♪ good morning, everybody, and welcome to "street signs." these are your headlines european equities are driven higher by sticyclical stocks. but a full recovery won't be possible without a vaccine >> you wouldn't want to bet against the american economy it may take a while, it may take a period of time and it could stretch through the end of next

year, we really don't know >> and then the vision fund has a record decline, as the tech bets go bad. and then buying the rumor. the shares rally on reports over the sale of its steel business sending it's stock at the top of the tracks it's like getting the green light to buy from the italian government for a $6.3 billion credit line. and ryan air says it will have to deeply discount fares to attract passengers back in the air. the ceo says -- >> they are making this stuff up as they go along, and the

reality is, face mask. you reduce the transmission by 98.5%. happy monday, everybody, and welcome to "street signs." last week the stock 600 dropped about 3.8% but this morning we are seeing investors putting money back to work in particular in cyclical markets. altogether the stock 600 rebounding more than 2%. really recouping last week's losses we are reopening major economies around the world and investors are perhaps cheering that in terms of what is in demand and

shrugging off the bullish ideas, and investors looking past the comments of the fed and toward the reopening of several economies. as you can see, green across the board here but we are seeing some out performing in the dax a number of cyclical names in that region. we're also seeing a strong performance in the footsie let's get into the sectors and look at what is driving the games this morning as i said, cyclicals, the key theme here, and sources up more than 5%, and a very strong rebound there, and oil and gas also bouncing about 5% autos up 3.8%. on the down side, the more

defensive names under performing but up strong. utilities up about 1.6%, so strong moves all across the european markets this morning. and then the airline sector, norwegian air shares are pairing losses over 50% lower after the equity issue it sold new stock as part of the rescue strategy. and we have heard from ryan air this morning and they have come up reporting a 13% jump in profits, and those shares are trading higher, and iag up nearly 10% in terms of the ryan air earnings, the airline has reported a 13% jump in full year profits but has a difficult year

ahead as most air traffic around the world is down because of the coronavirus. it remains hopeful and demand will quickly pick up once travel restrictions in europe are eased. the ryan ceo michael o'leary hit out at the uk government's policies >> we are looking at 50% of the normal traffic in the months of august, july, september, and then none of us know, none of us are all that certain i think what is likely, as the restrictions ease or lose all creditability such as the 40 day lockdown, i think you will see people returning in quite quick numbers, but maybe on the deep

discounting for the air fares and hotel and holiday accommodation packages >> good morning to you look, in terms of the 14-day quarantine thing again, one more time, are you in conversation with the government with it, because it seems like they are going ahead. how long do you think the industry could last with those kind of restrictions in place? >> i imagine the industry can't last long, and the problem is we are in dialogue with government, but governments have no idea what they are talking about. you ask senior government ministers in the uk to say what the 14-day isolation would be, but they can't they say where do you isolate yourself for 14 days if you isolate in a house where a member of the health services

are a resident, oh, we're not sure they are making it up as they go along. >> let's bring in steve and mark from citigroup mark, thank you for being with us i had a look at your recent analysis around the impact of reduced volumes on profits every 1% impact results in a 10% impact on profits. airlines facing high fixed costs around 40% on average, and can the airline sector be profitable in the foreseeable future? >> that's interesting points on corporate travel corporal travel make up 40% of global air travel, and if one has the number of trips, the travelers who are making more than five times a year journeys,

and you have the category of people visiting offices, and we see corporate travel as being secularly impaired, and that's not good news. with the supposition of a 1% movement, and that impacting airline profitability by 10%, and even after accommodating with lower fuel, it will be remaining profitable and for the long-term impacts of this, we can expect the majority of long-haul airlines to undergo a process over the coming years and leaving a collection of airlines that purely serve government purposes, and this is effectively destination and jobs

are largely controlled by the respective governments >> on the point on government intervention here, and michael o'leary bucketed the european airlines into two different baskets, and you have ba easy jet, and they are playing by the rules now and then the other bucket of airlines, and he said are not playing by the rules and taking the additional government support and it's going to leave the former bucket disadvantaged at the end of this what do you think? >> i think there's a lot going on this summer, clearly. as michael said in your opening segment, i think what he has shown in his results today is the 260 million plus per month of cash burn, that is one rate that he talked about per month, it's possibly a touchback what

people were going for, and i agree with the supposition ultimately they will be a lead consolidator in the sector they make a good point of the government entity that is blocking the certain slots, and does that stop ryan air from getting into those slots no but in the short term, yes and there's a change, and i think it will come and ryan air will lead the charge in terms of that con ssolidation story over the last five years.

