>> welcome to street signs >> it's friday morning from london jurp even stocks follow asia lower after china's shanghai composite logs its worst day in five months on the back of weaker than expected chinese trade data >> euro zone bond yields fall to the lowest level in more than two years with the bund closing in on 0% after surprisingly weak industrial order data out of germany and the ecb's dovish pivot. merger speculation intensifies after the ceos of

deutsche bank and commerce bank reportedly resume talk over a potential tie-up and shares sink after the company reports a full and merger adjusted full year net profit and delays its investor date as the lensmaker delivers its first set of results as a combined entity. well, good morning, and welcome to "street signs." as you can see behind me, the sell-off continues in europe for another day. the stock 600 currently down about 0.67%. this follows a down day yesterday where, of course, the main focus was that ecb meeting. we weren heard that the ejd has pivoted to a more dovish stance. more dove irthan the market had been expecting

they extended the time frame in which they intend to keep policy rates unchanged by three months, and they also delivered on the tltro front. this was the key question mark for investors in yesterday's meeting, and not only did they deliver, but they delivered detail around what this tltro will look like in their main statement. overall quite a dovish slant, and they also it slashed those growth and inflation forecasts, which, of course, justifies their move on the tltro's, and that cut in their expectations for growth and inflation seem to be sending kwoit a negative signal to markets. let's take a look at the different regions and see how things trading today as you can see across the board here, weare seeing losses. the steepest being seen in the ftse 100 down about 80 basis points so far, but fairly flats across the board the dax, cac, and ftse mib all trading lower. let's get a look at the sectors and see how that split is looking. quite a strong shift away from

those cyclical sectors into the defensives, which is what you would expect in this risk-off sentiment that has come on the back of this ecb meeting at the top of the board you have utilities, telcos and real estate up as well. at the bottom autos and basic resources that are the worst performers yet again yesterday these were the two reagan advisers, and, again, worry seeing underperform yabs there. banks as well on the down side here down over 1% banks were another underperformer yesterday, and, of course, the implications from the ecb are quite strong for the banking sector let's take a look in a little bit more detail at the single stocks within the banking space, how they're performing today red across the board as you can see. the performance yesterday quite interesting. when we first got the staemt and we learned that the ecb who go ahead and launch this next round of tltro's in september, we saw it is banks start rallying in particular, those italian banks in which its most helpful. then during the press krns when

mario draghi released the new growth and inflation forecasts and delivered this dovish tone on rates, we saw the banking sector plummet the italian banking sector in particular suffering some steep losses as you can see, those losses continue unicredits and tessa sympala. lower for longer, and this is quite a negative in terms of the profitability outlook for european banks finally, let's take a look at asian markets overnight. more news flow out of asia as can you see beside me, incredibly steep moves across the asian space, and this comes after chinese exports plummeted in february amid ongoing u.s. trade tensions fresh data soez that exports fell 20.7% that's versus reuters forecast of only a 4.8% fall. imports were also much waerk than expected. now, china's trade surplus with the u.s. narrowed sharply to 14.7 billion dollars as you can see, the mainland china stocks suffering very steep losses the shanghai composite down

nearly 5%. willem >> thanks. we're joined by richard kelly, head of global strategy at td securities let's start with some of the chinese trade data i saw chinese imports fall for a third straight month, and i wanted to drill down on some of the numbers i saw there. soybean imports down more than 17% year-on-year clearly u.s. tariffs, something to do with that. more broadly, how important are the tariffs in terms of looking at the data? how much of it should be ascribed that versus actual slowdown in demand >> i think the tariffs are crucial, and the story really goes back to the fall last year. what we saw was a lot of front running by importers throughout the asia supply chain saying let's get them in before we built up massive inventories. we could see them building up in taiwan, and it wasn't until the end of last year that the inventories after the tariffs started to work off. that's where manufacturing production collapsed this is what's feeding through the supply chains in trade now, and so we seem to be at the tail

end of that somewhat, but chinese new year now makes it even harder to say that definitively we really have to wait a whole other month before we can say is that okay. >> actually, these numbers aren't necessarily telling us that much because of that sort of stockpiling we saw at the end of last year it doesn't necessarily mean that we're seeing the slowdown demand very clearly in these numbers so far. >> you can't see that. what you can see is we probably worked off a fair bit of the inventories that were holding us back, but what's the underlying trend, and it looks very weak. that much we can see >> have we broadened the conversation out to what we've seen across global markets in the last 24 hours. this china data, the china moves come on the back of some pretty hefty losses in the u.s. and europe yesterday is this global -- that the global view justified in your view only look at what we've learned over the last 24 hours >> draghi talked about the darm room, and that's probably the closest thing. you still look at these things, and they don't look great, but the market over the last week really seemed to shift from a

