good morning and welcome to street signs these are your headlines. >> italian assets struggle off of a fresh political crisis after prime minister conte re-signs. >> conte steps down with a blistering critique accusing the leader of opportunetism while

salvini says he wouldn't change a thing. >> i would do everything that i did again. everything i'm a freeman. i don't fear italians judgment. >> european stocks bounce back while u.s. futures point higher as investors await minutes from the july meeting >> the u.k. prime minister prepares for a european tour with stops to meet angela merkel and emanuel macron >> near mateo, you take a great responsibility toward the country. you announce this crisis asking powers to rule the country and again recently i urge the people in the square to support you this idea is preokay yccupying .

>> he was delivering a bruising attack during his resignation speech he accused the leader of being selfish and manufacturing a political crisis when he decided to and took aim at his use of religious symbols now he hit back saying he does not regret his actions. >> i would do everything that i did again. everything i'm a freeman and i don't fear italians judgment. the man road is the way to the elections because nothing and no one is better than the italian people and this is the main road we should take but we have no will to finish the way of this government

>> he has accepted the resignation and now will see if a new coalition formula will be formed he is saving the way for what could be snap elections but the interesting thing about all of this political turmoil is we have seen a bid for italian assets up 1.4% and from talking to people in the market the interpretation is that either a national unity government or a longer term government that has a stance with brussels would be deemed to be positive and that's a reason we saw rebound in equiti equities the two year here coming in strong trading in around 2.5 basis points

we saw a six basis point rally in the ten year as well. a little bit of pressure around 242 but generally speaking, the mood has been positive in the last 24 hours. now, 66 governments in 73 years. new records are being set. >> to understand what happens next, i'm joined by a senator from the pd and your party will potentially be incredibly important over the coming days and weeks so can you explain what happens next? >> it's not easy

it's crazy it's not fun here for economy and political situation. this is why the president will go faster than in the past and he will listen to the different political parties since now to tomorrow night and then he will get the weekend to verify the political for new majority i think this is the right way because the new election will be very dangerous for our country we have a different kind of economy and different kind of budget so we have to do difficult

choices. we need new government very, very faster. this is my opinion but this is the opinion of many. >> so if that's going to happen quickly, of course, your party will have to work with the five star movement. both of your parties in the past have been very, very critical of each other why has the situation changed so much that you would be prepared to work with the 5-star movement. >> now for us, italy comes before them particularly interesting. it's very tough for our people

if we don't find 23 billion euros, we risk to increase the taxes for the italian people for more than 500 pounds for each family it's too much. together, they make many promises they are not able to answer these promises and this is why they escape. our party say before come italy and italians we don't want to amount taxes. this is why in our important meeting this morning we decide he is ready to go and say we are able to verify as the new

majority with 5-star if we can't do this kind of government for all of the legislature for the three years that we have in ours and if we can do this with few point of program, with the availability to modify the electoral low, to cut the number of parliament, okay we can go on and we can do a strong government to couple with the main challenge that we have in front of us okay we can go to the election but it's the second row that we can go it works with the five star

movement do you think that, a, it can be as quick as you say it can be? and as president he'll make this happen faster than last year when it took nearly three months for 5-star to work together and do you think a government formed of your two parties will last the rest of this parliamentary term >> there's many challenges but we have to try because before comes italy and his problems we have to go down and the flexibility for our budget it's increasing as i told before we need to stabilize our budget,

so it's true that we fight very hard very tough with five stars in the parliament but now we need to understand what is the best for italy? and the best right now is a new government we don't need a new electorate campaign where you can see salvini and other party to speak with a loud voice with impossible promises. we don't need these because the markets are volatile, you know and we cannot increasing spread because we have debt and it's

very difficult for our budget because the expenditure for interest, it's very high this is its not easy but we have to try >> thank you very much >> outlining the challenges and the focus of the new government is going to be on italian finances. >> absolutely. very interesting to hear let's bring another viewpoint. the founder and chief economist and also visiting professor, it's great to have you with us just listening to the comments it seems to me is they have a choice now either they swallow the bad blood and get back into government or they get into a

