zalensky takes the lead in the first round of ukraine's presidential vote and tells cb kbrks c it does not want war with russia. >> this is a diplomatic way. we don't want war. >> the lira slides as the turkish election board says the main opposition candidate has the edge in istanbul after president'ser preside president'serduwan. european markets are following asia higher in early trade, the stock 600 up to the tune of 0.95%. sentiment overall being boosted in large part by those stronger nan expe than expected pmi numbers.

we saw unexpected growth in the month of march in official and vacation manufacturing pmis, providing a nice boost to european stocks as well. green across the board as you can see. the dax leading the way up 1.25%. we also had that euro zone pmi data at the top we've got basic resources in autos as you would expect given that we had that strong data out of china and also some encouraging words and sentiment around the china/u.s. trade war, potential sign of deescalation there on the chinese front. >> as you say, healthy start to the day despite manufacturing data weakening in march. the final pmi for the region hit its lowest level since april 2013 germany's manufacturing pmi fell to more than a six-year low of

44.1 while italy's pmi slipped to 47.4 its lowest level since may 2013, but chinese factory activity unexpectedly jumped in march rising for the first time in four months china's official pmi hit 50.5. that is up from february's three-year low of 49.2 fueling optimism that beijing stimulus measures may be starting to take hold private pmi survey posted a surprise expansion with manufacturing growing at its fastest pace in eight months. let's take a look at asian ma markets, very strong moves across the board the shenzhen up more than 3.5%, the shanghai composite up 2.6% really providing quite a strong leg up to markets as we start this fresh week. it's not just a fresh week it's also a fresh quarter, and on that note let's take a look at the chinese markets and see how they ended q1. the shanghai composite had a roaring start to 2019 up to the

tune of about 24%. quite strong moves, quite a strong start don't forget, a lot of that driven in part by the stimulus measures undertaken by beijing with this, let's bring in the global head of strategy. thanks for coming on the show. i want to pick up by starting up talking about the chinese equities action overnight, and obviously for the first quarter of the year we've seen that shenzhen is up more than 30%, the shanghai composite is up more than 20%. the currency is about 3% stronger it's coming at a time where the data obviously has slowed quite significantly, but there's been a lot of optimism in financial markets. how much of a bearing is that having, and can we continue to strengthen from here >> i think it has a lot of bearing. we're coming out of a period in the second half of 2018 during

which we nearly touched 7. we didn't actually get there in dollar china, and that came largely on the back of the possessism on the global trade wars first of all, we had stimulus enacted by the chinese authorities, and needless to say it's a centralized economy, which means a stimulus goes through relatively quickly compared to other countries, and secondly, we have definitely had an alleviation of the pressures from the global trade front. it seems it appears that we're going in the right direction as far as the u.s./china trade dispute are concerned. the markets have been improving in the data. >> it's interesting, when you think about emerging market currencies, often people lump them into one category two of the biggest drivers last yiegt, one is the tightening enacted by the feds.

since then they've turned more dovish, concerns about the u.s./china trade war, a bit of optimism there, but there's one thing that hasn't changed, that is the global growth outlook people are a lot more negative about growth going into 2019 than they were last year you think the growth as a starting point for emerging market currencies where are you picking the winners versus the losers >> firstly let me say it is true from a fundamental perspective you get a lot of differentiation, but if you look historically, correlations on emerging market currencies, what you tend to see is they're very much correlated. there is a home genius response. the view we have is we're going to see a normalization in the data, and the biggest outperformers are going to be the high yielding currencies it seems to us the environment on one hand, a massive decline

in u.s. yields, we were at 330, and a normalization in growth data is going to be quite conducive of the em effects, the high yielders, the rubles, mexico >> we'll talk about turkey it's coming up since you mentioned the ruble, let's talk about something else. in ukraine actor and comedian vladimir zalensky has won over 30% of the vote with over 50% of votes counted. that is according to to voting data, he is ahead. if no one wins over half the vote the top two candidates will advance to a runoff. steve joins us live. just looking at the margin, quite a big margin for zelensky