view of glass half full to glass half empty nothing necessarily fundamentally changed. the data is coming in just ased about. we were sitting in the beginning of january talking about how the next two months of chinese trade and asia trade was going to be atrocious, how we would have sharp downgrades i think what worry seeing is what should have happened because of those shock, but there's still a question, it just isn't certain what the rebound looks like what i can say is what we've seen so far in march doesn't suggest there's a sharp good rebound in store here. >> to that point about the fact that we all have been watching the same data, we've all seen the deteriorations, so it's interesting that the ecb coming out and acknowledging this actually drove such a change in markets yesterday. i mean, would you agree that it's surprising that it took that for markets, or is it justified to give that much weight to the ecb over some of the other institutions and the actual hard data points? >> i think there were probably two key things out of the ecb yesterday. you saw them spook the markets with the sharp down grades to consensus. whether are you want to argue

they're right or wrong, but markets start to get in the mentality of what do they know that we don't know because you've been talking optimistically and saying a little bit you've overdelivered with what you did. that was up with thing the second is that what they twoul delivered from the -- they don't start until september. they're letting banks roll over liquidity that's there, and they've given a pledge to leave negative rates for longer. this is why banks underperform they now have to deal with less revenue stream than what they were looking at, and you have told me there's less growth, so i have less loan demand. it was a complicated message in the market it wasn't 1 00% pro risk it really depended market by market, sect o by sector, so it wasn't a broad growth salgts weaker, but we're going to deliver a bah zblooka. >> what's the short-term market reaction longer term down the road five, six, seven months from now, that decision, what does it mean for debt here in europe? >> so i think, you know, you're looking on yields. it means lower for longer. if you are looking at five-year german yields, we're probably looking for at least another year of negative rates now

we're probably not out of that if you are looking on bonds, very short-term, if we get a bad payroll, that's probably enough to get that to happen. we're probably still moving up, but are you probably looking at 40 basis points as a bit of a top for ten-year german debt this year. >> all right well, we'll come to that payroll discussion in just a moment. the dow jones forecast estimates the u.s. economy has added 180,000 jobs in february that's down from 340,000 in january. the unemployment rate is expected to fall from 4% in january to 3.9%. an average hourly earnings for the month are predicted to rise 0.3% compared to the previous month. now, richard, you just mentioned the nonfarm payroll numbers today. what are you watching most closely in today's report? >> you are always going to look at wages in the overall number i think we're slightly above consensus. 190 versus 180 it's a marginal up side. i think in this market that

would actually be seen as a very positive given the market really wants to see down side data. there's still a focus on wages we know the fed is waiting for that you know, the unemployment rate probably improves slightly do we look at do we not get a large down side surprise or any down side surprise because this is a market that would push those moves much bigger than others, and does the wage growth still need e seem to be mild to get the fed back in action >> bearing in mind what we saw yesterday in reaction to the ecb, any sharp moves that we see to the down side in the labor report, how do you think the markets are going to react to that >> i think we talked about bonds. you know, if you get something sub-100 in may roles now, that would be enough to have bonds trade negative now on the day. i think if you are looking at across the board, whether that's buying down side dollar-yen or euro-yen, we broke key technical levels yesterday, and it's about an a very range-bound low vol market the kre cb has insured it's

lower vol, and now it looks like they've down shifed again. there's no excuse not to buy dollars, and that means by extension, the only other thing that you're going to get outside of that. >> how much does the context matter for these numbers in terms of what we heard yesterday from draghi and what they forecast for growth? >> i think to your point perform short-term long-term, right now day by day this is a market that's going to be spooked by every little down side data. that's sort of in there. there should be a broader conat the particular time. this just isn't a market that's going to look at it. we've had two blockbuster payroll numbers out of the u.s the u.s. has actually been the relative outperformer. if you look around the world and you have seen poor asian numbers, poor yen numbers, poor euro zone numbers, the u.s. has been okay through all of the shocks we've had i think it's okay. this will not be a market that wants to have that context >> if the payroll's number is robust, significantly morrow bust than the market expects right now, do we see markets start to price in a hike in 2019 >> that's hard i think this is a fetd that's

