. >> tells cnbc the engine of growth is still strong >> conflict between china and the u.s. would harm the european economy because there are a number of european and german

companies vested in china producing for the american market all this is at stake >> barclay's ceo says he can handle the heat from activist shareholders saying they have not laid out a formal strategy >> i think the bank is in a very good place, and the shareholders are pushing us forward >> fraench finance minister confirms carlos ghosn has resigned from renno as the carmaker lays out a succession plan >> venezuela's nicolas moduro breaks ties with the u.s. after the u.s. recognizes the opposition leader as president >> we're not considering anything, but all options are on the table. all options always all options are on the table

well, good morning, everybody. it's a very big day in europe today. we've got the european central bank meeting coming up in a couple of hour's time, but we've had a batch of data. the pmi numbers from france choomg it's double in four years. germany. right now we just saw the composite numbers coming out for all of the euro zone let's go through those the flash composite tmi number has come in at 50.7. this is much lower than the reuters poll of 51.4 it's also a drop from where we were back in december at 51.1. just to give you some context, these pmi numbers are the lowest since july 2013. the services pmi numbers, again, the lowest since august 2013 the manufacturing pmi numbers, the lowest since november 2014 we really have seen a bit of a dip in terms of overall activity in the background, and i think this is a very interesting setup

as get into the ecb meeting. let's not forget back in december dragi did mention that the risks were broadly balanced. since then the data has deteriorated, and it will be interesting to see whether or not they incorporate this latest batch of weak pmi numbers into consideration. nancy. >> regarding the money laundering scandal it has engulfed deutsche bank the lender says it is not subject to a probe, and is only providing to investigators well, jeff spoke exclusive i feel to germany's economy minister who told me he will -- told him he will continue to lend deutsche bank his trust and political support. this despite the lender finding itself embroiled in a series of scandals he specifically asked altmeyer about reports that the government is pushing them to tie up with domestic commerce

bank >> that is an interesting question that i would certainly not answer publicly because it's something that has to be considered, first of all, by the banks and the companies concerned. we are market economy, and we respect decisions taken by banks or companies whatsoever. we have a good and strong position it is why i will table it. i am fully convinced, utterly convinced that germany has an interest in seeing a good and stable and well performing bank. deutsche bank can play that

role, and it has suffers some setbacks in the past, but it is basically sound, and it can recover. the question is what are the details of such of the strategy, and it has to be discussed with the ceo and the board and all the people concerned, but i trust in deutsche bank, and i will lend my political support to deutsche bank >> so it's not true that the rumor that the government is only interested in a cross-border merger came from the government >> make no mistake about it. never ask. never ask a german minister about rumors we are talking about facts we are talking about decisions never about rumors >> isn't it about time the bank was put out of its misery, though it's been an embarrassment, hasn't it, that one of germany's most prominent banks globally has had nothing but fine after fine levied against it, and here we see, you know, ceo saying

again, we're having to deal with issues around money laundering and suggestions about activities that are inappropriate >> when you look around worldwide, you can see a lot of several banks that have been in trouble the last couple of years, anyway. when you remember the big banking and economic crisis in 2008 and 2009, this was -- there's a reason for that or at least the initial step for that was a banking crisis in the u.s. it is quite a normal thing that a company or a bank in some years is performing better or

worse, and to the interest, the interest is of the state and of -- to avoid crisis, we have learned, from the last crisis in 2008-2009. we have made our banking system more resilient this is something that benefits today that deutsche bank as well i'm quite optimistic that deutsche bank will remain and be even a stronger partner. >> cnbc also spoke to barclay's ceo about the underperformance of european bank stocks over the last year. he cited location as one of the biggest challenges the lender is facing >> one of our challenges is we are a european bank, and, in fact, if you look at how the sector has traded, whether it's a bank in switzerland or france or the u.k., there has been a tradeoff against the european banking sector of extraordinary proportions over the last 12 months, and we are not immune to

