you know, it's not my time yet, but i just can't wait to see them again. [music playing] . happy friday welcome to street signs. these are your headlines >> it's good to talk the dow jumped more than 350 points for its best day in three weeks after the u.s. and china agreed to head back to the negotiating table but europe fails to match gains. >> germany's industrial output unexpectedly jumped in july amid more signs of a slow down in europe's largest economy. >> i'd rather be dead in a ditch than delay brexit says the

british prime minister who will demand an early election for the second time in a week. >> we either go forward with our plan to get a deal or somebody else should see if they can get us in beyond october he tells cnbc that bond market holders need no longer be called saying investors need to take the asset class. >> you will lose we had a major player in the bond market that is involved for

non-commercial reasons. >> happy friday. first let's recap the price action over the last 24 hours. very positive session for u.s. equities and actually u.s. indices are about 2.5% from record highs yet again despite volatility those indices continue to make a come back and that after better than expected services data yesterday. so weakness on the unemployment sub index but better data on the services but but of course the number one narrative and the expectation of a meeting between china and the u.s. in washington next month that's giving a little bit of relief to investors. we'll have to see what happens hopes is very high as the poz sy makers have been saying

it's down about .2% and the number one focus is still the political developments and it's going through the house of lords today and is expected to go into law as soon as monday but there will be the possibility of a snap election on october 31st. we'll talk ar about that >> we had more disappointing data out of germany as well. and all in all it's been a good day up almost 3% as the new government had been sworn in let me take you to the price action again in u.s. markets

strong gains yesterday as you can see the dow up almost 400 points 1.4% higher as investors came to terms with the possibility of a deescalation between china and the u.s. when the meeting takes place in washington next month as a reminder, it's worth reminding viewers that the average tariff on chinese imports was about 17% with 5% before the trade war kicked off. equity 500, nasdaq up 1.75%. tech was the big gainer in yesterday's market all eyes today on payrolls and then it's 3.1% on earnings finally, i want to take your attention to ten year yields because we had big moves in bond

people are getting nervous about whether or not ecb are really going to go for it as well as the fed. all eyes today on whether or not they're still going to signal it's a mid cycle adjustment or whether there's more cuts to come a lot of drivers for the bond markets here. >> thank you very much let's get straight out to steve. we have been listen listening to your interviews all morning. fascinating comments not just on the bond market but on what is going on more broadly. give us the low down >> let's listen to a little bit of what we have been hearing from our guests this morning it's fascinating hearing controversial marks from the likes of neil ferguson about what he thinks the president is doing. what he thinks the president can do how long the trade war will it

turn into a cold war with china as well but let's listen into what he had to say about trade and the trade war with china >> it's a multiplayer game of chicken butthere's two dominan players as there were in the early cold war and the dominant players in the united states and china. the key thing here is that donald trump's role historically has been to wake america up to the chinese challenge. i think he did achieve that. when he started talking about putting tariffs on china at the beginning of the election campaign people acted like he had lost his mind. now it's conventional wisdom now it's a bipartisan issue that the united states needs to wake up to the chinese challenge. and the problem is he is no longer in a position to simply turn it off when it suits him because it's escalated into other domains and particularly into the domain of technology and he has much less control over that. >> so that was neil ferguson

talking about trade, about trade wars with china and a multiplayer game of chicken going on between the u.s. and china and others as well let's move on and take a look.

>> it's for its survival perhaps on the central bank of europe. it was about 6 or 7 years ago where he told me he said look, the crisis in the euro is over

now. and it was not really a good idea usually these things with exchange rates they worked well when the economy is growing. it looked like it was a success but i do think it wasn't in debted countries in 2012, but also they'll have adjusted much faster to the post financial crisis world in fact they haven't adjusted yet completely but they're still behind what they were ten years ago. more than ten years ago. >> you could put at least some of the blame on the euro and what we have followed. now having said that and given where we are and given the

institutions that we have, i don't think it would be a good idea to break it up but it would be a better understanding. it's not just driving from the core which is basically german policy and then expected to come along. >> but the response has been one that you would give to a child, isn't it i'm screaming hence i get. it's like if i wanted a constant load of sugar from my parents and they keptgiving me that an kept giving me more i'd die of diabetes or heart disease or something else as well that's my worry about what the ecb has done to europe it's continued to give it what it wanted because it was screaming for it was this the right medicine?