kind of very firmly moved to the sidelines now. it's going to set a very high hurdle because they're very spooked by global data and still tell you the same that domestically it's okay getting a strong u.s. number isn't necessarily enough to move the dial for them yet if they still have the global concerns i think the market might be one hike in september. i think ending the balance sheet around june is probably what we're looking at it's a very high hurdle. >> and coming back to your point about volatility, we've been in a very low vol situation for quite some time now, but yesterday we saw the vix spike 5% what do you make of that move, and are we now in a situation where we might see volatility remain at an elevated level or perhaps climb even further from here >> that was the fear side in equities, right? this has been an odd disconnect. it's gotten very much into a carry trade. it's gotten very much into i'm buying dollars and picking up the carry. there isn't an excuse for everything else. equities has been the bid where we finally settle down, as we went through skbran and

february there's a bit more volatility and equities if you are going to tell me that growth is more uncertain and central banks could be acting and weren't acting enough. >> on the political side of things, we are still awaiting president trump's reaction to the commerce department's report into national security threat of auto imports do you think the market at this stage is being complacent about escalating tensions between the u.s. and europe given so much of the focus is on the u.s. and china? >> i think the market is very complacent i don't think it's factored that in yet, and it could be a huge factor there's a lot of -- everything right now is just u.s.-china, and while people have started to finally talk about the auto side, even if we get good news on china, there's almost an immediate dealing with the autos, and i think even the ecb yesterday just potentially exasser baits that in the view of the administration because he is going to look at your yes lower, stronger dollar, and think that there's something wrong there. >> and on your point stronger dollar, what's your outlook for the dollar this year sflo i think at this point you're really range-bound you have to buy dollars on the

short-term i think what we saw from the ecb and what we're seeing on growth really takes a lot of the upside out of what we could get from the dollar a lot of the down side that we could have had of selling into anything else, there just is no other story. if it's cable, you have brexit if it's euros, you have ecb. you know, if it's cad, you have growth there there isn't anything else that makes you want to sell the dollar >> well, very clear message. thank you for joining us this morning. richard kelly, head of global strategy td securities >> for more insight on what you can expect from today's nonfarm payroll figures, head on-line to cnbc.com you can get the white house reaction to those nfp figures today when the u.s. national director larry kid will he tune into that interview at 15:30 central european time. >> getting back to some of the top corporate stories of the day. luxotic -- after the eye wearmaker reported a fall in full year profit and delayed its investor day

these numbers represented the company's first results as a combined entity. essilorluxottica said it would create 600 million euros of synergies within five years. finland's outgoing prime minister said the decision to step down was a personal one thanks to a failure to reform the country's health care system prime minister said he was hugely disappointed by the failure. coming up on the show, a policy u-turn. the ecb unveils fresh stimulus, and pushes out rate hike plans as it slashes euro zone growth forecasts. we'll discuss that in a bit more detail again coming up

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mr. draghi described the threat facing the euro zone. >> compared with the december 2018 euro system staff macroeconomic projections, the outlook for real gdp growth has been revised down substantially. the sisks surrounding the youro growth outlook are still tilted to the down side on account of the persistence of uncertainties related to geopolitical factors, the threat of protectionism, and vulnerabilities in the emerging markets.

>> draghi outlined how it will stimulate positions in the euro zone >> these new operations will help to preserve favorable bank lending conditions and a smooth transmission of monetary policy. parties will be entitled to borrow up to 30% of the stock of eligible loans as at 28 february 2019 at the rate indexed to the interest rate on the main refinancing operations over the life of each operation >> tltro-iii will feature built in incentives for credit conditions to romaine favorable. >> let me take you through some of the key market moves we saw in reaction to yesterday's ecb meeting. as you can see beside me, the euro took a steep step down

versus the dollar. it actually breached that 112 mark yesterday in eaction. the euro has been trading lower versus the dollar or trending lower since january, but clearly, this dovish message from the ecb, this lower for longer for much longer is driving the euro substantially lower. let's take a look at yields, which also saw a pretty strong reaction to yesterday's meeting. we saw yield come lower across the board. interestingly, the german 10-year is hovering around that 0% mark, and earlier our guests that we had on the show was flagging that we could potentially see yields dip into negative territory for the bond, and the italian ten-year also in focus sharply yesterday. early on in reaction to the tltro announcement we saw italian yields drop significantly lower. athletes take a look at the yourp even banks quite interesting moves we saw