government with 5-star, sorry, 5-star have a choice here. so how do you see this panning out? >> well, i think for the 5-star movement, there's no way back. i think after yesterday's debate in parliament, i think there's very little change for return off an alliance with the league. so i think the only solution, alternative to elections here is an agreement between the democratic party and the 5-star movement but it's a very challenging endeavor the senator just mentioned that, yesterday, they said very clearly that the bar is very high they want to see this. that's very challenging. also on the five star movement it's very difficult because they would shift them, policies quite substantially. so my sense is that it would be very difficult with this kind of

alternative government. >> do you still think it's going to happen? but do you not think that it's for the other parties not to allow that to happen because essentially it gives him an opportunity to capitalize on his popularity so in their view are they not on the relative lesser evils? >> absolutely. that's why these two parties that have been fighting hard over the past few years i would say, now they are trying to get to some kind of agreement. everybody wants to avoid a central run government lead by salvini. but again i think the endeavor would be very challenging. after maybe he'll give a tryon some of them. >> happening this year >> i think it will happen over the weekend. if he will not find a solution over the weekend, maybe he will

only have a few days to call elections and so that basically italy goes to election in october. >> lorenzo, i want to ask you about the budget because of course if we end up with fresh elections it's going to be very difficult to get that by the end of the year. in terms of the time line, if your base case holds true, how does that work >> well, it's going to be extremely challenging because it's very tight. suppose that he dissolved parliament and called for early elections. by the end of this month, election would have been by the end of october meaning that the earliest possible time would be end of november for a government in office. and this leaves only one month to deliver the budget. so it's very tight it's do abable but very tight. >> coming back to what he was

saying and i asked market participants about this a few weeks ago. some people have the view that a pure right government, so we're talking about a potential partnership which is up in the air but it's perceived to be also potentially a market positive outcome because the perception is that they might be a bit for firefightescally truee left. >> that remains to be seen but the general perception is very simple. people say, well, it can only be better than the current situation, okay? so any change it would be better at the moment, you have two political parties which are completely different and so basically, they inform a government ends up, doubling up on electoral promises and that's clearly seen as a negative now if you have a change in government, whatever it is, it can only be positive

>> lorenzo, the senator there, i was just mentioning the 23 billion euro financial hold. essentially they have to find down the back of the sofa in order to stop the increase if they fail to do that, because the new government doesn't manage to get it's act together on a budget this year, what does that mean for the italian consumer and households and in the broader economy? >> well, nobody wants increase in italy these days. it would be the tipping point. so i think the consensus coming from all parties needs to be avoided. if italy will go for early

elections i see three problems first italy would meet the european de european deadlines it's understood if they should go through elections there needs to be flexibility and europe will wait for the new government to deliver a new budget. and i think that is not disaster as well. effectively, there will be a freezing and expenditure and local administration would only be able to spend 1/12th of the overall amount spent last year so it's not a disaster my guess is if italy goes to elections, probably will will be

a chance to delay by three months to let the new government address the issue. >> very quick question on potential time stalling measures what if they decide to reduce the number of parliamentary seats? that obviously buys some time before the next snap election. >> they would postpone elections by a few months and that's why the league doesn't want to go for that or at least they want to go for that but at the same time they want to promise to go to elections as soon as possible at this stage, it seems very unlikely to happen. >> we'll leave it there. we could be looking at a snap election as soon as this weekend. let me take you to market action today. european equities are trading in the green. you can see the heat map is almost 85% i would say this

after a session overnight but the theme in europe is one of positivity today and a lot of that has been lead by italy so it's up more than 1.2% investors pouring into assets. the view that a care taker government or new formation of a government is market positive but we'll have to see how things play out a lot can happen in the next week also president trump claims the eu will give him anything he wants. find out what threat he is dangling that comes up next (client's voice) remember that degree you got in taxation?