>> there wasn't much else they could do. >> have them take responsibility and have to make severe political decisions because otherwise there will be even worse. >> you really hit the nail on the head because governments were not prepared to do it so what do you do? if you're mr. draghi you're sitting there and you don't see governments doing what they have to do. so then you say i have to do whatever it takes. it's not easy to react here and you can do what you want but the need for effective policy and policy that has an immediate effect is fiscal policy so at least it is precisely what

germany did in 2002 and 2005 when they had the big reform program and then the supply side policies will have an effect but that's not what governments have -- >> i'm looking forward that's very interesting that you should reference germany and what they did in 2005, germany will do the same again now will it finally start to roll forward using it's incredible muscle and financial flexibility to forget about a balanced budget and actually start spending more money? >> well, we have to wait to see it first and then i will be. >> i would still want to see it not as much as i wanted to see it in 2012-2015-2014 but it will still help and at least, you know, let the countries that have budget surpluses on there they're only investing about 10%

of gdp there's no investment going on that's the time for the state to step in and provide new infrastructure investment and digital infrastructure and green energy those things are not happy and they're more concerned about saving money to repay debts and making necessary investments in the economy to bring growth which could be used to repay debt anyway. >> so tomorrow when you give your speech about the last 20 years you're going to get asked about the next 20 years of the euro does it survive in it's current form

>> i don't think we have a structure in place to avoid when the next financial crisis comes. and there's cycles in the system. >> cycles that even central banks cannot hold back >> they cannot, no. >> so given our debt profile across europe, we'll say the northern europeans have been more frugal. certainly the germans again. we have referenced that as well. but the debt to gdp of italy and greece and the rest of the continent in many ways and the unemployment rate, these are much worse than at the start of the financial crisis and given the overlay that we haven't got the financial institutions sophisticated enough to negate the effect of recession or slow down, it's going to be much worse, isn't it? >> well, it would be worse if we a

acted the way we did before which is a it's your debt and your problem kind of thing they all agreed to form a euro there were certain things they needed to do to make it succeed and as it turned out they were not prepared to do those things and now they're all committed to making the surviving prospect. and they're still -- they still don't seem to be as committed as they need to be to make it succeed but at least now we have some more money. but you do need to have more debt sharing. >> i could ask one quick

question i have about 30 seconds. so what do you make of what's going on with brexit at the moment everyone is something you and everyone is asking us. what is going on >> it's the disaster from the economy. we don't even know who is going to be prime minister next month. the big decision has to be made. and what can i say i'm just disappointed to see, you know, just calling the referendum almost on the spur of the moment but i cannot see countries investing in new technology because they don't know what they're going to face. >> thank you, sir. it's quite a nippy morning here on lake cuomo. thank you indeed, sir. just to say, coming up, a whole

host of key players. the former italian prime minister and pier carlo padoan what does he make of what's going on at the moment we'll come back later on in the show. >> thank you we look forward to the interviews let's get right into the latest on brexit. we're waiting for a high court decision on whether the british prime minister's decision to suspend parliament for five weeks is lawful. the case buzz brought by gina miller who successfully challenged the u.k. government in 2016 over it's authority to lead the eu without a vote in parliament he had strong words forcing him to ask the eu for a three month extension to negotiations. >> can you make a promise today to the british public that you will not go back to brussels and ask for another delay to brexit.