yesterday. as i said, right after the statement we saw the banking sector rally, driven in large part by those italian banks, but when the ecb press conference started and we got those new growth and inflation forecasts, we saw the banking sector sell off quite strongly, and that is on the back of this view that we are now looking at a picture where rates are lower for much longer willem >> thanks. we'll also be joined by the professor of banking at hohenheim university i want to ask about the tltro program. what does that mean for the more troubled banks >> they have cheap ecb money that goes to -- the banks rely very much on financing the local banks we have more local credit cycles. they have a disadvantage in competition. you don't see it on the stock market the stock market first effect, this is positive we get cheap money >> so hans, let me ask you begin. in terms of what this means for italian banks, more specifically, are they the ones

that this is directed at in your view >> i think it is it is the need to solve the problem of the italian bank because they can refinance it much more cheaply now by the ecb, and i'm not sure if the credit risk for the bank is always as objective as it should be quite interesting that the mooufrds we saw in terms of the initial announcement were positive for the italian banking sector and european banks in general, but then we saw massive shift in sentiment once the press conference started, once we got those growth and inflation forecasts. in your view, is it in temz of weighing those two things against each other, lower for longer, versus the benefit of the tltro, was it the right reaction for italian banks >> well, i think that there has to do with something the ecb wanted to show that they're active, and by the first

proposed things they wanted to, do and then they had negative news, and we know from the past from this program, it's not that big. it hasn't been very efficient. >> in the press conference mare draghi was asked about tiering as investors remained concerns around the impact of negative rates for the banking sector as an investor, looking at the banking market, can you buy in to european banks before the ecb takes more effort, initiates more measures, to try to address the consequences of lower for longer >> i mean, banking in the end of the allocation of capital by the price of capital and if the ecb

keeps the price of capital so low, no limitation to capital, the bank and business model cannot be very successful. especially for traditional bank. not investment banking oriented bank these traditional banks will always suffer in the long run wr wrrn. >> if you are an investor in either of those two companies right now, what should you be thinking about the potential for a merger >> well, there is some potential because germany is a very competitive market for banks it's very hard to make high profit in germany, and at least

two banks merge, the competitive pressure might go down to some degree it's maybe the reason why so many private equity funds are now investing in the german bank because they don't make any profit in the short run. they are waiting for change in the competitive situation, and then banks metro detroit make higher profit. it's not really good because, well, competition is a good thing, and high bank profit is a lot of efficiency, and especially for both banks. i mean, if deutsche bank is too complex already, it might be one of their problems. if they merge, they might become even more complex. it is not a real solution. >> i want to pick you up on that point about the complexity at deutsche bank. i mean, a lot of the problems that the bank is facing at the moment are the result of the acquisitions they've made in the past and the difficulty they've had integrating them bankers trust, post bank, and they're still trying to integrate parts of the post bank

acquisition right now. is there any reason to think that their effectiveness in integrating new institutions would be any different than it has been in the past? >> we are purely retail oriented bank they might be more able and easier to manage commerzbank is the larnlest germ ann bank inside germany. beg task to integrate that >> thank you very much for joining us that was peter burghof coming up on the show, we'll discuss brexit and look at what a no deal scenario could mean for britain's steel industry your brain is an amazing thing. but as you get older, it naturally begins to change,

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these are your headlines european stocks follow asia lower after china's shanghai

composite loves its worst day in five months after weaker than expected chinese trade data. euro zone bond yields fall to the lowest levels in more than two years, but the bond closing in on 0% after surprisingly weak industrial orders out of germany and the ecb's dovish pivot a fall in merger adjusted full year net profit and delays its investor day as lensmaker delivers its first set of results as a combined entity >> the sell-off in europe continues for another day. as you can see beside me, negative moves across all the major regions here, and this comes on the back of yesterday's