>> i can't remember the first time i met him now, of course, you mention in your copy as well, lots of d devices, and do we not think people will go back to corporate travel as soon as they can what is different this time around >> you mentioned in your opening segment, the risk of not having a vaccine. the idea that a corporate can send you on a business trip, there's too much of a paper trail in terms of litigation if you were to catch it and bring it back and infect the office and infect your family, where does the puck stop effectively. until we get the vaccine it will be hard to wholeheartedly back corporate travel again

the reality is in after 9/11, we thought there would be marshals across the networks, and that is always going to be a risk and it's not different this time around i think there are a few things that we tested this time around. we shown we have work at home and we can be as effective, and i am here with you on a conference call rather than being in a studio, and i think we have shown that we can do it differently. my biggest concern this summer is not so much about the corporate travel coming back i think over time you could over five to ten years have a mild rebound in corporate travel but i think there will be an impairment over the next four or five years my big concern is the cash amounts building on the airline balance sheets from customer payments and over time there's a risk the regulator steps in and tries to expedite that cash payment back to customers.

>> in terms of the other side of the coin, i guess, you mention si siti, and do you think companies are just going to get used to the fact that the cost of a zoom or skype, it's a penny compared to the thousands and thousands at cita and institutions like cnbc spend putting us all over the planet >> yes, we lived in the last three months the up staging of the ip, and testing zoom and products, and it feels like something has changed, more so than the financial crisis and more so than 9/11 in the way we work as a consumer and i think it will have some form of an impact when we go back personally, it's just bringing it back to what you described at

cnbc i wouldn't be surprised if that secular impairment turned out to be too conservative. it could be more, quite frankly. >> on that note how much more costs can these airlines take out? we have seen for years airlines struggle to cut costs and running on a average fixed cost, so is there any wiggle room? >> airlines are mired in pension deficits and unions clawing around them and the one thing that some of the stronger airlines have really done well in this crisis is going to their unions and actually saying this is a moment for once and for all to get pay into the right place. you saw it a bit at iag, and certainly in some of the low-cost carriers as well, and whiz was quick to act in the downturn, but they turn when it comes to the cost savings, when

you look in france and the netherlands, but actually over time they have proven to be very poor at staving off inflation. it's hard to fix the fixed costs, and that's one of the biggest difficulties, fixed costs entities by and large. you know, these are things like fuel, for example. you can't really argue to be fully variabled, because otherwise you are not flying >> mark, thank you for weighing in this morning. they found holdings in bp,

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a record 1.4 trillion yen full-year operating loss with the vision fund losing almost 2 trillion yen. the japanese group's position in office-sharing group we work cost 727 billion yen in losses, as well as ride-hailing apps also failing from the pandemic another heavyweight departure by one of his allies. jack ma who left the chairmanship of aliof alibibab a other bets have struggled and they posted record full year losses today that's the story with softbank. another company, thyssenkrupp, looking to

combine. they are expected to announce the moves later today as part of a strategy revamp. last week the industrial giant warned it could lose up to 1 billion euros in the current quarter due to the coronavirus shares are bounce withing off the highs of the day but up still more than 5%. the board of the european stability mechanism has approved a 240 billion euro pandemic crisis support facility which will help members fight the fallout from the pandemic. in an exclusive interview with cnbc, esm director told us the new facility represents the spirit of the european union >> on top of what member states do themselves, there is an offer from different european institutions the european investment bank will do something, the european commission has agreed already on