that we have to focus as a management team of what we can control. the capital level of the bank, the profitability of the bank, the strategy of the bank, and the prospects of the bank, and i feel comfortable where we are. we can't fight the tape. when the tape is as strong as it is i think the question for all of us is why is the market so negative on the banking industry particularly so negative on the bankruptcy across europe >> can i give an answer? because they see the levels of debt building up globally. we had tim adams from the imf in recently let me pick a number nonfinancial corporate debt has gone up from $27 trillion less ten years ago than now $72 trillion he was 92% of global gdp people worry about the underleague business >> i think the risks are very relevant and real. the issue is how it is a bank like barclay's positioned to take on those sort of risks? we've had a very conservative credit profile in our balance sheet post the referendum vote over two years ago

we are comfortable to be positioned we are an intermediary it's not like in 2007 where we take those lever loan positions and leave them on the night's balance sheets they're not on our balance sheets they are placed in capital markets, and what we want to be is a provider of liquidity when you have the disruptions because there are some stress levels in the overall levels of debt and triple b, that sort of space, that you talked about, but we're very comfortable that barclay's is positioned for the -- on one sense, you know, to ultimately prove the strategy of the bank that we started in march of 2016, you know, a recession might actually give the underlying evidence why this is the right to have a diversified model where we diversified by client, geography, business. that's what you want to be if, in fact, we are going into tough waters >> joining me now is ceo of lloyd's banking group. sir, it's a pleasure to have you on cnbc.

good morning to you. we just heard from several european banking ceos, and as you are domestically focused in the u.k. market, perhaps the biggest risk beyond your control, you might say at the moment, is brexit. i had the chance to speak to u.k. secretary liam fox, trade secretary that is, and he told me he is optimistic there's a deal, but when i asked him to put the odds of a deal being reached, he said it's similar to predicting the lottery does that worry you? >> well, we are really the largest retail and commercial bank in the u.k., as you said. the economy is performing in a very resilient manner. growing around 1.5%. ahead of us we have this uncertainty. yet, avoid -- on the 29th of march. that's what businesses in general want.

>> if nothing happens on the 29th of march, europe he leaves the european union, you are right, there is a strong majority that has been seen in parliament against a no deal brexit that majority has not yet tested what alternative they want, but it is clear that there is this very strong majority to avoiding a no deal brexit that's really important, i repeat, for u.k. businesses and for the u.k. economy >> very important, but how much upside would you actually see in your share price if that softer scenario is achieved >> well, that's really up to investors to judge what i can tell you is that the u.k. economy has been progressing well in a very

resilient way. growing is.5%. we have low i want parmts throughout the country we saw the latest numbers this week employment in the u.k. is at the highest level ever 140,000 more people. gdp. good scenario with a significant uncertainty of it. as you saw over the last 12 months, all u.k. domestic stocks have been hammered people have avoided u.k. domestic stocks as an asset class. >> a lot of attention at the moment is what's going on in the housing market and just how bad things can get zoo right. well, we have, like, two mortgage markets in the u.k.

you have the long-term market, which is mostly cash transactions high value properties. the rest of the country. while in london, prices have been going down. i would say significantly over the last 12 to 18 months in the rest of the country how prices continue to rise at modest prices and people are asking for mortgages, and we are doing more lend e lending we have been shifting our strategy to support the remaining mortgages out of the u.k. our mission and purpose as a company is to help prosper we have a 21% market share of overall mortgages in the u.k., but that market share is only 16% in the london area while it is around 23% in the rest of the country. >> governor mark carney has said if there is a no deal brexit, a cash scenario, he might not be able to help in the way of rates. he may have to actually hike rates. how damaging would that be >> he also said that he thought u.k. banks were extremely well prepared for a no deal

