welcome to street signs. we are live in central london and these are your headlines >> from pomp to politics and protesters, last night at buckingham palace, donald trump the u.s. president hails the special and eternal relationship between the u.s. and uk as the queen rolls out the red carpet for the u.s. president but today, amid political talks at downing street, protesters set to make mass protests on the streets of london.

tech stocks lead european losses following the faangs lower, heightening concerns of further regulation in the sector italian deputy prime minister says he wants the coalition government to continue after the prime minister threatens to quit if the five star parties don't stop the squabbling shell trades lower despite plans to boost its dividend and spending after 2020. the ceo tells cnbc he is confident the firm can perform well in the current oil price environment. >> in the long run, if you set an investment program for the next decade, we have to have the ability to see through the cycle, really conservative balance sheet and actually quite conservative oil prices. and that is what you see today $60 for 2025 well, welcome to "street

signs" where our coverage of president trump's visit to the uk continues today and right now, a giant blimp depicting president trump as a baby is being inflated in central london you will probably recognize that inflated shape there, it is just in the process of getting air into it now. it has become the symbol of sorts for protesters against the president. so we'll be flying overhead this morning as the protesters today a stand against his presence here in the uk now, once again steve sedgwick is joining us on this all-important state visit. where he had when we were chat, it was just after trump arrived, it was a controversial start, but since then it seems like things have gone smoothly. but it seems like the protesters could create a more challenging landscape for president trump today? >> yes, absolutely and we should point out -- why

don't i just step aside slightly because i'm sure people want to see the inflation of the trump blimp rather than looking at me. but you actually the defeats that you are referring to, the rocky start politically with the president calling the mayor of london a stone cold loser is related to this, i believe, because the blimp of course has had permission from the authority led by the mayor of london to be erected again over london, to 100 feet high, it is a 6 meter 20 foot blimp, the same one from july of last year. we were speaking to the designer of it saying it is meant to symbolize a whole host of things but fact of the matter is it has become a lightning rod for a whole host of protests against mr. trump. last time round, i have to say july 2018 when we were actually here in westminster, it was packed already at the early stage with protester and looking around, i see the trump baby sirtes they call

themselves, wearing hats similar to the maga hats, but fact is there are a lot of crews here, but not a lot of protesters yet. i'm wondering whether the weather, it is okay but moderately inclemeninclement, a well as it was a friday and now a colder tuesday, whether it will begin to rain, so whether we will see the same kind of protests that we saw last time around very interesting we had a quarter million protesters for various causes using it as a lightning rod. this time around, big numbers expected, but will there be trouble. because last time i think it was the most amazing peaceful demonstration. this time there could be flash points in the fact that there are many roads closed off with the president actually on the ground in london our viewers i'm sure will recall that the president uses marine one to trance point himself from

the u.s. ambassador's house to windsor castle for his various engagement last time around. this time around he is using the two 9-ton cadillacs to get around central london. which means that he has to get from winfield house potentially where the ambassador's residence is down through central london to downing street. how he will do that logistically will be very interesting and a cause of some concern for the very experienced metropolitan police who can obviously use vast experience to handle these kind of events. but again with protesters barred from a central area of the whitehall area up the street from me, downing meetings there with the cabinet and u.s. administration top figures there, with an exclusion zone in between, will there be some flash points remains to be seen as well. but as you quite rightly say,

yesterday was about the pomp, the stateis ha visit also angry tweets from the president. but today is back to business, business leaders meeting literally we understand very soon or as we speak. the likes of companies from over here that are doing rather well over there you are remember that from the 1980s from tanglo-u.s. the companies that straddle the atlantic and then you have the cabinet talks that we'll go into more detail about as well and politics and protests today and it was pomp and circumstance yesterday. back to you. >> steve, thank you so much. look forward to more coverage in a while. meanwhile, on to that next topic for trump as steve alluded, today includes breakfast with a handful of british and american business leader, followed by a meeting