>> yes, i can. i'd rather be dead in a ditch. >> let's get out to westminster. some pretty strong words there from mr. johnson i'd rather be dead in a ditch than delay brexit but what are his chances of actually avoiding that outcome at this stage? what he would like to do on monday is block this deal and get through the house of lords and then it's signed into law on monday he said he would like to see another parliamentary vote on the possibility of a snap election for that to happen, under the terms that he tried to do that earlier this week, he would need a 2-thirds majority.

there's other alabama tern tiffs where he could see if they have confidence in him. that would require a simple majority and there's a chance that would go through and he could always re-sign and go to queen elizabeth and say quick jeremy corbyn and see if he can form a government and that would also end up in elections if the alliance that we saw around blocking a no deal brexit is not sturdy enough to unite behind jeremy corbyn. all of this, though, could be the days before parliament is suspended. there's a huge amount of uncertainty about what that will mean and of course, as you mentioned, we're waiting for this high court decision, essentially looking at whether courts have jurisdiction over a monarch's decision upon advice from her ministers boris johnson argued he was quite within his rights to do that but there's a number of interesting parties that say that's tisimply not true, guys.

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he expects 5-g technology will soon expand it's reach. >> by next year, 2020 we expect 5-g to reach, in terms of ability to reach in coverage $2.2 billion people on the planet that's the size of the system and how fast we expect deployment a lot of these and it's the early stage and you still don't have that much coverage but that's going to happen very

fast. >> let's get out to elizabeth and beyond 5-g what are some topics that have come up >> it's always been here but we're talking in the context of these u.s.-china trade tensions so let's talk about how you're dealing with this new round and what the expectations for plans are there. >> we do our own manufacturing we used to do our own manufacturing in china we used to move things out of our factories and move things around and we're able to adjust for the most part where we need to we're lowering costs across the board and selectively we're

looking at price increases are you looking at markets outside of china for the longer term because of the uncertainty? >> manufacturing has always moved around the world it's had better costs and better productive but china continues to be a great place to manufacture. we'll be there for the long-term. >> talk about the price increase because that's the big question for anyone in this market. when is this going to come down to consumers what is your outlook >> we already made selective price increases. consumers were probably just starting to see the early stages not of ours necessarily but of other companies and i imagine over time you'll see more and more. >> how does that impact your outlook for going into the holiday seasons. >> we had this monster advantage and most of our products sell for very low prices anyways.

and we sell video conferencing equipment to companies so some pricing is probably doable without a big impact on our business. >> talk about the video conferencing side of your business we have seen an ipo from companies like zoom and microsoft. why such an investment there. >> you just named two companies that we partner with so we don't make the video conferencing system we make the equipment that enables it. so those are great for us. they will be video enabled overtime and it's a huge opportunity for us >> the other opportunity we have to talk about is gaming. >> we're kind of 1963, u.s., the

nfl is just formed the nba is just forming and it's the very beginning and e sports is on the rise it's a long-term secular trend that's not going to let up and we're right in the middle of it. >> it's a lot of exciting launching happening. >> we'll be bringing you the conversation and back to you. >> that was elizabeth. also coming up on the show we will be seeking with former finance minister more coming up

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the dow jones more than 350

points for the best day in three weeks after the u.s. and china agreed to head back to the negotiating table. >> germany's industrial output unexpectedly drops in july amid more signs of a slow down in europe's largest economy. >> i'd rather be dead in a ditch than delay brexit. boris johnson is in a corner. >> they played a game of chicken not only with the europeans but with their opponents in parliament and they lost it's as simple as that i don't think there's anyway out for him that i can see other than to re-sign. he's a hostage he's under house arrest in 10 downing street with power having entirely shifted to the house of commons. >> bond market holding should no longer be core investors need to take a different approach to the asset class. >> if you stick with the old

rules you will lose. you have to understand that we have a major player with the bond market with a printing press in the basement involved for non-commercial reasons and you have to think differently about the bond market. >> shaping up to be a mixed morning following a strong rally we saw on wall street yesterday. we saw strong gains yesterday with the rotation out of defensive sectors and into those more cyclical sectors like autos and technology and also banks but a little bit more of a mixed picture. just hovering around the flat line yesterday this index underperformed the broader european market ending 5% lower. the dax is bucking the trend it's been a story of bouncing around the flat line as investors pause for breath after the rally inspired or at least supported by the expectation of