one offer, the program to support unemployed member states and commissioners working on a recovery plan, so we have this very special situation that measures at the national level, which are needed will it be complemented at the european level and that will be very, very helpful because we can compensate with the measures from the european level that's a fact that the national response is uneven. we want to protect the markets we don't want fragmentation. we want to maintain a level playing field. we don't want excessive divergence and all the european measures are designed to help countries more that are most affected by the crisis. >> is accor has secured 560 million euro credit line, with the option to extend for another

year accor has been hit by widespread shutdowns and warned of losses in april and may the french hotel operator says it's seeing signs of recovery with 42% of its network back in operation. shares are up nearly 3% this morning. the italian government says fiat chrysler is allowed to pursue 6.3 billion euro loan as the carmaker looks to shore up its finances and complete a mernler with france's. sa group in the wake of the coronavirus outbreak the plan would see fiat ask for a three-year credit line backed by rome. the loan would mark the biggest state-backed guarantee for a single company in italian history. now, automakers around the world should prepare for a much weaker demand and sales outlook in 2020. that's according to moody's, who have cut their sales forecast for the sector joining us now to discuss it is faulk fray, senior vice president of moody's and steve

will join the conversation thanks for being with us this morning. you slashed your global auto sales forecast for this year interestingly, you haven't adjusted down your forecast for china. why not? >> yeah, good morning. this is falk speaking. indeed, we have cut down our forecast for the global outlook in this year from 14% to now 20%. china is basically the only weak -- the bleak spot in this regional forecast because so far it looks like they are on a v-shaped kind of recovery with regard to global car sales dealership traffic is back basically to normal. factories are all open are ramping up rapidly and much

faster than we had anticipated so, we feel pretty confident with our current forecast of 10% decline in china's demand only for this year. and then see a slight recovery in next year of 2.5% >> of course, falk, a lot of our viewers will remember the chinese demand story was abysmal way before covid-19 hit the world. can i take a big leap and let's assume krodz coronavirus never happened i would suggest, and i wonder what you think, this industry was already in deep, deep trouble. in fact, will remain in deep, deep trouble until they can get new ev vehicles to replace the stock out there at scale and cheaper than they currently are, otherwise i don't see a future for this industry in the whole >> well, i mean, you're correct that we have seen peak sales in china of close to 13 million

units in 2017. since then there was already an erosion in global demand in the country for the last two years we are now at the level -- we are expecting the level from 23.2 million units for the current year only. that's still a couple of million away from where they used to be. but, nonetheless, it looks like there's quite some support and strong interest from the government that the car industry in china is a strategic and is a vital part -- an important part, driving economic growth in that country. and then, therefore, we've seen a couple of attempts from the government or from the regional government to fuel car sales and to make people more attractive

to car sales >> sure. i'm confused, and being a londoner i have every right to be confused. one moment the prime minister is telling me to get in the car, and the next minute the mayor of london is taking away cars and making it more expensive to get in my car. this is being mirrored across the globe. one hand the government wants to support the industry and on the other hand, they want them to get out of the car >> i think certainly there's one aspect coming from the government, which is the regulatory risk, which is increasing or increasingly -- but that has to do with the fact that certainly they want to reduce the emissions and, therefore, want to convince consumers and car manufacturers,

or forcing them, basically, to produce different technologies, i.e., the electrification, the road to electrification we're on i think that's one of the key points certainly public transportation and mass transportation or autonomous driving that's another technology and that's another aspect or another way of reducing emissions or reducing pollution because the idea is that we need less cars >> falk, we have to leave it there. thank you for joining us there falk if. rey, senior vice president moody's. italy starts to ease lockdown measures and reopen some businesses.