versus the incumbent. >> absolutely. as we heard from mrs. zelensky, quite extensively he feels like he's got a spring in his step as do the two former ministers i spoke to last night. winning in the first stage is very different from winning in the second stage a lot of people talking about the need for presidential debates and whether we're going to get more details from mr. zelensky going forward we've been hosted here in the ministry of foreign affairs byes pavro -- the foreign minister of ukraine. thank you for letting us come here, back to ukraine and to interview here it's a lovely building in terms of the reaction, the bomb shell that really mr. zelen

jo zelensky, it's april fools' day. it's no joke that he's now potentially going to be the next president of ukraine what's your reaction to the overnight events >> look, first of ally, it was democracy in action. a real campaign, real fight. no predictable result, and we have quite a repertoire of free and father elections we've proven such, it's important for me, not just as a foreign minister but also for a ukraine citizen. let's see how the result will play out in the runoff >> you have a remit, it is foreign affairs, and we don't have answers from mr. zelensky on a whole host of issues. how concerned are you for the welfare, for the well being of ukraine going forward that we have no ideas really what the policies of mr. zel ensky, how

he's going to deal with russia or allies. >> i'm pretty sure there's no left turn or right turn on foreign policy ukrainian society simply would not allow anybody to get from the mainstream or for ukrainian foreign follopolicy. >> that's a very important point for viewers here regardless of the winner of this election, you say ukraine has decisively turned its back on close association with russia, and actually, it is a western future the krpt is loconcerned r pe >> if you talk to the people on the street, it's forever it's about our mentality it's about our history it's about us ukrainians

ukraine will continue its drive towards the ransatlantic community, towards nato, towards the european union there could be some differences in time frame, but in the sense of strategy is decided for 100%. >> is it goading russia to have ukraine potentially joining nato at some stage as well? bear in mind, in 2014 very contentious about where that came are from. was that e.u. pushing for too much expansion was that clumsily done by the west as well do you think it's necessary for ukraine to go forward and become a full member of nato? >> i'm not a big fan of any conspiracy theorists it's about ous ukrainians. it's about our drive it's about simple points that we deserve to decide our own future, and it was clear

decision and actual is this results you see in front of you. it's another proof that ukraine will go towards europe, no point about anything else. >> what about the situation with the ukraine military now you're the best person to ask, i guess as well. i've heard a lot of people say it's a very different military from 2014 where ukraine was perhaps gutted from the inside many people said in terms of its military i think you and i may have said that before as well. now i believe there's canadian trainers, u.n. trainers. the ukraine army is a very different proposition now, isn't it >> ukrainian military forces are completely different now we have a real army. now we have real defense and security sector, and we are confident we are able to counter the russians it's a kind of -- simply pushed

into ukraine, simply to legit mize the occupation of dunbar and say u hu it's the same structure. it's the same people in place, and it should become part of ukraine, no point about it is a red line otherwise we can have any sort of discussion. >> not a trojan horse, but are you really reconciled now? crimea is lost for good, isn't it >> no, not at all. if you see what is going on in the sense of changing mentality, because it's a black hole in the sense of human rights. it's thousands and thousands of people brought by russia from the renagions, and the people fl they're deprived of anything now in crimea. so let's see what's going to come in the sense of our common efforts and russia believe it

could have been possible to have recognition for the crimean occupation no, no point about it, sanctions are there. political pressure is there, and we need to show also that we are able to attract people to show them that ukraine is their future, and even with a free regime with europe, they can use it. >> two quick questions one, do you see russia and ukraine heightening their conflicts? there is a conflict going on there is still ordinance being fired across the region. do you see that relationship is it frozen, or will it calm down in some stage? >> look, we are not interested in having frozen situation in dunbas we need to get dunbas back, but we need to get ukrainian dunbas back to ukraine. we need to get normal life and

ukraine back to dunbas if what we can do is international community with peace keepers with police forces in the same way crimea i would not say it should be the same pattern, the same model, but we need to get back both occupied territory. it's a fundamental part of ukrainian dna. >> i know we're very limited on time you started this interview by saying the zelensky vote was witness to free and fair elections. but you know when i speak to very influential people, they say rule of law and corruption are the two biggest problems in addition to the ones you just mention ed on crimea when we see rulings from the constitutional court about elicit enrichment as well, that means that there is jeopardy for ukraine in terms of the western