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welcome back to the show a staffer has been detained on the mainland

the man is being held and is a chinese citizen. president trump says he hopes to workout a deal with eu over car imports. his comments come after the president delayed plans to stop it earlier this year he added that the u.s. held sway over brussels during on going negotiations. >> it's very difficult and they drive a hard bargain and they're represented by jean claude who is a friend of mine but a tough man. he's a very, very tough man and great negotiator and we have all the cards in this country because they would give us anything that they wanted because they sent millions of mercedes over. >> president trump said he had to take china on with tariffs even if it caused short-term pain they frame it as an inevitable

conversation and he was not yet ready to make a deal but that km china wanted to. the company is facing a live or die moment as he layed out plans to counter the impact of u.s. sanctions. the u.s. government granted a new 90 day reprieve allowing huawei to continue buying from american suppliers what is this live or die moment he speaks about? well he talked about this in an internal memo to employees at the networking division. i managed to get my hands on that memo and when he talks about this live or die moment he's talking about the future of the company at stake here and the steps the company needs to take in order to survive the pressure from the u.s. and he layed out some of the steps he feels the company should go through over the next few months i'll read those to you one of those is increasing the

amount of spending on the production equipment in order to make sure that they can meet customer demand and make the products that the customers are demanding. second is to cut out redundant and repetitive rolls and third is to move around to other positions where they are more needed so actually very practical steps. of course he's advocating there but the company on the technological front has been trying to move forward to try to mitigate some of of the impact of the u.s.-china trade war. they have been focussing over the past two years and even more so now from modems through to processes and recently releasing their own operating system which they claim can work across all the devices. now i want to tack a quick look at the way that the u.s. administration has approached huawei throughout this whole saga with the company. you have this kind of mixed message approach to some extent a few months back president trump was saying huawei could be part of a u.s.-china trade deal.

now he doesn't want anything to do with the company but of course they have given huawei this 90 day reprieve as it relates to that u.s. blacklisting even though it seems like mixed messaging, that's not exactly what u.s. secretary of state mike pompeo thinks he thinks the administration's message is very clear. let's listen in to what he had to say. >> i don't think there's a mixed message at all the threat of having chinese telecom systems inside of american networks or inside of networks around the world presents an enormous risk. a national security risk our mission is to find a way to take that risk down as much as we can >> now of course huawei denied repeatedly that it's any national security risk after allegedly the u.s. accusing the company saying that it's equipment could be used as back doors for chinese to establipio

on american citizens huawei denied any of the accusations but the founder of huawei is well-known for using military imagery and military language in his communication with employees and this live or die moment is a rallying cry for employees as they look forward to the future. back to you. >> good way to put it. thank you for bringing us the latest also coming up on the show, he joins president trump in his criticism of the fed chairman powell can't put a consistent message together. more on that coming up next. ♪ ♪ ♪

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get our special tv offer a 4-week trial plus postage and a digital scale go to stamps.com/tv and never go to the post office again! welcome to street signs. these are your headlines italian assets shrug off a fresh political crisis as the president gears up for party talks after prime minister conte re-signs conte steps down with a blistering critique of salvini accusing him of opportunism while salvini hits back claiming

he wouldn't change a thing. >> i would do everything that i did again. everything i'm a freeman. i don't fear italian judgment. >> european stocks bounce back while u.s. futures point higher as investors eye a 30 year bond sale with a 0% coupon. plus minutes from the fed's july meeting. and the eu shoots down the request as the u.k. prime minister prepares for a european tour with stops to meet angela merkel and emanuel macron. >> we have some what of a muted session for asian equities overnight and weaker session for wall street. but it's green across all the different majors it's up 1.1% one of the leading indices but right at the bottom, we have

ftse mib up 1.4% leading the charge today, contrary to what you think might happen the day after the italian government collapses and the prime minister steps down. so lots of questions and uncertainty from here. very interesting moves over the last 24 hours there as investors get more positive about the stance between brussels and rome in the future. up three quarters of a percentage point some of the gains have been driven by the oil sector stocks there. nice rebound in that sector today. speaking of sectors, let's talk about the breakdown. i was just talking about oil and gas. you can see that particular basket is also rebounding nicely as well. 1.8% higher from the basket. rumors or talk about the