ecb meeting, which triggered a sell-off in those cyclical sectors here, and in particular in the banking secretary of stator quite interesting moves yesterday early on right after the statement was released, and the ecb delivered middle eastern the market was expecting on forward guidance and on the trtlo's. once we got the inflation forecasts that had been downgraded quite significantly, and a dovish message from mario draghi during the conference, the banking secretary of stator led losses for the yourp even markets as we are now looking at a picture of rates staying lower fo longer. it's not just the banks, but the broader cyclical space that has fallen out of favor over the last 24 hours with autos and basic resources suffering steep losses as well those defensive sect ors, utilities, telecos performing much better as investors really shift in terms of their view towards risk assets at this moment in time let's take a look at fx markets. the euro sharply in focus, and big moves on the back of the ecb

meeting. right now we're trading about 16 basis points higher around 11208, but yesterday we did see the euro breach that 112 level quite a strong move in the euro. really indicating how investors are feeling about the outlook for rates here in europe just a quick check on the pound. currently trading about six basis points higher. it has pulled back from some of the recent highs brexit uncertainty, of course, looming large. lastly on the dollar, coming into sharp focus later today is that nonfarm pay roles report out of the u.s on that note let's take a look at u.s. futures and see how the stock markets are looking at just a few hours ahead of the open the s&p, the dow, and the nasdaq all looking for a lower start at the moment this follows another down day yesterday. not only did we see all three of those major indexes trade lower, but we also saw a jump in volatility with the vix rising about 5%

britain crashing out without a deal in pre-released extracts from a speech, may will tell the e.u. to make a choice and insist that it is in brussels's index to avoid a no deal brexit the two sides are at lawinger heads. downing streets insists that a meaningful vote on the prime minister's divorce deal will still take place by tuesday.

the furnace is here and more than a century old >> we have the capabilities to process the piece of material that's over 60 tons in weight. we heat that up to temperatures in excess of 1,200 degrees we have the ability with our 4,000 ton press to man i ip late that steel and to a shape which can prep it for machining further down the line. at this family-owned firm that dates back to 1697, business is booming despite brexit uncertainty. >> it's turbulent times for the u.k. and to have such robust company with a strong healthy order sbu the future of course, we're extremely proud. >> the steel sector here in the united kingdom has a long and proud history as a global

powerhouse, but experts say that its european union membership in recent years has provided bigger benefits to steelmakers in terms of propped up prices and increased employment than to any other u.k. industry. >> in the event of a no deal brexit, the percentage of total u.k. steel exports facing trade restrictions, including tariffs, could swing from 15% to 97% by the end of this month. higher shipping and admin. costs could also total 70 million pounds or $92 million, a year for steel exporters, and the timing could hardly be worse >> in 2016 the steel sector virtually, you know, crashed since then it's on a steady journey of recovery. >> tammy english is the fd at summers. she admits u.s. steel tear ifrs have hurt her firm's finances recently, but says a hard brexit could mean much harder times for many peers >> steel prices, i think would

fall the steel industry would suffer. i don't think we'll suffer >> do you feel like you've had a partner in government in a sense that's helped you plan. >> no. i don't think we've had the visibility that business needs i think because the way that summers operates, we haven't felt the adverse impact of that. we've still invested we've still recruited. we've been through two world wars numerous recessions. the group company has been through an industry revolution i guess to some degree we feel like we are equipped and experienced to take it on. breck it will just be another chapter in the summers history book >> for firms with a weaker pedigree and cash position in an industry that's already feeling the squeeze, no politician can promise brexit won't spark significant and lasting damage.

>> is there anything you have in trends as far as your breck it, do you think >> good morning. since october last year the shortages of supply of drugs have risen from 45 different types of drugs to 80 currently we're seeing a lot of and i this it's more speculation than necessarily due to brexit, but there are a lot of speculation in the market. it's a supply and demand driven market, and we believe that a further procrastination of brexit is only going to increase that speculation in the market >> what can you tell us from where you sit as someone who runs a company about what the government has provided, what the government has done to prepare for no deal brexit we know what's happening to volume probably the most proactive

thing the government had done recently is announced a serious shortage protocol that enable our pharmacists to dispense alternative drugs if certain drugs run out to supply. i think it's a proactive step taken by the government. still being finalized in how that will act in the next month, but we believe that we're very well placed to handle any shortfalls where. >> that's right now the draft legislation, i nabbed. when you see that as a positive, is it possible that others, including parkts, might not agree with that in ermz it of, you know, being told, you know, you can't have the drug you want you can have a generic instead or you can't have the dosage your doctors previously prescribed is this not government intervention as a result of political decisions that haven't gone very well?