eyes isn't it? >> i believe exactly corruption and rule of law of the two of the most important fundamental challenges for ukraine, and you see by the results of this election there is a drive for new faces. all entrenched politicians actually suffer to a kind of setback, but fundamentally ukrainians have a kind of hope that -- the issue of fairness, the issue of rule of law, the issue of corruption will be handled better, and it's one of the reasons for the world you see in front of you. >> thank you very much indeed for giving us your time. >> very nice to see you. >> the minister of foreign affairs and has been since 2014 here in ukraine talking about hopes for the future and lots of concerns about what's going on in crimea and the

southeast of this country. back to you. >> and ahead of that widely anticipated second round of elections in a few weeks time. thank you for bring us that interview. china will continue to suspend u.s. tariffs on vehicles and auto parts the country said it was a goodwill gesture talks are set to resume this week with chinese -- delegation to washington. european auto stocks are trading sharply higher on the news we've got bmw up more than 2%. daimler up 3.8%. the picture is green across the board, especially all eyes on psa peugeot as well up 3%. >> and pea yacfiat chrysler. the two car makers could announce the talks by the end of the first half this is a story we've been following quite closely over the last week. last month "the wall street

journal" reported that the italian american auto giant had rejected an approach to explore a merger deal. peugeot's ceo discussed plans to return to the european market. he said the company will begin exporting models to the u.s. and canada within three or four years. if you want to hear more about this story about what makes fiat chrysler an attractive m&a target head online to cnbc.com for that piece. >> and that is a piece you wrote. she's being humble >> so i would highly advise you to check it out on cnbc.com. coming up on this show, as key cities slip fromturkish president'rse president's, live from istanbul next the latest innovation from xfinity

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turkey's lie election board said the main opposition candidate is now ahead in istanbul, and there had been somewhat of a debate overnight as to where istanbul was standing it appears now that the opposition has taken control when it comes to istanbul. this of course after losing ankara as well for the akp party which of course is represented by president erdogan a quick look at the currency you can see the turkish euro is trading about 2.3% weaker on the news that akp has indeed lost the two major cities, ankara and istanb istanbul for the year now we're looking at about 8% weaker for the turkish euro, about 43% or so in the last 12 months so a lot of pressure on the currency h hadley joins us live from istanbul remarkable developments over the last 12 hours. what does this mean for president erdogan's standings going forward? >> absolutely.

i think what's going to be really interesting over the next 24 hours or so as we watch and these moves in the lira as people come to grips with what this actually could mean in terms of whether or not the president is going to have the political capital necessary in the coming months and years to really move forward with this massive economic reform agenda he's said again and again he wants to implement let's listen in to what he had to say overnight >> we have a very important reform program ahead as turkey, we will thoroughly carrying out the economic program we have designed according to our goals without compromising from the rules of the free market economy. we have a long period ahead to carry out economic reforms and focus on our goals without any compromis compromises. >> reporter: it looks more and more likely the president will have lost out in istanbul to the main opposition party. he's also lost out in ankara, the country's capital city it's interesting that this isn't just city dwellers that seem to be happy with the fact that we have higher unemployment, that the company has slipped into a

recession and there are major questions about the state of the currency but also of course outside of the city we have the agricultural areas that have been suffering under the policy. in terms of the losses at these four main cities i think it's important to point out that while the president's party maintains a slight majority, some 40% are in the cities, and that's moved to control by the opposition party and others in terms of the electorate. i think that that's going to be one of the main sticking points as we move into the next couple of months and years. you're about four years away from another set of elections in this country, but at the same time there's a growing sense of unease and unhappiness, not just domestically but also internationally with the president's policies and whether or not they're actually goito m forward on these much needed reforms. that was a terrific recap. i want to focus on the lira and what this means for the

currency last week we saw volatility return in full force to turkish assets in your view, can you the central bank win back the trust of investors >> i think compared to the second half of last year, we have had some improvement in the trust because the central bank actually went ahead and increased interest rates at a level which seems to have been appropriate. from that respect there has been a move to restore some of the credibility. of course the main issue remains the low level of reserves, foreign reserves that are actually able to defend the lira let me say something a bit more general about the lira right now we have two forces, we have the idiosyncratic forces in