a negotiation between beijing and washington to resume in early october. >> let's move on and look at fx markets. yesterday we saw it edge lower currently down about a third of a percent at 1.229 we saw sterling hit the highest level since late july. a number of questions still unanswered on the brexit front but holding on to the gains for the most part. the euro is currently trading a touch stronger versus the dollar around the 110 level of course all eyes next week on the ecb meeting. let's take a look at u.s. futures now. a very strong day for wall street it looks as though we're going to see the three major indices continue higher but the gains at this stage look to be modest just looking at single digit point rides at the open and the big event for investors across

the globe today coming up later on. >> germany has a surprise fall in industrial output the reading for july fell 0.6% month by month along side a deeper decline in manufacturing output the data comes after europe's largest economy shrank in the second quarter. >> steve asked german state secretary about the downward pressures on his country's economy. >> the strategy forward will indeed have to do with a lot more spending on infrastructure. our minister is keen to indus all of our other fellow ministries to look at the way in which we can drop up infrastructure, other public goods which have not been well looked after over the last 20 years hence being one of the reasons for rising populism across not only germany but europe. >> italy's new coalition government held the first

cabinet meeting after being sworn in it includes the foreign minister as the economy minister and the role of interior minister. it was formally occupied by the leader the ceo of the energy giant told steve he is cautiously optimistic on the new government there was confusion and a situation with the markets it took weeks to readjust and reassemble is good and it's going to be something that will last longer than we think. which is always shorter at the end. >> let's get out to steve who is live steve, markets have taken

comfort from the fact that this coalition government has gone ahead and is either happy to see the lawmaker and the finance ministry but there's a path ahead of them of getting the country's finances in order and you're with someone that knows quite a little bit about the finance ministry, doesn't he >> thank you for that. look, he said it would last longer than people think we have avoided the worst. he's very optimistic but padoan that's the former italian finance minister, is he as optimistic good morning for you thank you for braving the cold to speak to us so very open question, are you optimistic that this government, this strange set of bedfellows can actually have a government set of policies that a, works, and b has longevity in this government >> first of all,the boost has fallen down to levels and interest rate is historicall low so there's very good starting conditions. it's up to the government now to

transform this nice opportunity to reality and there is an ambitious program which is a medium term program and this is good and it's giving you horizon to the economy which we need because the problem is of course to maintain financial stability and discipline in public finance. >> one when you were the finance minister, there were constraints. do you think those constraints coming from brussels via the stability and growth pack will be lessened because there were 26 points. one of them is to work with europe and abide by the rules or try to change the rules. do you think the rules need to be changed >> i think the rules need to be changed for europe and not just for italy. italy a few years ago obtained a large amount of flexibility meaning additional physical space against the credible promise of implementing structure reforms and public

investment so there is a deal to be struck between governments and the commission about a new physical framework europe not just italy needs badly new investment i would dare to say that italy, well, italy certainly but also europe could run the risk, quote unquote, of facing secular stagnation meaning very difficult situation to get out of with no growth coming out so we need to boost investment and we need to do it in a green way. this is the way forward. >> we need to boost investment some countries can boost investment and do it on their balance sheet. now others will have to do more to do so do you think northern europe and germany needs to do more heavy lifting on the physicfiscal frot >> i think so. it's going down at the same time it needs infrastructure investment it's been declared by german officials for a long time and

they can do it at a negative price and negative cost. so what conditions are there for reboosting europe. this has to be done also at the european level we can rethink the rules of the budget we need a richer budget that would help convergence would help structure change and i'd add also we need a stabilization mechanism. we must go toward fiscal union as quickly as possible. >> we have just gone through three german nightmares. one a fiscal union two looser fiscal constraints and three, we the germans have to spend more. all of those are with how the germans want to run their economy. >> we all need to rethink the european model it gave us the good news that the option was out on the table for sometime but we cannot live