possibility. >> i think the most likely scenario is the transition towards brexit >> when you talked about uflt k. customers, it does seem as though you are still in some ways paying for what happened in the financial crisis era there is still a trust deficit, it seems people concerned about overdraft fees also, even a call from an mp about your own resignation related to a whistle blower scandal at the bank. what's your response to that >> i thits correct that all banks have legacy issues over the past we have a few relate to the acquisition, which was in 2008 more than ten years ago. >> our purpose in having acquired -- we take responsibility

we continue to get people's trust. it's to help prosper if you look for an example and are mentioning small businesses, over the last 80 years, according to bank of england numbers, the seconder, the lending to smu sector has shrank by 22 billion in u.k. and lloyd's alone has increased the lending to smu's net by 8 billion pounds our market share as a consequence went from 13% to 19% of small businesses. small businesses with the lifeblood of any economy they make most of the employment, most of the exporters. >> when you look at the recent stress tests, lloyd's is one of the worst three performers here. have you taken steps to address some of the concerns in those stress tests

>> well, it was the most fierce stress test over the last few years, and as you said, absolutely concentrated on the u.k. the bank of england, and rightly so, wanted to test banks for brexit, and we are absolutely concentrated on the u.k. economy. that's why, as i told you, our mott woe is to help prosper. we entered draconian assumptions, and that's why the county says banks are all very well prepared should the no deal brexit alternative comto be a reality. >> when it comes to helping -- we think about the employment outlook in the country, too. you're among banks who are digitalizing, changing, making enormous changes due to the technological factors in the industry it does seem as though on the employment level you are talking about net adds so far as part of the transition these are jbz that are going away not necessarily transitioning. what is your message to employees out there who are nervous that they might become obsolete >> well, it is a really

important branch we have announced a major investment as part of our new three-year strategic plan. we have announced a 3 billion pound investment on technology and digital alone. this is not including any other type of i.t. management or regulatory investment. it's a 40% increase over the previous plan, and within that increase we are increasing 50% the number of training hours on our own stuff. the message to our stuff is, as you said, many of the jobs of the future don't exist today they require skills that people don't have today, so we are massively investing in the training of our own people, so that they have those jobs in the future either inside the bank or outside the bank we are giving them the skills for them to continue to be useful, says and have value added in this fourth digital revolution, which is increasing at a really, really fast pace. >> as part of that reskilling, though, can you rule out additional job cuts in the foreseeable future >> i'm not ruling out. it will depend on customers

behavior wefd to serve our customers and depending on the way they want to interact with us, we will need more or less people, but we are, as i told you, to give you numbers, we have increased 600,000 hours of training last year the 60% increase on the previous year just on training our people to prepare them for the jobs of today and especially for the skills they need for the jobs of the future >> thanks for being with us. sticking with the banking theme, our u.s. colleagues will be speaking to goldman sachs ceo dade solomon that's at 1400 cet plus, coming up next, we'll be speaking to dutch finance minister wopke hoekstra. stay right here on cnbc.

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ecb president mahero draghi is expected to keep interest rates on hold later today. the central baimg is expected to acknowledge weaker growth across the euro zone despite concerns german health minister believes berlin is driving the e.u.'s economy forward. >> we are again and again the engine within the european project trying to bring toget r together it's 27 now different partners within the european union. >> coming up later will the ecb president stall on policy normalization amid weaker european growth. turn into decision time today. we will be crossing out to davos for a special monetary panel involving ken bearing ceo tim fink and the deputy governor of the -- that is cecilia kingsly >> earlier we speak to the spanish economy minister about the rise of populist politics across europe.