turkey, but we have global forces on one hand if you actually see the moves in the lira are nothing compared to what we saw in the summer of 2018 when both idiosyncratic an global forces were moving. right now we have yields that have collapsed in the u.s., meaning that u.s. funding much more easy to handle for emerging markets and now we've started to see a pickup in chinese growth, which means that it is good, a relatively good environment for emfx i think you have two upsetting forces there, and i just don't see a big collapse in the lira right now, largely because i think the external factory is going to remain supportive. >> that's an interesting point, what you're seeing internal versus external. the external factors we talked about the fed turning more dovish, optimism about china, the numbers of the weekend were better, but again, the turkish lira is now down 8% for the

year this is environment where the fed has signaled they're not going to be tightening anymore overnight as well, you had moody's warning about the credit reserve erosion that we referred to, the central bank has spent about a third of its reserves trying to support the currency here all of these things quite negative for the lira. it's very difficult to build a constructive case. >> i'm not trying to build a rather constructive case all i'm trying to say is you've mentioned before on a 12-month basis we're down 40, 45% in the lira we've moved on a year-to-date basis 8% a lot of domestic doom and gloom is already in the price, and i think that the recent case that the external environment will build a case for some stabilization in the lira. all will depend on whether erdogan would like topopulist ps

his latest speech suggests he would like to move on with weaker reforms that would be actually positive. stability with risks remaining in the horizon >> would you say that this year -- i mean, cleary, you know, at the beginning of the year lots of people got quite bullish em because of the change in the narrative coming out of the fed. it is quite straightforward to make that assumption when advising investors as to which em currencies to look at, are you favoring currencies that have a little bit more exposure to china and the recovery in china, so asian currencies over other emerging currencies and ones with more id owe cattic stories? >> i think in general are more inclined to believe this is going to be a more homogenous emerging market environment. let me also say it's quite doif difficult to assess the total

exposure of one country. there might be direct links and indirectlin indirect links for the next three to six months is going to be play quite nicely >> do you think that this recent bout of volatility is going to cause some european banks operating in turkey to rethink their exposure not only in turkey but in some of the other emerging markets this serves as a reminder of the fragility and the risks of doing business in these places like we've seen in the recent past? >> well, for turkey, yes, although, you know, it's extremely hard for me to judge that but generally for emerging markets, no, i wouldn't think so the there has been an increase in borrowing in emerging markets which makes them a bit more fragile. the realities that the number of emerging market currencies have addressed internal imbalances, fiscal balances over the past four or five years quite effe effectively which have made them

a bit more resilient to external shocks. >> speaking about emerging market currencies, i want to talk about sterling. we've got the u.k. -- people say this a bit tongue in cheek, but the u.k. has the twin deficit. the budget deficit, the current account deficit, but you've got the benefit of an independent central bank, that is theback bank of england. we are getting the u.k.pmi numbers, 55.1 versus 52.1. very strong numbers here the highest since february 2018. we actually got surprisingly positive numbers out of the u.k. for a change the u.k. march manufacturing pmi purchases index came in at 66.2 versus the february number of 59.9 that is the highest in g 7 history so breaking records today. we're seeing the pound trade up about 4/10 percentage points

higher yesterday may be a little bit better, but there's only one thing on everyone's minds, that one thing starts with a b. i'm not going to say it. sorry. the u.k parliament takes control, the latest on brexit after the break.