on that forever. european citizens want more growth and more job opportunities and the technological opportunities coming from new digital economies basically require structure change and investment. so if we want to exploit the benefits of new technology we need to invest and find ways to mobilize resources which are there. otherwise we'll save more and decline equity. >> what do you think about the chances of longevity of this government here in italy bringing it back to this country? because the last one lasted i think circa 13 months as well. salvini's party is still the most popular party in the country. the pd and 5-star 22 to 25% respectively aswell. do you think that actually mr. salvini is more dapg roungerouse opposition as in government?

>> he was very dangerous in government and he can be dangerous in the opposition. it's up to the government to transform it and so this is the trick. there is a window of on oun t opportunity. let's do it. >> you told me there were 29 now as well. and there's some elements in their investments in thesouth. looking at the structure of the economy. but there are things that just don't seem right that can work in the current environment. budget expansion and fiscal responsibility given the constraints of the italian economy at the moment. flat growth. 10% unemployment and of course a small matter of 130% debt to gdp how do you expand your budget with those constraints >> of course we have to do the math and we will do it very soon in two to three week with the adjustment to the debt, to the

documents of economic and finance which is basically the first chapter of the budget law. so the numbers were to be put on paper and there's what to do and when to do it. and could be leveraged overtime and all at once. >> the spread over bunds and the level of gdp and it's down to .83 absolute yield as well. do youthink it will will take it >> given what you have seen as a politician and economist do you think italy can seize this moment? we had so many of these must

seize moments. >> italy can do it it's done it in the past and this window of opportunity is exploited. >> thank you in deed for braving your own country's cold out here as well. i was told by marcus that it was 28 degrees here a couple of weeks ago. >> a coup of weeks ago we didn't have a government. >> you'll take the government with the bad weather. >> nice to see you again. >> my pleasure. >> thank you very much it's a little bit cold let's push on. major oil companies green lit $50 billion worth of projects since last year that undermine the paris agreement on climate change that's according to a report by the think tank they found chevron, shell and bp

each invested on projects that aren't compatible with the paris goals last year. they aim to limit global warming to 1.5 degrees celsius meanwhile, iran has taken further moves to scale back it's commitments to the 2015 nuclear deal according to state media. under the accord, tehran only allowed limited development and research it will begin developing centerfuges. he told eu policy head that iran has relaxed all limitations on its nuclear activities >> warning of more demonstrations ahead the face of the pro democracy movement says lam's actions were quote not sincere and the determination to fight for freedom will continue. protests at the international

airport are expected this weeke weekend. >> it's fighting the political unrest for the u.s. china trade tensions and demonstrations will continue across the region despite concessions having been made however the group says the one country two systems approach remains intact and weather the volatility >> mugabe died at the age of 95. the announcement was made on twitter where he called mugabe an icon of liberation that dedicated his life to the emancipation and empowerment of his people he ruled zimbabwe for almost four decades >> stay with us because coming up on the show, european stocks

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welcome back to street signs. he expects a 25% chance in 2020. the billionaire investor behind bridgewater associates warn the world's major central banks will not have enough fire power to tackle the next crisis he added the fed should cut interest rates slowly but did not give a time frame. >> and it's payroll friday economists say 150,000 jobs were added in august. ed it's expected to hold steady at 3.7% and average hourly earnings are predicted to rise by 0.3% from month to month. let's bring in the chief u.s.