welcome back to "street signs. i'm julianna tatelbaum these are your headlines european equities are driven higher by cyclical stocks as lockdown lifting raises demand hopes. but fed chair powell says full recovery won't be possible without a vaccine. >> the long run and even the medium run, you wouldn't want to bet against the american economy. this economy will recover. it may take a while. it may take a period of time it could stretch through the end of next year we really don't know >> a 2 trillion yen loss for the vision fund leaves softbank a loss and jack ma becomes the latest high-profile board departure. fiat chrysler gets the green light from the italian government to apply for a 6.3 billion euro credit line while moving ahead with its psa

merger. ryne air says it will have to deeply discount fares to lure customers back to the air. michael o'leary tells cnbc government quarantine measures are idiotic. >> they are making this stuff up as they go along the reality is, face masks have been demonstrated in asia, if a covid sufferer and non-covid sufferer are wearing face masks, you reduce the likelihood of transmission by 98.5%. let's get a check on european markets we're now about 1 1/2 hours into the first trading session of the week as you can see, green across the board. we are seeing a strong bounce back this morning across european markets after last week saw the stoxx 600 fall 3.8%, breaking a two-week win streak investors eyeing the reopening

of several major economies around the world and slhuging of that warning let's get a check of u.s. futures. last week an overall down week for wall street. we did see a rally into the close, though, on friday and we're looking at more gains this morning. the dow looking to open nearly 300 points higher. the s&p 500 and the nasdaq also poised to open firmer. we'll be watching more comments from jerome powell this week that's one of the key highlights for u.s. investors. shops, hair salons and restaurants will reopen in italy today ahead of the initial june 1st target date. prime minister conte acknowledged the dangers of the relaxing measures but argued a calculated risk must be taken to keep the country afloat.

>> translator: the protection of our citizens' lives, our citizens' health, these are nonnkt negotiable principles and values but we must face them differently. we're confronting easing restrictions and we need to accept it, otherwise we would never be able to relaunch and we can't afford to wait to discover and distribute a vaccine we'd find our social and economic fabric heavily damaged. >> let's get out to claudia, who joins us now from milan italy has been one of the harshest in terms of lockdown measures but now looking at a robust easing looking at reopening borders with notice restrictions from june 3rd tell us what the calculated risk looks like in italy at this point. >> this calculated risk boils down to maybe those two extra weeks waiting to allow certain activities to reopen may be just didn't make sense at the end it was probably the calculation was that it was easier to just

start opening everything open from today, but leaving some autonomy to the different regions because the big issue is the regions in italy have been affected in a much different fashion. in this area we have been very hit by the coronavirus the presidents of the region can make some decisions for those regions independently. for instance, starting today n all italy you can get a haircut, go to restaurants, go to church, but you can go to museums and gyms in many regions but you cannot do that here in lombardi. museums and gyms will be opening up most likely in a week, maybe a little longer. basically it's very much just a little fine adjustment in terms of what is reopening later in these regions. overall, the point is that starting today, you to not need to fill out a form to leave your house. the lockdown officially ends today. you can start living your life of course, the economy has been very hit what's difficult is the measures

that these retailers and restaurants and bars have to put into place because these are measures that are very strict in terms of distancing, in terms of precautions they have to take, measuring people's temperature and all sorts of, you know, money that is needed and will need to be spent in order for a small to are to functions. that's the concern, will all stores be opening up, will all restaurants be opening up? the idea that 60% to 70% of restaurants will open up of course, they will not be earning as much as they would in the past is it worth it to keep it open we will know as we go along how this reopening is working. the big date is june 3rd when you can start traveling and come to italy without the 14-day quarantine which means some tourism could start back up this summer italy counts on tourism, 13% of italian gdp comes from tourism. the gdp is expected to fall by 9% in 2020, could be boosted a

bit if, in fact, tourism in the month of july and august does, in fact, pick up that will depend on how hotels and restaurants and beaches can actually manage this it's too early to tell certainly the idea that today we are coming out of this almost three-month-long lockdown, psychologically is also important as well. of course, companies and businesses need to take it one day at a time, but there is a positive note to this lockdown coming to an end of course, that calculated risk is what everybody is really trying to understand back to you. >> claudia, thank you so much for giving the latest. let's bring in another voice, steve will join this conversation sir, you run a milan-based reet so good insight into how major companies in milan are doing give us a sense of how your

tenants have reacted to the lockdown and your overall view of the commercial real estate market in italy at this point. >> good morning, everyone. thank you for inviting clearly we're going through a period of a very important milestone. as you know, may 4th has been the reopening in italy today, may 18th is the day when all the shops reopen and june 3rd will be possible to move across regions. so, the current data from contagions are improving, and these allow these dates to follow one after another in this situation, it's unlocking, unlocking in a gradual but positive way, which is very, obviously, important for all the different activities going to your questions, as we are watching at this time and