with the outgoing prime minister theresa may. now more from downing street, and yesterday was largely about ceremony, pomp, today is where the real meatier political issues are poised to come up what is big on the agenda for trump today? >> well, the conversations will no doubt touch on brexit and obviously the future trading relationship between the two countries. the president in the past has talked about the importance of the u.s./uk trading relationship, his own ambassador here in the uk woody johnson recently saying that essentially he would like to think that everything will be on the table in those trade negotiations, including potentially access for u.s. companies to the national health service, something that will prove very controversial politically here in the united kingdom. we heard from the secretary of state mike pompeo in an interview with our colleagues euro news and he was talking about the uk and it being a priority for the u.s. when it

comes to striking a new trade deal he wasn't clear whether it would come ahead of any new trade agreement with the european union. of course brexit and the deadline around brexit will be very key to the timing here, october 31 is the current departure set for the uk, but no confirmation of course that that will happen as of right now. other topics in the conversations going on behind me later on today will no doubt touch on huawei and the u.s. will once again no doubt try to encourage the uk to stay away from the chinese telecom giant when it comes to building their new 5g network infrastructure and no doubt iran will also be a central focus of foreign affairs. jeremy hunt will be there participating in those talks and of course the u.s. and uk have a disagreement over whether they should continue to participate in that iran nuclear deal and at that point it could be that we'll see some sort of announcement after this meeting. but much more likely the news

will come this afternoon during a press conference from both leaders answering journalists' questions. >> we'll be awaiting that. let's meanwhile take a look at european markets stoxx 600 down about a third of a percent there. you can see of course trump's state visit to the uk in focus, the big headlines may come today on the economic and political front with the business leaders meeting this morning and then the bilateral talk between trump and theresa may. italy also sharply in focus. fallout from prime minister conte's speech where he threatened to resign if the coalition can't stop arguing effectively. the ftse mid is leading the gains for european market, up about 0.6% this morning we heard that they are reaffirming their allegiance to the coalition otherwise fairly mixed morning as you see there

and the trump administration has described china's white paper on the trade war as a, quote, blame game in a joint statement the u.s. treasury and u.s. trade representatives said that negotiations stalled after a deal was largely agreed. china's white paper said the u.s. was an untrustworthy negotiator and blamed washington for backtracking in trade talks. i want to bring in david miller. a lot of focus today on president trump and his relationship with the uk given the state visit that is going on but just on friday, we saw president trump surprise the market with his tweet about imposing tariffs on mexico connecting all the pieces, this is just another example of the unpredict ability of this president. how does a country deal with that kind of uncertainty with this trump administration? >> he's made himself the main

game in town and we're all talking about him all day and that is because of the unpredictability you minentioned mexico came outo the blue last week so business a global and we invest in business, not poll ic and tweets and business is finding it difficult to cope >> and yet it feels like that is what drives markets. so how do you deal with this when you are strategizing around investment choices >> it is a decision tree so there are probabilities which i would say that is a posh way of saying guesses about what might happen next. and you go down the decision tree i think investors do that. i think businesses do that and clearly are some outcomes with all of this, it could be that some of this is just posturing ahead of easy agreement and we'll go home friends. other parts of it seem much more set for the next few decades, not the next few weeks

>> in terms of deciphering what is behind president trump's moves and what motivates him, how strong of an indicator do you think that s&p 500 is in terms of determines whether the next step is more pressure or less pressure from president trump, is the s&p allowing head room to ratchet up pressure all over the globe if we see that pull back and reverse, will we see him ease up to try to maintain some sort of solid level for stocks >> so far he's either been lucky or right because the u.s. economy seems to be doing better than the rest. the statistics, the pmi numbers will be fine, employment numbers are fine, wage growth fine it is easy for him to feel that that is proving that he is on the right track. the s&p 500 to an extent is supporting that. i think the bond market is telling a very different story the bond market has been signaling trouble for all this

year since the 10 year got over 3 and it is way down on that now. and i think that is a clearer indicator of the concern that we all have about global growth and you can't tinker, to your earlier point, with one country and remain that to be isolated everything is connected. >> now, to your point about the bond market, just this week we saw several major banks become a lot more dovish in terms of their view toward heights. do you think that that is the correct camp to be in? should we be expecting the fed to really change their course of action and do potentially several cuts this year alone >> it is extraordinary the 180 that they did in january was was really groundbreaking from four rate rises this year, money markets are now looking for two cuts in the next six months and i think that that is the camp to be in. i think that if all of what is going on leads it a slowdown in