economists from that market. let's talk about today's numbers. it seems to me like the whole focus is going to be on the average hourly earnings. >> that's a good point and clearly we have been very focused on the situation but because there's growing concern about the u.s. economy, about a recession action i have to s recession, i have to say the overall number of jobs added is going to be just as important because we're looking for any signs that the u.s. economy is losing momentum. we have moved from a point where we're thinking about what will the fed do based on inflation or worrying or watching for wages rising we're actually becoming more concerned that maybe the employment growth is slowing and that might be a sign that the u.s. economy is on a slow down and ultimately headed to recession. >> we had a few significant ones

come out in a year or so between manufacturing and services with the manufacturing ism coming down below that 50 mark but the non-manufacturing ism is actually improving so in pretty healthy territory so putting it all together, what's your thoughts about the health of the economy. >> i think overall we're seeing an economy that is cooling and i'm encouraged by, as you said, that non-manufacturing number bouncing although another survey, the markets services index actually weakened up so we're getting mixed news taking the kind of overall view, there's no question that the economy has cooled it's the difference between the consumer side and business side is most pronounced. >> it's continuing to see very strong spending which is great news unfortunately, the business sector is where we're seeing pull back and i'm worried if the business sector is pulling back that ultimately might not bode

well for the consumer sector strength being sustained. >> and again, within the umbrella of all of the mixed data, if you look at the sub indices, a lot of them are not looking that promising so yesterday, the devil is in the detail, you had the very strong services ism but i noted that the employment sub index is very, very weak. you also had the new orders, the ism manufacturing, the lowest level since 2012 that's going to be worrying as well for the feds when they think about what to do. >> this is why we'll continue to see the fed taking action to ensure the economy the fed already cut rates 25 basis points in july and this table is certainly set for further action in another couple of weeks what people are debating is could there be even a larger move than 25 basis points and that's why this morning there's a number that's going to be so closely watched. if we were to get some kind of a big negative surprise, you might

actually hear people strengthening the call that just doing another 25 isn't going to be enough. the fed should actually act more aggressively. >> there's some members who have given comments to that effect saying the fed should think about cutting different basis points but mr. powell is also giving a speech later today in zurich of all places and he's interesting because initially when they came up with that first cut the language that caught the market off guard was the mid cycle adjustment language are you expecting him to change the narrative given the sheer amount of things that have happened over the last month including the tariffs as well. >> the tariffs and the trade war being escalated and there's signs of the weakening economy with the manufacturing services contracting. so you're right. that's what people are looking for. unfortunately, i think fed chairman powell is dealing with a split committee. you have individuals that are more concerned about the outlook

wanting to take more aggressive action on the other hand, you have a number of people that indicated that they really would want to wait until you see tangible signs that uncertainty is impacting negative economy and as the fed chair tries to navigate and bring the committee to consensus, to me the language is probably going to stay pretty similar. still characterizing this more as a mid cycle adjustment. more as insurance cuts to prevent the recession or to offset down side risk rather than the fed feeling like the u.s. economy is in worrisome conditions i think the language is going to stay relatively tempered. >> in addition to the committee that you outlined there, also dealing with this issue of the feedback loop and the fed being careful not to enable president

trump when it comes to the trade war. so how is this psychology going to play into powell and the committee's thinking >> i think that the committee is going to try to separate some of this noise that keeps coming up in terms of the political angle. and as we heard the fed chairman say, they're looking at economic risk and there are economic risk coming from trade and the fed is not going to be turning a blind eye to that. i understand the concern that is raised about taking action to bolster and allows the president to get more aggressive on china. and if it sees down side risk for the economy increasing for whatever reason i think that's what they're going to take into account and ultimately that's what is going to drive the decision whether or not they agree with the president they are not going

to stand by and allow the economy to weaken up they will take action to insure it the fed chairman has been clear about that >> let's take a quick look at u.s. futures s&p down and nasdaq all up in the green. this after the three indices had a session yesterday all about 2.5% away from record highs. >> for our european viewers, anthony wood is coming up at 12:00 p.m. >> that's it for our show today. >> worldwide exchange is up next these folks don't have time to go to the post office

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continued crisis in hong kong what is likely to be the 14th straight weekend of protests taking it down a notch out with a new outlook and new recession odds for the american economy. it's losing strength but it is gaining speed.