>> the government have advised no local stockpiling of drugs to be done, because we are such a large dispenser, we have a large amount of drugs that we hold, and because our businesses are forward forecastable, we're very clear on what our requirements will be way into the future. we believe that that local stockpiling is the most appropriate thing to do, and, of course, the government has said that nationally they will be stockpiling up to sick weeks of forward demand we believe we're covered >> and you manage and deliver the nhs repeat prescription. have a lot of insight into how the nhs is fairing at the moment from the nhs perspective in television, how do you think they are prepared for a no deal scenario at the moment >> i think from our perspective, i think the nhs are well prepared what you have to take into account is two-thirds of what we ship is generic drugs.

they are the most price sensitive. they're often manufactured in single location and then shipped internationally around the world because the nhs is such an efficient buyer of drugs sometimes they are lower on the pecking order of who received them i think the nhs are an incredibly efficient organization, much maligned, but actually going through some really exciting change, and we're very much part of that >> mark, stay with us. we'll have more to chat about in a moment now, u.k. broadcaster itb has announced a joint venture with the bbc to launch a new video subscription for uchlts k. viewers. it's set to be leleased. itv could invest 25 million pounds in the platform in 2019 and around 40 million next year. speaking with cnbc, carolyn mccall said it would bring more content to u.k. consumers. >> what this will be is the home for quality british content. originated content.

have you quite a short window. when you are talking about the license fee, you are talking about the bbc. the bbc will be very careful on this it's very, very aware of its charter obligations. this is offering more choice to consumers to watch things they have either missed or that they would like to watch again, which is something that has existed through the years. indeed there will be original content. licensing money will not be used to commission traditional content for brit box brit box will come out of itv. there will be original content for this as well >> i want to get back to mark living strong because he was also the co-founder and ceo of u.k.-based streaming and

delivery service love film before it was brought out by amazon in 2011 he is still with us around the desk interesting that we're now seeing itv and bbc come in to this streaming space as well how do you see the landscape einvolving over the next five years? >> i think the keywords that you mentioned are late in the game they should have done this two or three years ago they have such rich archives and such demand both between the bbc and the itv netflix and amazon particularly have ripped up trees if their entry into the market, have incredibly sticky loyal, happy user bases. the challenge for this new entity will be can they make up the ground having said that, they have incredible content it all starts with content, and i believe they've got a crack at it they should have done this two or three years ago, in my humble opinion. >> this is a bit of a u.k. focused conversation, admittedly as a u.k. resident and a viewer of u.k. content.

i'm intrigued why does this for the bbc make sense they've got their own i player what is it that restricts them in terms of using all of this archive content you've been talking about on their own platform rather than offering it as part of a jv with iv. why does that make sense some. >> ultimately the bbc once it's funded nationally will always look for incremental streams was it an independent commercial venture. i think this is an effort to put more money back in to both broadcasters, ultimately leading to better production, richer content, the more global exploitation >> subscriptions to choose, and in a lot of cases they're piling up as we enter a potential downturn, certainly a slowdown in the economy, do we have any idea how consumers are going to react in temz of holding on or

getting rid of some of the subscriptions? >> et cetethat's a great questi. in our experience we found that tv watch and film watching is recession-proof. it's movie going and cinema going that actually becomes a lot more discretionary in house viewing actually is incredibly resilient my belief is if the content is good enough and if it's unique enough, there will be multiple subscription per household that won't be a barrier. >> thank you very much for joining us not only on the pharmacy and stockpiling front, but also on the subscription media front >> it fell 5.7% to 35.5 billion dollars. as according to world semiconductor trade statistics now, china's economic slowdown and lower demand from u.s. tech giants, have been blamed for the weaker sales physician but the launch of 5g is expected to offer a boost going forward samsung is releasing its tenth

anniversary galaxy devices today. the s 10, and s 10 plus. it comes as consumers look ahead to the next generation and folding phones that dominated the world mobile world congress last woke. now, elizabeth schultz joins us around the desk fresh from that mobile world congress. what more can you tell us on this story >> right all of the buzz at mwc in barcelona was about 5g devices and foldable phones. unfortunately, we will be getting neither of those from samsung today, but what we are getting is their flagship series of phones that are strongly in competition with iphone 10 series what we will have is the galaxy s10 e and that's starting at $749 the thing to know here is that this is a premium line-up of phones what analysts are saying, right phone, wrong time. very good set of features. the triple camera system on the back this touch screen technology that allows you to put your fingerprint anywhere on the

