday. about 16% on the major indices we will be weaker today. i thought it was interesting, despite the appetite improving on wall street there were question marks on the backdrop of some investors, with the emerging market meltdown, can the fed can still go at it on the same pace on exit? that blow back for the central bank will be interesting to how investors trade markets. coming up, stop tweeting
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some of tesla's board members have asked elon musk to stay quiet as they discuss his plan to take the company private. following you everywhere? it's time to take back control with stelara®. for adults with moderately to severely active crohn's disease, stelara® works differently. studies showed relief and remission with dosing every 8 weeks. woman: stelara® may lower the ability of your immune system to fight infections and may increase your risk of infections and cancer. some serious infections require hospitalization. before treatment, get tested for tuberculosis. before or during treatment, always tell your doctor if you think you have an infection or have flu-like symptoms or sores, have had cancer, or develop any new skin growths, or if anyone in your house needs or recently had a vaccine. alert your doctor of new or worsening problems, including headaches, seizures, confusion and vision problems. these may be signs of a rare, potentially fatal brain condition. some serious allergic reactions can occur.
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welcome back shares in hikma pharmaceuticals have hit a 15-month high operating profit at the jordanian listed drugmaker soared 54% in the first half of the year, revenue jumped 11% according to our next guest the changing lifestyles of baby boomer generation represent a 15 trillion opportunity by 2020 as the population in much of the developed rorworld ages this conversation seems to have moved a lot from buying caravans because the population wanted to go and travel to all sorts of titles now, the silver demographics to the graying population what do you make of the opportunities that lie ahead >> the opportunities are
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profound worth touching on some of the changes in life expectancy over the last 200 years going back over history, we added every ten years, 2, 2 1/2 years to our life spans. which is a human triumph it's staggering. we're at a point now a child born today has a better than 50% chance of seeing 100 that will become more of the norm with that is an impact in terms of spending patterns >> we talk about baby boomers. they had significant financial opportunities around house prices notwithstanding the fact there was a financial crisis that impacted some of those holdings. you look at generation x who struggled through that financial crisis they will live longer, if you look at pensions, pensions are not there to support the aging the next generation can't even get on to the property ladder. how do you fund retirement how do you make sure the next
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generation has the spending power that the baby boomers have >> there has to be a change in the perception of aging. we tend to think about aging chronologically in terms of how we go through time the traditional frames of going off to university maybe working and then retiring at 65, those sort of -- those expectations have to change and shift people are living longer and are more active. if we will going to live longer and longer in retirement we need to fund that people have to save for a longer period of time to afford those retirements. >> you are up against paying back student loans, people paying for mortgages you're up against the lifestyle where people don't build asset like my generation and my parents generation would have been told they have to do as well to tell a 22-year-old wet behind
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the ears just started in industry, by the way, you have to put money away for your pension, they'll laugh at you. they don't have the money necessarily. how does your industry get exciting, make it more exciting for my children? >> we have to make it more relevant to them make them more appreciative of the opportunity and the time horizons that they face in the future i'm not entirely convinced that the historical go off and work as soon as you received some formal education is the life model. people will go out, build experience, connections, so they may not come into the main earning years up until later in the life it's about framing life expectancy as it got longer, and that's an opportunity for you to do more in that lifetime >> danny, let's get into the opportunities to buy stocks. you singled out four different ones for us.
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just talk us through some of the names and maybe kick off with royal caribbean. why do you think there's more in that particular idea of cruising >> if you look at the u.s. tourist industry, it's about a 1$120 billion market opportunit. within that the fastest growing segment is cruising. you know, the stereotypes are reasonably fair. the average age of a cruise ship passenger is 50. so royal caribbean plays into that opportunity they just acquired a joint venture stake in an ultra luxury cruising provider this comes back to your point that by 2020 the silver spending is $20 trillion opportunity the elderly are spending they're not even old at 65 i should correct myself, they're spending on multiple different sectors. >> geoff cutmore may be
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watching they are spending across categories there's travel and leisure, entertainment, housing, fixing up properties. purchasing cars. a whole area of where deployment is on capitol. >> there's some dismal which i hear every time i hear about an elderly relative or one of mine or a friend or a colleague going into some form of care that is the fact you pay a lot of money for abysmal standards of care as well. not many people have that money to last more than a couple years. is there anything exciting or that can give viewers hope that it won't be that dismal going forward? is anyone investing in this area and will make it better quality care at a more reasonable price? >> there's different aspects to
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that health in general. we talk about longevity, life spans of expanded health spans is another concept it's all very well living a long life, if we're not living healthfully or fulfilling, you could argue what's the point as people live longer, you have more chronic conditions. so better medical treatment for these conditions conditions that are debilitating like alzheimer's disease one in six people, if the average life expectancy is 80, one in six people will suffer from dementia, for which there is no real effective therapy biogen is in late stage clinical trials with a potential treatment that could delay the progression of alzheimer's that would be profound. to come back to the original point about housing, care facilities, there are a number of different companies that are really trying to provide infrastructure to meet this
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growingdemand. new u.s. senior housing demand is forecast to triple over the next ten years ventas would fit into that area. >> fascinating area. thank you very much for joining us 107 you said 50/50% chance you said of a japanese child born today, there's a 50/50 chance they'll make 100 >> yes that's the data we have seen >> maybe we do by 100-year bonds for children >> lovely. thank you very much for that fascinating.
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apple has the team eyeing the development of a custom processor for health information coming from its devices. they want to find engineers that can develop health wellness and fitness sensors. m more on this on cnbc.com. some of musk's fellow tesla board members have asked the chief executive to stop tweeting as the company wrestles with his plan to go private the "new york times" reports that tesla were stunned when they learned that musk was deciding to take the company private. >> he still has those analyst
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calls to be erratic on >> do you think general john kelly can turn around to his chief executive and say stop tweeting >> take a page out of your book. >> i have not gotten rid of it >> a digital detox >> i have. i feel better for it talking about wellness my mental wellness is better >> you're calm, fit looking at the moment >> come back monday with six extra pounds let's talk about amazon which disclosed its latest quarterly report that it owns $1 billion in stock in public and private companies, up more than 160% from the same quarter in 2016 it's the latest sign that amazon is becoming more aggressive with external investments as it becomes cash rich. >> are you enjoying doing "street signs" we should tell viewers, you and i have been drafted in to do a bit of "street signs" this week. we're doing "squawk box. are you ready to do one more day? >> we just sit next to each
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other for an extra hour. >> we're spending more time together than with our partners. should we do it again tomorrow >> why not >> let's do it again tomorrow. the director said the day after also steady that's it for the show i'm steve sedgwick >> i'm karen tso coming your way next is "worldwide exchange. >> are we doing that one as well >> i don't think so. ok, show me what you got.
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i am going to vote for myself using nothing but this remote and the sound of my own voice! vote for... -wait, wait, wait. that's not a talent. any xfinity customer with an x1 voice remote can do that. watch this. i want to vote for... obviously not you. ooh, that guy. cast your votes during every live show. just say "vote for agt" into the x1 voice remote.
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it is 5:00 a.m. on the east coast. doubling down. turkey launching another round of tariffs against the united states the rout continues asia tumbling again over night a big bet on the shale oil revolution the 9$9.2 billion deal that nees to be on your radar. warren buffett and berkshire hathaway making big beth bets n apple, airlines and goldman sachs. and a billion more reasons why jeff bezos may be taking over the world on this wednesday, august 15th as "worldwide exchange" b

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