>> we are actually worried i think populist politics, whether it comes to policy has not shown very performant. i think we have to stay away from that kind of approach at least with the spanish government is thinking is that we need to strike the right balance between fiscal discipline, which we're absolutely committed to, and taking care of the people. you know, trying to, for example, fight inequality, which has happened a lot in spain. the spanish population generally is supporting this balanced approach >> when we talk about the populist politics still hanging over europe. we can't ignore the issue of brexit how worried are you that perhaps there won't be a deal? there could even be a hard brexit what does that mean for the netherlands? >> well, i have always said that brexit is a tragedy.

i'm convinced it is bad news for the netherlands and bad news for the european union as a whole, and i'm certainly it will turn out to be bad news for the british as well. it is a decision they have made, and it is something we have to deal with. our approach has been to make sure we get a brexit as soft as possible because that is in the interest of our people, but at the same time do everything that is possible in terms of preparations for a hard brexit >> we've already seen many companies, multi-nationals as well, moving some operations to your own country you are saying this is a no win for everyone >> we actually believe it is a tragedy. it is the second largest economic power leading the european union potentially it is the most important power in the european union stepping out, and for the netherlands, it has always been a critical ally on each of these dimensions it is a big, big, big loss it is true that companies are coming to the netherlands, and, of course, that is good news

it is a small bit of good news in a much more, big picture if you look at the overall consequences >> it comes at a time where there are other risks not just the european union, but especially the euro zone block as well. we're talking about 20 years on from the project many are asking what can be done to reform it, to improve it? that's something you have been able to work on. on a national level, making sure they balance their budgets and push through reforms, but also at a european level, there is more that we need to do >> when you say not as prepared for the next crisis, we're looking ahead to the ecb's latest meeting as well i've heard ceos say they are

worried the ecb is not as prepared as other central banks are. if you consider the tools at their disposal, if you consider the slower european outlook. does that concern you? >> well, i think it starts with countries in the euro zone making sure that they've balanced their budget and that they build sufficient buffers for the next crisis. if you look at the numbers, you see that there are some improvements, but they are basically caused by the good economic weather that we've enjoyed the last couple of years, rather than by reforms. that is the thing that is the clear obligation that all politicians in all member states have towards citizens, making sure they're prepared. we don't know when the kmek tied will change, but at some point it will come >> would a full-on bairpging union help in this effort? >> it is at least a step that we carefully need to think through, and in that respect, it is very important to make sure we do all the elements of risk reduction first, and then think about how it could look leak again, in the interest of the citizens of the various countries in the european union.

>> on the issue of the european budget, though, a professional really backed by france and germany, you have shown some reluctance before. why is that? >> well, the broader thing that we need in europe is, first of all, that we truly start to address a twenty-first century problems rather than the last century. there needs to be a shift in the budget, in my mind, that is about addressing migration, such as border protection, such as climate change potentially defense. of course, eno veginnovation the europe budget currently doesn't address that when we are spending taxpayers' money. these are all elements that should be in the next multi-year budget, and that is what the conversation should be about >> who is going to lead this charge, because also looking at the european block now, and there were such high hopes for the franco-german alliance here. we've seen the troubles that

macron has come under in france. germany's angela merkel, a real change for her as well, and a change passing on the guard, we should say, coming in germany soon does this concern you from a leadership angle >> well, for us, of course, those are two really important allies we've always enjoyed a very good relationship with both germany and france and, of course, with a number of other countries in europe as well we clearly need to continue with this i also think that franco germany leadership is important for europe, but it is, of course, a future that we have to paint with each of the member states >> you spoke with your central bank you have talk about this issue of concerns around money laundering within your country after the incident around ing specifically do you think this has been a wakeup call for the industry are they now taking necessary steps? once again, do you need to call in your eu allies or counterparts to make the standards more strict here >> in my mind it is imperative

that we do address this question there are literally blz of dollars of this type of money going through the banking system in the netherlands, but i'm sure also in many other countries in europe it has to be addressed at a national level, and it is imperative that banks take their share of the burden in making sure that they tackle this issue, but i'm convinced we also need european regulation, and european regulators to do more. >> krip next, we'll be speaking to booking.com ceo about challenges facing the tech sector cyber security, regulation, and