economic activity, i think the fed will be and is capable of taking action. and that is what the money markets are saying and they are also beginning to look into next year and thinking that there might be some more >> i want to look at more detail around the impact of this uncertainty of these trade wars on business investment you had an interesting line in one of your recent notes that negotiating tack tors are not, once business moves it takes years to come back if ever you can apply this sentiment to not only u.s. related business decisions, but also brexit related ones once we see businesses shift their supply change, shift their investment, do we ever go back to where we were in the u.s. in the uk >> history tells us that we don't. and there are examples of that i think that the short term issues of around what goes backwards and forwards across the mexican border, i think that is the sort of thing that if peace breaks out, that could go back to business as usual. but as far as china is

concerned, supply lines are changing and they aren't going to be changed back quickly you go back 10, 20, 30, 40 years when business perceives -- sorry, political uncertainty and weakness, it does shift and then once it shifted, it makes huge investment and as you say, it doesn't go back. >> and even if we get resolution, it is not necessarily happy days at that point. all right. well, david miller, thank you very much for joining me coming up on the show, italian prime minister conte threatens to quit. find out why next. ♪ ♪ ♪ ♪ ♪

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it's just another way we're working to make your life simple, easy, awesome. go to xfinity.com/moving to get started. italy remains in the spotlight for another day. and italian prime minister has threatened to step down if the two parties in the coalition government don't stop arguing. at a press conference, conte urged the five star and leg ga oig parties to accelerate their program and make a clear decision on the way forward.

>> translator: i call on both political forces and on their respective leaders who also play a key role in the governance structure to make a clear choice to tell us whether they continue in the spirit of the government contract >> now, the deputy prime minister has responded to conte saying that he has no intention of bringing down the coalition he has added that the government needs to act fast and push through reforms. let's take a look at italian bank stocks. they are rallying quite strongly this morning some traders attributing this to the conciliatory tone last night when it comes to respecting the eu rules of course the market has been worried about the commission imposing their disciplinary action against italy for breaching those reallies so he has urged the coalition to respect them in contrast to the ambitions we've heard from salvini from the coalition i want to bring in chief

economist, thank you for joining me firstly just broadly speaking, how meaningful was conte's threat last night? >> well, i think it was a call for both the parties and the government to start -- or to stop questioning things and to start doing things i think this is what salvini also said, it is time for the government to speed up the process of reforms and to reall start sort of phase two of the government after the first tier that was just given to people political promises >> we've heard from both reiterating their commitment to the coalition. how much emphasis should we really put on these two assertions is salvini in particular really

this committed to the coalition given what a strong showing the lega party had at the european parliamentary elections versus five star? >> look, it is very difficult to say what will happen next. politics and politicians are difficult to interpret clearly salvini is much more strong and for him going to snap elections can be a winning step given the success and support he has in the country however, there are so many things do during the current slowdown of the economy that i would say if the government is able to do real things, things that are helpful for the real economy would be better. >> part of the response reis rating support for the company a ligs -- coalition is that he would

support the flat tax and more powers to local government if we see the coalition go down the path of these two measures, what position does that put them in when it comes to the european commission >> look, the flat tax is something that i would say every italian would like because it means lower taxes and the tax burden is very high in this country both for firms and households the question is not whether the 5-star movement wants or not lowering taxes it is whether there is money to do so. and to be honest, there is no money. debt to gdp ratio is already close to 3%. below, but close and the debt to gdp ratio is high so there is no space to do this at least in the way that the lega thinks to do. so with a strong increase of the

deficit. >> we spoke to the bank of italy governor last week in rome and he said that -- he did acknowledge how the yield on government debt is too high, but he emphasized that italy's household debt levels are actually below the european average, arguing that part of the solution therefore to resolving italy's issues is to redesign the tax code and that will be part of what can get them on a better path. if that is so easy to do, why hasn't it happened yet >> well, it is not easy to reform the tax code. in italy as in many other countries. but the governor of the bank of italy i think clearly said that it is not -- the issue is not changing one specific tax, bullpen it is to reform the whole tax code so look at property tax, at income tax, et cetera. it will take time. i don't know whether this government will have the time to

do so. >> one of the big issues or the ways that in which italy's economic situation is in trouble is in the big discrepancy between wealth and the north and central regions and the south. this was highlights in the bank of italy's annual report last week if salvini's measure is to give local governments more power precedes, doesn't this exacerbate that problem or at least risk exacerbating it >> absolutely. this is a risk italy needs the south to become more productive, to grow more, to create more employment. the south of italy, there are 20 million people which means belgium and the netherlands together roughly speaking. so it is a middle sized country for europe south of italy if you don't generate more growth, more employment in the south, the country will never perform as it should do.