possibili possibility of merger so that's one of the stocks we're focused on today and that's pushing it higher the weaker session we had yesterday, but today all the three majors are seen opening up in the green so continue on from that positive momentum in europe. now about 100 points higher. remember we have the fed minutes and as we get to the end of the week, lots of central banks keep coming up. now president trump has confirmed he is considering a payroll tax cut in the face of u.s. recession warnings despite a white house denial of the story less than a day before trump used slow down fears to resume his attack on the fed saying the central bank was, quote, ridiculous with policy. that's when rates were cut for the first time since the financial crisis

now despite calling for support with rate cuts, trump said the economy, however was performing well. >> we're very far from a recession. in fact, if the fed would do its job, i think it would have a tremendous spurt of growth a tremendous spurt the fed is psychologically very important. if the fed would do its job, which it's really done very poorly over the last year and a half you would see a burst of growth like you have never seen before. >> the federal reserve has lost control. fund manager jeffrey gundlach said the federal funds rate trading higher than any other part of the u.s. treasury yield curve proved that the central bank hasn't had a handle on monetary policy and he's talking about the yield curve inversion. policy makers gather in wyoming later this week for the jackson hole symposium and those are some of the names that cnbc, our

colleagues in the u.s. will be speaking to. you want to watch out for mark carney at 11:30 on friday if you want to stay up that late for that interview all right. let's bring in the head of the global portfolio solutions group at goldman sachs asset management all this week is about central bank policy and we have the fed minutes coming up later. a lot of pressure on the feds political politically. the market seems to be pushing and pushing and asking for more out of them. are they going to deliver on the rate cuts that the market wants? >> it's interesting to see against the disconnect that's clearly occurred against the fed policy the markets now pricing in and likely hit a forecast over the force of the next 12 months. there's weakness in the global growth outlook and that's what

you saw with respect to the rate cut at the end of july but the messaging around that suggested it wasn't necessarily going to be part of a series of cuts -- >> mid cycle adjustment. >> mid cycle adjustment was the nomenclature that he used immediately after the cut itself which moved markets in the immediate aftermath but what you are seeing essentially with the bond markets, with the extent of rate cuts being priced in by the markets suggest that they're very concerned about a recession nary outlook and once there's been data in the u.s., clearly china has weakened the fed is acknowledging it and also have seen improvements in the u.s. more recently very robust payroll growth the employment feature looks pretty solid

u.s. retail sales which suggests that there's a careful balance that needs to be played. acknowledging a soft patch of data but not anything like the recession nary environment. >> last week the world was gripped by fear of an impending recession and if you look at the numbers global growth isn't always 3%. core cpi is more than 2% where are the recession naary signs? >> some of this is just elevated concerns around risk there's been a weakness and slow down in global growth and it's coupled with continuation of trade conflict and rhetoric around that. the other half in mid december suggests there's elevated

concerns that this trade conflict can continue and it can be prolonged and could well move into 2020 and that concerns markets around the relative impact outside of the u.s. than in the u.s. other elements that you need to look at. and nonfinancial corporate sector we're not seeing the signs that suggest the market got ahead of itself. >> coming back to fed monetary policy, if they cut now, if they cut two or three times in a row when the economy is going at 2%, what do they do when the economy is in recession? it's to be suggest and what we anticipate is a retracement of

bond yields and expect a cut before the end of the year but perhaps not the extent that the bond market is pricing in so you may see gradual retracement. >> i read somewhere yesterday that you can't think of bond markets in isolation we now live in a global bond market so the actions of the ecb will have consequences on u.s. treasuries because investors are chasing yield. the bank of japan turns even more dovish. it's in a very adverse scenario looking to cut interest rates as well what stops that demand for safe haven assets like u.s. treasuries >> it's an issue as it relates to the reaction function with central banks themselves the ecb themselves are in a position where they probably don't have as much room as it

relates to monetary easing it would be likely to see easing package we knew in september perhaps a ten basis point cut in the deposit rate and program of asset purchases but at some stage you'll need to see other measures and that's what you're seeing with respect to france and germany and thinking and talking about stimulus packages. and you mention valuations a little bit earlier and future cash flows being discounted and obviously with rates being so low now one of the reasons why these valuations are looking higher is because of the lower interest rate environment. the interest rate is lower than it was in the past. >> what's being priced in is a discount rate and huge move that we see in bond yields with the ten year treasury now trading below 1.6.