equality stay tuned ♪

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>> germany's manufacturing activity falls in in january service says support overall pmi levelled as economy minister peter altemeyer delz cnbc, theeningin of growth is still strong. >> conflict between china and the u.s. would harm the european economy because there are a number of european and jerlan companies vested in china, producing for the american market >> he can hamds the heat from tyist shareholders saying they have not laid out a formal strategy >> we'll engage with him when he wants to, and exchange ideas

fwhou the bank is in a pretty good place, and the shareholders are ush approximating us forward. >> venezuela's nicolas moduro breaks diplomatic ties with the u.s. after the white house recognizes the country's opposition leader as president >> we're not considering anything, but all options are on the table. >> does that mean you're -- >> all options always. all options are on the table.

>> moderate gains there in terms of earnings you want to watch out for today. we have a bunch of airlines earnings, american airlines is one of the names that will be reporting later, as well as some of the chipmakers as well. let's move on and talk about some of the price action in europe today in line with the more tone we had in asian equities, we are seeing a risk on tone for most of the european majors you can see ftse mib is the outperformer by a big measure there. up 1.1%. about 200 points higher. i should say it has been a big day in terms of the macrodata. the pmi composite number for euro zone came out half hour ago. weaker than expectations as you were just talking about, these are the weakest pmi numbers since 2013

almost six years worth of weakness it's a very interesting setup ahead of that all-important european central bank meeting which kicks off in a few hours time as well all eyes will be on draghi's language and whether or not they are really taking the consideration some of the slowdown in data we've seen as of late. ftse 100 is the only index trading slightly in the red. cable still holding up at the 130 mark, and it has continued to climb since the meaningful vote, and since the government lost the meaningful vote last week, 130.50 is the mark here. about .12% a little bit of yen weakness keep an eye out. we're approaching the 110 levels that is the mood for european markets this morning slightly more positive tone despite the weaker pmi data.

nancy. >> huawei has reported a record $52 billion in consumer product sales last year. the embattled chinese hardware maker said strong smartphone demand made the consumer unit its largest revenue generator. the company also unveiled its first chips that built for 5g towers despite being excluded from many country's 5g roll-outs. our colleagues stateside did speak to some of the biggest names in tech to get their take on the battle being fought over their industry >> certainly we've moved some things out of china based on the tariffs and the various rules that are in place. we've got a flexibility supply chain. it's largely been unsbrupd from the perspective of our customers. >> for us the effect is ultimately slightly indirect

because the co--business is both incredible and incredibly local. 95% of what you bring was actually made in that country. all the cokes in china are made in china, and all the cokes in u.s. are made in u.s >> our business in china is still relatively small it's less than 4% of our business the impact on that side is less severe and has the potential to be. >> our consumers outside of china purchase from chinese merchants and export goods out, so it's a big business for us, a growing business for us, and one that isn't effected by the trade. >> i'm pleased to say that i'm joined by president and ceo over at booking.com jillian, great to have you on the show it certainly does seem as though many leaders, investors, are still worried about the trade tensions out there

you enjoy, or prefer, i imagine, to see free open borders have you seen any disturbance either from these tensions up there or the broader global slowdown that so many are talking about here in davos? >> you do see that when there's this situation that people do think about that, but you do see overall in travel that luckily people keep traveling. they might make different choices or they might take a shorter trip, or they might stay closer to home you do see overall that people keep traveling and booking, of course, is in favor of as many open borders because that's, indeed, good for travel, but i think also i think if you see the impact of travel and people and understanding of cultures, i think, it's very important >> when you say people are making different choices, are there any signs that people are becoming more price-sensitive, because we're trying to get a real grasp here of what is happening in the way of consumer spening, and travel tends to be almost a luxury for people sometimes.