so given more autonomy to some regions might bring this risk. again, it depends on how you design the things. >> and the prevailing view from the market just golfing back to this stability of the coalition, the prevailing view seems to have been over the last couple weeks that the coalition would last until the new budget in the autumn how realistic is that? is the market being complacent go about the risks that could a rise before them that could put the coalition into jeopardy? >> i mean, this is -- this is something that we cannot factor out. it might happen. we might have election in late september/early october. actually italy never voted in that period because you have the budget low process but i think that it is a possibility also because this would allow the current

government not to take over of the next budget low because the process of the budget low is between october and december so if you have election early october, the government cannot do the budget low. and this can in a way help the government because you will already increase the v.a.t. which is already in the low. so safer in this way >> if you look back at periods of distress for the italian markets, investors lost trust and therefore lost confidence in italian assets how close do you think investors are losing trust in the italian leadership at this point >> look, i think that we should differentiate between italian politics and politicians and the strength of the italian economy. italian manufacturing is second

in europe, 17th in the world in the last ten year, italy gained in the international markets our expert grew more than global demand for the last five, seven years. so there are strength in the country that very often erode es so i would look more at the real economy and less what politicians do in order to have confidence or not in the country. >> all right well, thank you very much for joining me and sharing your views this morning now let's get over to the president trump state visit here in the uk. president trump is taking marine one to buckingham palace, the american leader will participate in a business round table event before heading to downing street later this morning where he will be meeting with theresa may as well as a number of uk and u.s. business leaders so you can see there marine one

traveling through the air and we will be following it throughout the course of the morning. now, steve joins us on the ground where the protesters are gathering this morning trump's visit got off to a bit of a controversial start yesterday. things seem to be going smoothly now. but from where you stand, steve, is that going to continue? >> it will be a fascinating day actually the weather is not as lovely as it was this time last year, july 2018 when we saw the best part of a quarter of a million protesters on the street it is a tuesday when the protests last year were on a friday so all these factors could make a difference i have to say how i see it, and i see a large press corps, a lot of on lookers oi, tourists i don't see a lot of protesters so far i'll just show you a shot now of the u.s. marine one flying over

parliament, coming in from the southwest. the helicopter flying west to east as indeed of course it makes its way towards potentially parking in london with the president at buckingham palace but as you see if the president is looking out his window to the north will be able to see the inflation of not a doppleganger, but certainly the baby blimp, the famous 6 meter high 20 foot blimp due to fly in about half an hour's time up to 100 foot above parliament square. and of course the difference between the state visit and the working visit last time around, he is actually on the ground in london at various stages, not just using the of a foa aforeme marine one he will be using 9-ton cadillacs in the huge entourage that the

president uses to get around when he is on visits and there is a chance that he will come down great george street we don't have his itinerary for security reasons but there are only a certain number of ways that you can get to downing street which is where that he will be having bilateral talks, cabinet by cabinet talks with the uk government a little later on issues that could be talked about will be of course iran, huawei, intelligence service sharing and of course concerns going forward about climate. and we understand from the cabinet office that this will be raised as well but in terms of protests on the ground, should be peaceful and i think that you can see th trump baby blimp complete with mobile phone looks like it is rising into the london skies such a momentous moment, i feel

i should just be quiet for the moment anyway, it is going up as we speak. getting there slowly but in terms of protests, it will be interesting because a lot of big speeches that will take place in tahe square. and wonder if that will be a flash point later on but at the moment, very peaceful and not a lot of protesters on the ground we are expecting to hear from the likes of jar minueremy corb opposition mps who will be speaking to the demonstrators later on but for now, back to you >> thanks very much. glad we caught you just when the blimp was inflating. glad we could be part of momentous moment and uk construction pmi just crossed the wires. it has come in at 48.6 for may

that is the weakest since march 2018 it is also down versus april which was 50 point.5 and well b the poll of 50.5 so below market expectations employment com oponent also in contraction territory. so negative data for uk construction you can see sterling has dropped about four basis points at the moment below that 127 mark and that is on the back of that data meanwhile, coming up on the show, we speak with the head of europe line in amsterdam