the 30 year temporarily moved to below 2% german ten year clearly suggests that the environment is very accommodating and and if you're likely to see a muddling through this soft patch and move to a medium term outlook it's still positive as it relates to growth you might see that retracement in bond yields so we argue that the elevated risks suggest that you should moderate it currently while over the medium term and still prefer equities over credit >> excellent we'll leave it there then with that final thought the head of the global portfolio solutions group at goldman sachs asset management. >> now germany will step into unchartered waters when it issues a 30 year bond with a 0%

coupon in a few hours. berlin is selling 2 billion euros worth of paper in august 2050 offering no interest payments something it has only done with 10 year bunds. investors have piled into german debt recently forcing yields into negative territory and warned that europe's biggest economy could enter into recession in the third quarter and also just say that on that 30 year germany zero coupon, the yield is minus 12 basis points now that's as foreign ministers in efforts to find common ground makiko utsuda joins us with more on this story. >> a meeting in beijing was hosted with counter parts from tokyo and seoul and the chinese

minister said in a joint news conference he would like japan and south korea to find a way to solve the issue. now relations have been strained since last october after court rulings ordered japanese companies to compensate wartime labor followed by tightening controls to south korea. trips to japan have also become a target travel reservations to japan fell over 30% on the year in july with august plunging 80% the airline said it will suspend six more roots utes to japan as other budget airlines have followed suit. meanwhile, japan has approved shipments of an essential material from manufacturing semi-conductors after removing south korea from its list of trusted trading partners this month. the amount equivalent to six

months of production and some say it has a positive signal from japan sent ahead of the three nation meeting but concerns still remain. now the three foreign ministers say they discussed preparations for a top level summit later this year and efforts to reduce nuclear tensions in regards to north korea and foreign ministers of japan and south korea also had a separate bilateral meeting today and agreed to cooperate in solving the wartime labor dispute but failed to see any progress on export controls. that's all from the nikkei back to you. >> thank you for the summary of the developments there now taking to corporate news they're both higher amid speculation and italian media over renewed merger talks. create the world's third largest auto maker collapse earlier this year but both have declined to comment and they're up north of 4% this morning. and actually the gains have put

europe stoxx 600 autos on track for the best day in a month. you can see the auto industry and sector has come under a lot of pressure over the last month or so but today bucking the trend up 2.2% giving a bit of a boost to european markets. if you want to get involved in the conversation even though i'm jumping ahead in terms of weekdays you can tweet us at street signs cnbc or tweet me directly also coming up on street signs, boris johnson calls the eu negative the latest on an impossible brexit deal that's coming up next

welcome back to the show more than 13,000 police are mobilizing to secure the south western coast of france for the g-7 summit they're closing all air, train and road traffic plus the city's biggest beach. protestors are also setting up camp nearby as they prepare for

several demonstrations and france's interior minister has warned activists that any troublemakers will be arrested rapidly. u.k. prime minister boris johnson is expected to reiterate his call to drop the irish backstop when he meets angela merkel in berlin later today now in a letter to european counsel president he said the plan is quote antidemocratic and cannot form part of a brexit deal but the european union rejected the attempt to tear out the backstop he tweeted that opponents to what he called an insurance have no realistic alternatives. the british prime minister said the eu's response was less than upbeat chl upbeat. >> at the moment it's true that our friends and partners are a bit negative i saw what he had to say and it wasn't a sense of optimism but i think we'll get there. i think there is a real sense