>> if you look at the diversity we have and the accommodations we offer, there's always something to find for either price that people are looking for. we don't see that changing at the moment >> when you look at what's happening in china, we were speaking to the seatrip ceo just yesterday. the trend there seems really to be going after the rising middle class. that is keen to keep on traveling. you have been getting exposure both on the advisor -- on the board of seatrip too, and an investment would you like to be able to increase your exposure to the chinese market >> the chinese market is enormously important for booking. we've been operating in china for a very long time also because we actually help chinese customers to travel outside of china >> right >> you see the rising middle class, which is very important that we make sure we have a product that is suitable for

chinese consumers, so we have basically our own operation in china, but we've always believed in strong cooperations in china as well, and we do that with seatrip, and dd and as well with maytwan. >> when you talk about travellers choosing different destinations vurks seen chinese outbond travellers saying every saying we don't want to go to the u.s. anymore because of the trade tensions >> i think it's for us more difficult to see chinese companies might see these trends stronger than we do, because overall we have more you have been quite outspoken about some of the tax proprofessionals in place there. are your concerns being heard, or is this still a real threat facing your business today >> i think it's still a real threat because even though the european proposal is not shortened, the countries are

moving forward in europe i think overall it will be a big disadvantage for innovation, because companies should be able to invest in innovation instead of paying more taxes specifically for european companies. it's very important. >> europe wean policymakers, though, will say this system is outdated because it hasn't adjusted with the technological changes. if, in fact, there's some truth to that argument, what would your suggestions be to them? how do you change the system it's not that we are against that, but we do realize that it needs to be done on a global level. i don't think you can even do this on a european level, and that's also what is happening already today.

>> we make it more important for businesses to grow their businesses in europe, and i think that's something that europe seriously needs to think about because if you put more rules in place and there already are, it's already difficult to operate. i always say every 300 kilometers, you need to think about different regulation, different rules, different standards. i think it's already complex for businesses, and i worry some that this actually makes it even more complex >> gdpr, you might say, is just one of the roles -- >> a good example where europe took the lead, which i think has proven to be very successful >> and is it been successful for your business, or does this provide even more complications as you try to navigate the new privacy standards? >> i think if you are a business that wants to do what's right for consumers, then actually gdpr shouldn't have that impact on your business i think it's the right thing to

do, and i think even for businesses it's very good if there's a clear regulatory framework because then you know how to operate, and also, you get a level playing field. i think gdpr in that sense is the right thing to do. >> kwhaets next for your industry because we've been talking about for quite some time the disruptive factor coming from the likes of abnb, and all the players working in the on-line travel booking space. at the same time, you have a lot of the incumbents, the hotels, fighting back saying, book with us directly. i mean, do you think we will see fewer players. hence, more consolidations in the industry >> i think if you think about travel, it's a big industry. i think if you think about a trip that people take, there are so many elements that play a role. if you think about the connected

trip, this is something we are also investing in a lot to make -- help people when they arrive at the destination and transportation in attractions, tours and activities, but also in other in state service that is customers need. there's still i think lots of opportunities in travel today. rising up the corporate ladder here you are as a ceo in davos what do you tell people that still needs to be done >> i think a lot needs to happen, and i think if you look at the wef report that came out, it actually hasn't improved. i think last year i think it really affects the diversity gap. it would take 83 years the last week where it actually showed 100 years it's still on top of the list. i think diversity has proven time and time again that it actually is better for companies, right actually, companies will be more

successful, and, yeah, also within booking.com, it's a lot of effort that we need to take companies need to invest in their culture and value. a lot of steps need to be made >> thank you very much for your time coming up next, a bold scenario boost i'll be talking to ricardo merino, chairman of latin america, about the effect of the new president on brazil and beyond stay right here. ♪ lookin' better than a body has a right to ♪ ♪ and shakin' me up so

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sfloinchts the u.s. joins many latin american countries and

canada following the leader following mass conflicts in c caracas. before a crowd he took an oath swearing himself in as interim president and said he would call free electrics now, modura has broken ties with the united states ordering diplomatic staff to leave venezuela within 72 hours. the u.s. state departments said it won't remove its diplomats because it doesn't recognize the regime as the government of venezuela. meanwhile, president trump has not ruled out the possibility of military intervention if the political situation worsens. >> we're not considering anything, but all options are on the table. >> does that mean you're considering -- >> all options always. all options are on the table >> the ceo of totale has told c northbound that any regime change in venezuela will not have an immediate impact on oil prices i cannot insulate my company for what is happening.