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go beyond the expected, to do the extraordinary. take your business beyond. women welcome to "street signs. president trump hails an eternal friendship with the uk after the queen rolls out the red carpet in a lavish state banquet. but demonstrators prepare to stage a massive protest on the streets of london. tech stocks lead european losses following the faangs lower which slid amid reports of potential antitrust probes

heightening concerns of further regulation in the sector italian deputy prime minister salvini says that he wants the coalition government to continue after prime minister conte threatens to quit if the 5-star and lega parties don't stop the political squabbling. and shell trades lower despite the company announcing plans to boost its dividend and spending after 2020. the ceo saying he is confident the firm can perform well in the current oil price environment. >> the long run, if you set an investment program for the next decade, we have to have the ability to see through the cycle, really conservative balance sheet and actually quite conservative oil prices. and that is what you see us do today. $60 for 2025 a giant blimp depicting president trump as a baby has been inflated in central london.

there it is nearly done being inflated now that should be hitting the skies any moment i'm very pleased now you to introduce our next guest, uk shadow foreign zekts thank you very much to making the time to join us this morning. so much going on here in the uk today. you've been very vocal about your views toward president trump, his administration and his visit to the uk. i want to ask, for business sake, does the uk need to say open to president trump regardless of his social values and what you might think of them in order for the uk to maintain a favorable economic relationship with the u.s. >> listen, this is not anti-americanism this is not -- i'm a great fan of america i'm a great fan of your values, of democracy, of equality, of working with other countries tomorrow i'm going to be going

to where the d-day landings happen and i'll be honoring dead, all the brave american boys who cameoff to europe and lost their lives protecting those values but my point is this, that donald trump does not encapsulate those values in fact i think that he is trying to lead the america backwards. and my view as a close friend of america, it is only right that we speak out and we say, no, this is not the way. and my objection is not talking to donald trump as some people have been claiming my objection is not dealing with donald trump my objection is in getting the honor of a state visit and in my view he does not deserve that honor. and we should be clear about that and i -- you know, the queen invited him on the vice of the prime minister but quite frankly, i think that our government has been it weae weak, it has fallen over backwards trying to fall over

president trump and i don't think that we've been treated with respect i think that he looks to strength and i think that we have behaved in a way that is weak and my worry is when did britain become so weak that we couldn't say to you friends when we feel that they are doing the wrong thing. >> but at what cost can you deliver on this view the labour party is committed to jobs and job creation, workers' rights, all the things which would benefit from a favorable trade relationship with the u.s. so doesn't this view, this stance, potentially put that kind of deal into jeopardy >> there are two things. first that should be said is that we are the biggest investor into the united states and vice versa. we already have very good trading relationships with the united states without a trade deal secondly, if we leave the european union, it is our policy that we should do so within a customs union which means that any trade deals that we negotiate in the future we will be doing alongside our

colleagues, our brothers and sisters from europe. so that we work as one customs union. that is labour's policy. and frankly we think that is the way do it. you go into a negotiation in a position of strength and as for a trade deal, i do not believe that the nitty-gritty is likely to be negotiated directly with donald trump. we need to work with americans, we need to be honest with them, so we know who they are and they know who we are. >> and we expect president trump to push particularly on the huawei issue today when he meets with theresa may where do you stand on this is president trump correct in his hard stance against the chinese firm >> my position is this, i am in what is called the privy council, which means i'm in down silg around t -- council around the queen so i have briefings that other members would not be given but what i can say is that the

labour party when in government will always pay close attention to the security advice that we're given and we will make decisions on the basis of what is best for our security and we will not give up our security for the sake of economic expediency. so it would depend very much on the advice and that obviously the little that i have been told i obviously can't disclose, but frankly the foreign secretary, the prime minister, have been given much more detailed advice and i certainly hope that they are making decisions on the basis of what is best for our security as opposed to anything else. >> i have to pick you up on your comment when you become forei secretary, there is a huge amount of disagreement in the tory party about the way forward but also a huge amount of disagreement within the labour party. how do you and your fellow labour leaders go about resolving your differences when it comes to brexit >> so what we have said is this, that after the referendum, we really tried to leave the european union for three years we have been