now that something needs to be done with this backstop. we can't get it through parliament as it is. so i'm going to go at it very, very, with all the umph that you'd expect and i'll be making progress in the course of the next few weeks. >> meanwhile, merkel believes a solution can be found to the irish border problem. >> translator: as soon as we have a practical regulation on how we can comply with a good friday agreement and still define the border of the single market, we no longer need the backstop that means of course that we will think about practical solutions, and i always say that if you want to find the solutions in the near future, you can find them in a short time >> and speaking to cnbc, the director general of german industry lobby group bdi urged the u.k. to accept the withdrawal agreement. >> the united kingdom for germany is a very important partner but we should never

forget that eu 27 is much bigger and much more important and this is where our energies lie and this is where our solidarity goes but nonetheless, we all want a very good outcome for businesses on both sides on the european continent but also in the united kingdom and therefore we really are urged to be open to talk about future regulations this negotiation is very good and we should all take the withdrawal agreement because it found very good solutions for the problems they had. >> meeting with the german chancellor is the first in a diplomatic dash across europe. on thursday he travels to france for a bilateral meeting with president emanuel macron and on saturday he will attend the g-7 summit where president trump will sit down with boris johnson before seeing any other european leaders.

and our week of education coverage continues so far we looked at the technology complaint in our learning experience and how we can unsail young people so that they can perform the jobs of the future today our attention shifts to the haves and the have notes now greece's newly elected education minister is looking to shake up the systems starting with universities. she described them as inward looking and too centralized as they continue to lag behind their european counter parts i'm very happy to say the greek minister of education and religious affairs is on the line good morning to you. so your plan is to upgrade greek universities you want to improve security levels but also how are you planning on doing all of that? >> good morning first of all and thank you very much. first of all, as you know, we have a newly elected government which places a particular

emphasis on education. our plan is for greece to become an increasingly so educational hub in the heart of southeastern europe offering high quality education to all citizens and greeks but also attracting students from all over the world. so we have a plan that's based on autonomy of schools and universities you made the specific reference to universities and it's true one of our aims is to reinforce autonomy of universities one of the things that we want to do is place a particular emphasis on greek higher education. that's why we're working on a new legislation that would enhance possibility for foreign language programs. both on the undergrad and post grad level and also the enhanced

possibility in order to attract students from abroad to combine education with tourism and greece and introducing more interest learning programs investing in new technology and that's working with other institutions further enhancing programs in collaborations with solutions abroad that's part of what i want to do regarding universities and enhances the academic environment. >> when people talk about greece the word that seems to come up a lot is that of reforms i wonder how reforms within the education system can lead to productive gains for greece as a whole. >> i think tremendously so one of ouraims is to try to strengthen the link on one hand

and labor market needs on the other hand we're working in that direction. that starts from an earlier age and we have talked about univer university so far. i heard you say something about training and that's something that we want to -- we want to place emphasis on as well. and they're going to be linked to public and private enterprises and enhancing digital capacity and enriching and strengthening technical education and improving foreign language learning so there's a number of reforms in the good sense so the word reform has a bad connotation. this is in the good sense. we really want to reshape greece's education system. and true autonomy of those schools and universities

is brain drain still an issue? people were leaving the country to study abroad. >> it is, 600,000 people left greece during the years of the crisis we together as a government all together are offering and working on ways to attract those brilliant people back to greece and it started happening more so since the past month and a half and we're looking at ways to actually enhance that. >> thank you for your time that was the greek minister of education and religious affairs. very quick look at u.s. futures before we head out thank you for watching street signs today. we'll be back tomorrow devices are like doorways

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it is 5:00 a.m. at cnbc global headquaters and here is your 5 at 5. dazed and confused the wild swings of the market continue amid mixed messages from the white house and the corporate earnings picture as well where do we go from here back on the table, the president floating the idea of a payroll tax cut just one day after the administration denied it was even being considered. is it worth the risk president trump digging in his heels with the trade war saying it's worth the risk of a recession to get a big deal

done out of