welcome back to "street signs. i basic resources lead the european equity rally following asian markets higher after chinese data rebounds unexpectedly in march, and the shanghai composite has its best start to the year since 2009. the auto sector is also driving higher after beijing says it will spend additional tariffs on u.s. vehicles and auto parts easy jet shares slump dragging ryan air lower after the low cost carrier warnings that macro conditions and brexit are driver weaker demand. and the lira slides as the turkish election board says the

main opposition candidate has the edge in istanbul after president erdogan's party loses control of ankara in local elections. all right, so we talked about the risk for asian equities overnight, and you can see that that positive move is transpiring. the dow is seen opening up 200 points higher, s&p 500, 200 points higher. u.s. equities was the best in over a decade. after that grim december we had a very decent balance in equities across the board for the first three months of the year that is the picture for u.s. markets. we also have the manufacturing numbers coming out later we had a slew of data out this morning, the u.k. manufacturing

pmi numbers, the highest since february 2015. a bit of a lift for the ftse 100. 7350 up almost 70 points higher, about 1% firmer in trading of course all eyes on the brexit development. another round of indicative votes later today, lots of questions about what may or may not happen we'll talk about that shortly. the french index 1.2% higher italy also having a good day despite the weaker manufacturing pmi numbers that have come out for the euro zone, very weak numbers for germany as well. germany new orders at the weakest level in over ten years. risk on as i mentioned because of the positive numbers from china overnight and positivity surrounding the china/u.s. trade talks. let's switch and talk about effects. starting with euro, we're trading down around 112.50, up

about a quarter of a percentage point. we did see this pair come off towards the end of last week some negativity yet again, weak data biting. there's a difference between what's been going on on the external side of things versus domestically 1.1250 is the mark there 1.3080. we've got those better u.k.pmi numbers and all eyes on dollar lira today, dollar turkish lira. you can see that the lira is falling out of bed yet again, 2% weaker on the session. 8% weaker on the year now, 43% weaker over the last 12 months there's really been a big depreciation going on there in the currency, not least because the economy is in stagflation mode high levels of inflation, 20% contracting 3% in the last quarter of the year, and some results that are not so favorable for president erdogan's parties in the regional elections over the last couple of days that is a picture more or less

across the board for fx currencies we are seeing the dollar trade on the back foot juliana. thanks very much here in the u.k. the british parliament is set to hold another round of indicative votes on brexit alternatives after theresa may's deal suffered a third defeat on friday villum what could tonight mean for may's deal >> so what the m.p.'s and lawmakers will be voting on this evening is a range of optionsment we don't know precisely which ones but very likely one of them will be members of a customs union the u.k. staying in the european's customs union into the future that's not something that's decided by theresa may's divorce side of her deal, but it is something that would potentially have to change in her future blueprint for the relationship between the u.k. and the e.u., and what that could mean -- and again, this is all speculation

essentially but trying to hypothesize. we've seen her deal defeated by 58 votes the end of last week. if she were to try to bring that back to a vote once again in the house of commons she'd be using the threat of that softer brexit as a way to try ask encourage some of these recalcitrant conservative mp's to vote in favor of her deal. that is one possible tactic to number 10 downing street going into a fourth vote in terms of what parliament wants to see happen, we'll g anterior better sense of that after 8:00 p.m. london time. the challenge for those lawmakers is going to be forcing the government to bend to their will they might have to try and do that through legislation, through contempt proceedings against the government a big question remains whether theresa may as prime minister will be willing to try and soften her stance over brexit at all, and if she's not prepared to do that what that will mean for the potential of a no deal on april the 12th. >> all right, thank you for breaking it down for us. just when we think we're going

to get more clarity, indeed it gets more confusing. let's bring in vasileios gkionakis nobody really knows what's going to happen and how this is going to play out politically. the politicians don't know analysts have different interpretations of what may or may not happen given the sheer amount of uncertainty and unanswered questions, is it actually worth having a position in the currency here? >> well, outright positions, no, i don't think it makes any sense because although sterling has actually priced out a big chunk of the hard brexit premium, and although the tail risk seems to have a relatively low -- what seems to be a relatively low probability if it does happen, if we get a no deal brexit, that would actually short sterling to 115 to 110 against the dollar, so it's really tricky.