struggling to leave the european union. but it has to be done on the basis of what will look after jobs and the economy and we've been trying to tell the government how we think we should leave for example by being in the customs union. there are a number of other details. but we've ended up three years on so far away we think from what it was that the british public voted for when they voted to leave the european union and we've ended up in a complete impasse. so what the leader has said and what we all agree on is that really the only way in which we'll be able to break this impasse is by going back to the british public and whether that is through a general election or through another referendum, either way we frankly parliament doesn't seem to be able to get us out of this mess so we need to go back to the good sense of the british public >> and final question for you. two part question if i may when it comes to the tory leadership contest, who do you think is going to get the top job, and part two, who would be best to work with for your government

>> okay. let me just say this, right? what business is it of donald trump to be telling us who our next prime minister should be? how dare he say that he thinks that boris johnson would make a fine prime minister. you know, we've got 13 different tory at least last time i counted 13 different people going for the leadership of the conservative party it really is up to us to decide who our leader is and we can do without donald trump's advice. and it is very interesting who it is, who he does think, boris johnson and nigel farage should be negotiating for us in europe. i'm afraid that says a great deal about the character of your president and a great deal about the character of these two men i frankly don't think that any are particularly good leaders. i think good leaders are those who can work with other people, who can compromise and who will listen >> well, thank you very much for weighing in there although you couldn't give me a name, but fair enough on your comments emily thornberry

now back over to markets u.s. tech stocks dropped monday amid reports that the u.s. government is readying a wide scale investigation into whether the biggest names in silly va e valley have been abusing market dominance. and the trade commission and department of justice have divided oversight over the big four tech companies with the ftc looking in to facebook and amazon and the doj probing apple and google each agency will decide whether to open a formal antitrust investigation. calls for more regulation in the tech sector have been growing louder in the u.s. and europe. now china uni pay announced that it is teaming up with tribe payments to roll out debit and credit cakarcards in europe. elizabeth in amsterdam at the money 2020 conference spoke to mastercard's international president and asked him about the payment company's own part

any ship plans in china. >> -- that we would partner up in the right space, in the right time and so on is not different than the other big techs that we partner. i think that they have created a system where the consumer feels that they offer monday just the payment experience they offer journeys. so we have been enabling our customers through the part shi s s to provide similar experience and journeys if you will. >> and liz best is joinielizabe with yet another interview >> that's right, the chinese fintech clean is a big topic here in amsterdam and i'm happy to be joined by one of the leading players with alipay. you can give us figures on growth and here in europe as

well >> good morning. great to be here i think what we're seeing around the world today is around a billion users using alipay and there is something going on which is that there are 150 million chinese tourists traveling outside of china every year many of them are going to europe these days and we're seeing hyper growth here at the moment. so the number of merchants in europe today with alipay are three times as many as this time last year. so we are talking about tense of thousands of merchants really excited about the opportunity that alipay provides them to tap into the wealthy and middle class consumers who are traveling to see the world and want to buy great brands from europe >> when it comes to the customers using alipay, is it still primarily the chinese customers or has it spread to european customers as well >> we're very focused on the chinese consumer so it is the outbound traveler leaving china and in addition to that, we have now today nine local e-walletships who

are part of the broader eco system >> and there are huge chinese tech names and there are tensions within the sector tech has been at the middle of this how is it impacting your outlook and the investment you're making right now? >> so i'm by no means an expert on trade, but what i can tell you is as we work with merchants around europe, 29 countries today are accepting alipay and as we look at the broader, there are actually 55 countries accepting alipay so alipay is focused on our mission to allow those merchants to tap into the opportunity of the chinese tourist but on the other hand also to look at inclusive finance, enabling millions of small businesses access to credit which previously they would never have had. >> how is the underlying health of those chinese consumers in your you view rigview right now >> it is boomer. hyper growth in europe, three times as many.