screen in addition to facial recognition and then charging with another samsung phone without cords. the idea is that this is a strong line-up from the company, but people might not be willing to pay these prices when they know that there are other devices that are perhaps more innovative coming out within the next few months. at least maybe this year >> people are not switching hand sets as kwelk as they once were. >> that's right. what we've seen from apple and from samsung is that lowering of their guidance because the premium phones are not selling as quickly as they used to people are holding on to their phones for longer. people are saying i don't know that these features are enough for me to upgrade, and to pay $1,000 starting at $1,000 for some of these phones the 5g devices are kind of the big question in the smartphone market right now because of consumers saying these 5g devices are going to give me an advantage on things like stream, and on things that really could affect kind of my day to day

operations. you could go out and buy a hand set in theory today, but you wouldn't necessarily have a reliable network to use it on. you can'treally in most markets, you would not be able it use it on barely any networks the problem here is that a lot of the 5g networks are not up and running, and if they are, they are in select cities kind of still in testing, you know, levels the benefit of 5g probably not this year. probably not even next year. it will take a couple of years before we can really see that. >> elizabeth, thank you so much

for that insight around the samsung release. now, our u.s. colleagues will discuss all the latest tech trends with soft bank chairman and ceo masayoshi son. it's coming up at 1500 cet it's international women's day today, but new research has found the glass ceiling is far from broken. we'll have more after the break. (client's voice) remember that degree you got in taxation?

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>> well, today is international women's day, and despite the me too movement, new research by the economist suggests the glass ceiling in the workplace is very much intact. nordic countries continue to be the best place for working women according to this year's glass ceiling index. turkey, japan, and south korea are the worst. the report also found the gender pay gap is largely unchanged at 14%, but the share of women on boards and in the workplace in general has increased slightly we are joined by tanya briar, who has been covering woman's week for us for the last five days good morning >> good morning.

happy international william's day. it's actually day to you and to you, juliana, and it's _#balfour better during the week i've been talking to leading women from different industries, and i caught up with nadia swarovski, who is the only female member of the board, and asked her how important gender parody is in the history of the swarovski brand. >> the me too movement, as you said, has certainly had a very international impact it's had an impact on swarovski in terms of raising awareness of this topic with our employees and the various different layers of the organization. we have implemented a breast feeding facility terms of having greater employee satisfaction,

but also employee retention, it's been amazing. we have just integrated gender bias training, which is absolutely important because our generation has just really subconsciously picked up certain behaviors, which are actually very biassed, and we are just trying to raise awareness of this bias and so hopefully this is all encouraging and motivating all of our employees, when it's the senior employee that gets to share her voice or whether it's the younger female employee that hears from a senior role model. >> of course, we see there nadia talking about the initiatives, the impact of me too around the world, which is reverb rated swarovski itself, you know, prides itself of having gender parody.

i think the phrase is if it's not been measured, you can't manage it. i'm just wondering based on the conversation, is that something that you have heard repeatedly from some of these executives you've been talking to this week >> i think it's a very good point. if you can't measure it, i think what's happening is that the awareness is there, but they have to implement the actual measures so that women feel especially, and i think the common theme is when they go, if they have to take maternity leave, what happens when they return can they return to more senior levels we had the ceo of amile an hour from zblur ek insurance, amanda blanc, and she was talking just about that that really more needs to be implemented. what more action needs to be taken? >> thank you so much for all of those conversations. we really appreciate it.

the beg focus for -- that's it for today's show i'm juliana at that timelebalm have a great weekend worldwide exchange is coming up just right now rebekkah: opioids has taken everything and everyone i've ever loved away from me. everything. i blew my ankle out and i got prescribed pain pills by my doctor.

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zpliencht here's your top five at 5:00. it could be five down days in a row for stocks chinese stocks plunging overnight. shanghai down more than 4% we are live on the ground in asia with more futures here are down as well. markets on edge ahead of this morning's jobs number. will the payroll report save wall street from its worst week of the year? meantime, the brexit clock is ticking. here now just three weeks away for the u.k. leaving the e.u if you own shares of costco, you are likely to have a great day today. we're going to let you know why, and you're never going to believe what one well known seltzer maker just blame