our central scenario is still that we're going to head towards a soft brexit, but the path that we're going to go there is not entirely clear i think the case for having a longer extension potentially gathers most of the probabilities right now, but it does represent the u.k. government and the u.k. apartment more generally. >> this is what i'm surprised about actually, i would have thought on a weekend where two things were discussed either, you know, the possibility of a general election whereby, you know, came out on the sunday poll indicating that the labor party were five points ahead, that's one option or the longer extension, or the possibility of a no deal. in fact, there are reports that some 120 tor ri members have written asking for the government to push for a no deal brexit you've got no deal brexit or a general election that has the

government ahead why is sterling not trading lower on those two developments we got over the weekend? >> that's an interesting question i think the market has actually been a bit -- despite even us saying that the central scenario is going to be a soft brexit, i think the market has been too complacent about this. consistently pricing in, seem to be pricing in that eventually we're going to get a soft brexit out of this. now, again, i think the market is focusing on the end result and not on the path that we're going to follow, but nonetheless, if you hold upright positions in cable it can be particularly painful if you get elections and you get a corbin lead, corbin is not actually seen as the most business friendly leader in the u.k. so that could potentially delve a blow into sterling for the

short-term >> yeah. >> i think it's quite convolu convoluted >> all right, we're going to have to leave it there definitely makes sense it would be tough to hold a position in sterling in this environment. vasileios gkionakis global head of fx strategy at lombard. thanks for staying with us the last 45 minutes. been great having you on. easy jet has a more cautious outlook for the second half of 2019 and a trading update, the airline said it expected softness for the second quarter but a recovery in the third quarter reflecting the uncertainty over brexit, but easy jet added that whatever happens with u.k. leaving the eu it would be flying as usual. the low cost carrier expects to post a pretax loss of 275 million pounds for the six months ending march 31st despite a growth in revenue. and i want to give you a quick look at where things ended

up in the u.s. over lathe last quarter. first thing with the s&p 500 a strong start to the year this of course comes after a very weak end to 2018. the s&p has seen its best quarter since 2009, its best q1 since 1998 now, this is on the back of a soerz of supportive developments, namely the fed turning more dovish. also, we haven't seen a real escalation in u.s. v/china trade the big macro issue hangs over markets. this is a rebound of sorts after things really got worse at the end of 2018. let's take a look at the dow as well it's not just the s&p that's performed well over the quarter. the dow has seen its best q1 since 2013 not quite as strong as the s&p relative to its first quarter history, but more strong performance from the dow as well and finally, let's take a look at the ten-ieyear the fed one of those big drivers of the change in narrative we've seen over the course of 2001,

the ten-year note, the yield trading lower over the course of the quarter really taking a step down in march and not as coin soided wi sided with what we've seen from the fred, whied all right, shares in lyft soared by over 20% during their debut on the nasdaq friday before closing just under 9% higher it means the ride hailing firm finished its first day of trading with a market valuation of around $22.2 billion. more than 70 million lyft shares exchanged hands on friday as investors lined up for the biggest tech ipo seanince alibaa went public in 2014. here with us to discuss is ian wallace who joins us along with our very own elizabeth schultz i just want to start with you. i have to say we were closely watching, anticipate where lyft was going to open in trading

$87 versus an ipo price of $72. >> not a bad first day. >> not a bad first day were you surprised at the extent of the demand for it on the first day of trading >> there was a lot of positive sentiment. there was expectations from the traders, from the investors and from the road show earlier in the week that this would be a strong start for lyft. shares did pop 23% as high as 23% and did close about 8% higher at the end of the day, so it came down a bit after some of that initial optimism. this is the first ride hailing company to go public, and as we've mentioned, it's the first in a series of tech companies that have been private that we've been anticipatining ipos r a while. >> ian, i want to ask you obviously the bigger one everyone's anticipating is uber. they've got the international market, about five times the market cap based on friday's market activity, surely uber must be looking at this and salivating thinking, you know, the demand is there

our deal will go well if we ipo as well. >> we hope sochlt -- uber's graph on the first day went down, a lot of stacking going down i think the focus will be on q1 results for lyft and uber obviously will try to get in very early. >> looking beyond just uber to the broader silicon valley space, there's a number of unicorns that the market is expecting to potentially come to market this year isn't there a risk that the market exuberance has perhaps gone too far given the lack of visibility looking at lyft, for example, in terms of reaching their margin targets is there a risk that these valuations are perhaps too high and the markets too excited? >> i think there's an attraction for these companies. these companies are defining and leading global mega trends, and you know, people have concentrated on faangs