i'm pleased to say i have ricardo marina ricardo, great to have you on the show you're here from brazil, of course you've also been speaking to leaders, though, from across latin america right here in davos as the news around venezuela did break. how would you characterize a degree of concern? >> it was a historic moment for latin america where the president decides to align their comments in order to defend and authorize this new regime. the fall-out of the dictatorship of moduro in venezuela, and recognize juan as a president of

venezuela. i think now it's different because the civil society, the oppositi opposition, and international community are in favor of democracy in venezuela, and it's too late, and it's a good time it's happening in order to have a more sustainable and democratic government in venezuela going forward. >> do you worry there's an economic toll that could spread? we consider the terrible circumstances that the people of venezuela have had to endure >> indeed, we are very sympatic as neighbors and region alal por of brazil. we feel it's our duty to help given the social, economic, political, and humanitarian crisis that was happening in venezuela. now it's time to give them food, medicine, and help them to rebuild venezuela in the next 20, 25 years >> the big headline here, of course, has been the president coming to davos and really trying to sell brazil, making some big promises about economic

reform in the country. you've had a chance to meet with him. do you think he can deliver? >> that's the big question he has been doing 20 days of his government the markets are giving the benefit of the doubt he has surrounded himself with very capable people. he came with his top ministers, minister of finance, which we hosted a lunch, and minister of justice, the former justice judge for the car wash operations they are very technical people from the brazilian government. in our lunch with more than 100 global institution investors from the region, they are very impressed, and they understood the context in brazil and the potential benign cycle that's about to start.

>> it's execution and negotiation with congress in order to move to the next level. >> that is part of the reason why they're concerned about the division that has been caused with some of his outspoken comments, you might say. you see these parallels people draw saying, okay, i like his economic policies. not so sure about the social commentary, and then people simply jump in and say he is brazil's trump do you think that's a fair comparison >> i don't think so. if you look, he has liberal agenda he favors democracy. he was elected majority of the votes. he is applying mare to come si in the government and nomination of the key chairs for ministers. he has a very pragmatic agenda of reforms he wants to reduce the deficit and sustainable debt to gdp that brazil has, because we have a critical fiscal situation that needs to be resolved trump is increasing the deficit with all expenses, walls, et cetera.

>> he is delegating responsibility, mandates to his ministers, and having them taking care of the details and the approvals. he has the column, the spine, and the top priorities, strategic priority of the country in the long-term he doesn't talk about re-election. he wants to do the hard things, which is going to put the country back on track on a path of sustainable growth. >> you think the options that we've seen in brazilian -- is justified, it hasn't gotten ahead of itself? >> would you repeat the question >> are you saying the optimism is ustified? >> it's a cautious optimism.

the markets are anticipating what is about to come. if you see the index, at record level. the currency stabilizing at 375. also, the kplegs e expression of cds and brazil i think the market is anticipating and waiting for the -- to conso the date the new levels of radio he rating of brazil. ♪ hawaii is the first state in the u.s. to have a hundred percent renewable energy goal. if we don't make this move we're going to have changes in our environment, and have a negative impact to hawaii's economy. ♪ verizon provided us a solution

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it is 35k a.m. here in cnbc. 6:00 a.m. in venezuela where we are following a developing story. the white house weighing new sectors against venezuela's sector as the u.s. sends a strong message to nicolas moduro to step down two key votes today to try to end the government shutdown is there any chance the government finally reopens carlos ghosn resigning as chairman and ceo of renault. hitting the brakes apple cutting more than 200 jobs from a its self-driving car unit, and bing blocked microsoft