but on the user side, more than double coming into europe these days so we are actually witnessing a phenomenon which i don't think that we've seen before in the world of tourism and so it is exciting for alipay to be part of it and working with our partnershiping an ins and retai around the globe >> and europe is sort of caught between the tensions between the u.s. and china and i'm wondering how you see that playing out and ultimatelyy if you think this could be a middle ground? >> around the globe, whether europe or u.s., the opportunity that we see at alipay is really the chinese tourist. so in the u.s., many merchants are accepting alipay and chinese tourists love to go to the u.s., same in europe interestingly in europe, we see a large rise in what the luxury sector, so luxury brand store, luxury outlet center, luxury department stores.

the chinese consumer is really looking for the luxury brands in europe so many of our partners are signing up today and yesterday i met a whole group of them who said please can we join as well. because they are seeing what is happening in the market and it is something really exciting >> optimistic tone there, often missing from the recen roland, thank you so much for joining me back over to you coming up on the show, out with itunes and in with a $6,000 macbook. we'll bring you the latest from the apple's developers conference the first survivor of alzheimer's disease is out there. and the alzheimer's association is going to make it happen. but we won't get there without you. visit alz.org to join the fight. i couldn't catch my breath.

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welcome back to the program. we've got some headlines coming through on the wires around president trump and his of course visit here in the uk. the u.s. president said we have a very good relationship, tells the uk we are your largest partner. there is a great opportunity to greatly enlarge that and when it comes to a trade deal, president trump has thanked the uk prime minister for a fantastic job.

he said i don't know what your timing is, but stick around, let's do this deal so some very positive rhetoric from president trump around trade, suggesting that there is a great opportunity between the u.s. and the uk. let's get over to the tech space. the end of itunes and more privacy protection were two of the biggest takeaways from apple's worldwide developers conference and i'm joined by dexter, a senior analyst from fitch. yesterday at the conference, it seemed clear that the company was trying to emphasize their services-related offerings there has been a big shift from the company away from hardware into software. do you think the announcements they made when it comes to services significantly enhances the potential of this business >> it is kind of a continuation to what they have been saying for a couple years the ichlgt phone hiphone has be but it is starting to stabilize so they need to find another

revenue stream services is another one of those. subscription and services in streaming. a cross party in apps within a different part of the ecosystem. so trying to get people into using more of apple's hardware to drive the software. >> and they did have one significant announcement when it comes to hardware and that was around the new mac pro quite a hefty price tag if you take into consideration all the different pieces consumers are looking at a five figure price tag for this. who will buy that? >> well, it will be for professionals and enterprisers as opposed to your consumer. $75,000 to put everything together so i don't see that it will be a big mass market device >> and there was also a lot of emphasis on security at this event with a number of new privacy features obviously with the headlines

around further regulation coming yet, certainly reports of more regulation coming in the u.s., security is a huge, huge issue for investors for these big tech giants do you think apple will be able to differentiate themselves when it comes to security and privacy? >> especially privacy. so what we're seeing right now is that the tech giants are competing more and more against each other whereas maybe five years ago, they each had their core business. so apple because it doesn't do advertising or doesn't need as much data as its main rivals, therefore it can push forward with the privacy and that will be very interesting to see what they do with the signing in to ale service, whether it will be compulsory or an olption. i think that we will see more regulation because the u.s. election in 18 nt months and we are also seeing in europe, europe has been the de facto regulator of global tech.

obviously new commission, new commissioner, we don't know whether she's coming back, so there is a bit -- four, five months to become a tech leader for regulation again >> and that is interesting that there is bipartisan part for more security when it comes to deck so we' so we'll have to keep an eye on this thank you so much for joining us and weighing in, dexter. let's take a look at u.s. futures and see where we stand for before the wall street open. looks like we will see a bounce, all three pointing to a higher open that is it for today's show. thank you for joining me for coverage of president trump's visit to the uk. "worldwide exchange" is up next. ♪ ♪ ♪ ♪ ♪

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trumping trump on tariffs. top you ar top five at 5:00, ne reports that republican lawmakers could look to block president trump on the mexican tariffs. that news coming as trump meets with theresa may as protesters take to the streets of london. will big tech bounce back today? the government eyeing possible crackdowns on many names that you know more pain at the mall. another big retailer reportedly exploring its options, including a possible restructuring and the streak comes to an