companies have been taken off the market in m&a activity and public to private. there is a pent up demand for more equity and more faang, more technology equity. >> you're invested in a lot of pre-ipo companies. you have investments in pinterest, post meatates, but se issue with lyft that these companies are not profitable at what point do you plan on getting out of them? >> or to rephrase it, how patient are you going to be, right? >> we're private investors, so we get in typically one to four years before we can envisage an exit, an ipo or an m&a deal, so we will look to exit and reinvest through our fund. we invested through our gun sooe fund that's the mantra of that our concerns are the management of the lock up prices, so we will

be keeping a close eye on these things. >> i want to ask you about the longevity of the business model per se lyft and uber obviously quite similar, they're both ride hailing companies but over the weekend, and this perhaps went a little less flags than the big w on friday, you know, there were drivers strikes over low pay, over wages being squeezed. indeed we are hearing of increased regulation in that space as well. how long longevity does that business model actually have given the amount of scrutiny there is on wagers pay and a top debate going into the presidential elections next year as well? >> i think regulatory concerns are one of the main charges. i think lyft has a much better record obviously as second mover advantage coming behind uber, they trail the way with many municipalities lyft got the benefit of being a nicer guy, if you like but i think that's one of the

big challenges the markets, the total addressable markets, they're global they're growing. the economics are improving for these businesses the challenge, i think, for both of them is managing capital allocation and delivering on core operating performance in their businesses they're investing in businesses that are ardent, uber eats doing well it's managing that capital allocation i think going forward, the market with keep a close eye. >> all right, we're going to have to leave it there thank you very much for joining us, that was ian wallis, and obviously elizabeth thank you very much for breaking it down for us. frustration for ferrari we'll be right back. (client's voice) remember that degree you got in taxation? (danny) of course you don't because you didn't!

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we'll be right back. welcome back to the show it's april fools' day which only means one thing. it's time to look at the quarter performance of different asset classes. i want to draw your attention to

wti no joke here, excuse the pun. up 31% for the first three months of the year i have to tell you that oil has seen its best start to the year since 2002, the best performing asset class out of all the asset classes covered. it was a pretty brutal end to the year last year all of that has been reversed. a big chunk of it has been reversed opec plus supply cuts are having an impact there. a quick look at brent as well. you can see up 25% there, not as much as wti but still the best performings asset class energy for the first three months of the year louis hamilton secured his first win of the new season in bahrain. the mercedes driver capitalized on a ferrari mechanical failure. adam reed joins us around the desk with more

adam, what would have happened if that ferrari mechanical failure hadn't occurred? >> we'd be talking about le clerk coasting to a first formula one victory for ferrari in just his second drive everything was going his way yes, he didn't have a very good start. we've already talked about this this morning that he did drop to third. after that he has this amazing race pace, all the luck that se ba -- se bastian hasn't been having in the season if it wasn't for this engine failure that happened eight laps from the end where he was heard over the team radio proclaiming what's happening, it was so unbelievable to him that that could happen that bad luck, but his time will come louis hamilton knows exactly what he's up against this year, the fact that leclerc is doing

so well. he said on his team radio even as he crossed the line that they've got work to do to stay ahead of them. but whether or not it's going to be se bastian, the four time world champion to be the main challenger to the mercedes. >> the next in china. >> 1,000 grand prix. >> with that beautiful segue, i'm going to say u.s. futures are trading up because of positivity about china and the data we got over the weekend, better numbers in the manufacturing side dow is looking to open up about 200 points higher. a sea of green out there for the first day of the month that is it for today's show. we are back on "street signs." >> worldwide exchange is comg nt.in the latest innovation from xfinity

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it is 5:00 a.m. at cnbc, the new quarter starting like the last one ended with a rally in stocks futures are soaring. is it time to take a profit or go all in on equities? we're going to dig in. thank you, china, strong manufacturing data there the reason for the rally, asian stocks surging this morning as well so is this a turning point for the world's second biggest economy? president trump stepping up his attacks on the federal reserve over the weekend we have the full fallout. and a bizarre story, saudi arabia accused of hacking jeff bezos's phone. it may b