coima runs a portfolio of public parks and beaches, so he we have good observatory not just commercial real estate but the way people move around the cities and certainly you can see commercial real estate is reopening progressively, like the month of may and june, we expect and we are seeing roughly 10% occupancy in the office space. still remote working is very much adopted by majority of corporates we expect tenants to go up to 50% between now and september. and then go back to normality towards the end of the year. >> if we can look a little longer term among your largest tenants are some pretty big global names microsoft, ibm, deutsche bank, all companies in sectors that have moved from working to home in the pandemic. a lot of companies in these sectors have expressed the intention to continue with these working from home policies in

the future do you expect to see a significant shrinkage in demand for office space of this kind as we come out of the other side of this pandemic? >> well, from one side, the pandemic experience accelerated digitalization certainly, will push remote work to become more ordinary within the normal life in everyone work on the other side, we should always think about when you work remotely, you work from somewhere. normally this somewhere is your house. the majority of people cannot afford for a large apartment normally you live with someone you might have kids and dogs and other people with you, so it's not easy to work remotely on a constant basis you can certainly have maybe one day a week, maybe a few days a

month, so i'm sure this will be implemented by all of us generally, but i don't think business will affect the office space in such a significant way. more the quality of life of each of us. >> good morning to you, sir. no one is gladder than i that italy is back. but i'm worried about supply coming onto the market as well as existing stock. i know you're slowing down the pace of development. but are you going to just try to limit supply onto the market now hoping others will do the same to shore up prices, in order to shore up rental yields >> well, italy, and particularly milan has healthy balance between supply and demand. there has never been oversupply in the last years and even in the last 24 months the supply has been relatively limited. what will be the consequence of

the crisis that we're all living is that the demand will be focused more on high-quality building when i say high quality, i'm also referring to buildings that are controlled from a health and security standpoint, that perform environmentally in measurable ways. in a way the demand will be very much focused even more on class building if you look at the gap we have on class "a" building in italy, in london you have almost 40%, 50% of supply, which is class "b" building, in italy it's more towards 10%. so there's a big gap that needs to be filled in and there's a shortage of supply this will help the market to be supported over the next 12 to 24 months. >> of course, the private sector works in lockstep with the public sector.

given that most of your portfolio is either center or northern italy, the richer regions in the north, but the government has to address issues in the center and south. is your portfolio slightly ill-positioned with the government side, the public sector money will be going >> well, absolutely. i think italy -- one of the big question marks that i have after this crisis is, is the mega city model, will still be considered the most resilient or alternatively resilient cities well connected are best way to develop the territory. and if the second can develop as a potential model, italy certainly is a country that has many cities and we have high-speed train that can connect cities in a very fast way. so, this gives the opportunity

for the government to consider a wider -- almost the green dream where you -- transportation is connectivity is one of the leading parts of regeneration, and you put esg measurable objectives into the picture. if you do something like this, then you might have a chance to develop the territory italy, not just the main cities in a more sustainable way long term. >> thank you for joining us this morning. ceo of coima. staying on the topic of real estate, new home prices in china rose by 0.5% last month. the fastest pace since october officials credited the uptick to a release of pent-up demand for the country's property market following the coronavirus outbreak on a yearly basis prices increase by 1.5%

state agents in england vz reopened as the uk government looks to kick start the country's housing market following coronavirus lockdowns. let's get back out to steve, who joins us with more outside the offices of estate agent in central london steve, what are we seeing in actual terms of pricing and volumes of transactions at this point? yes, the uk government has given the green light for transactions to go ahead. what are we actually seeing on the ground >> during the lockdown two of the british national obsessions took place in abundance. once was looking at cars i'll say that's mostly men, if i can be so sexist on that, and the other is property prices everybody was glued to looking at what their own place was worth, where they would live in an ideal world post-lockdown as well now we'll see if those intentions have come through to

real inquiries and real purchases. just like the 93% of respondents said buying inquiries had fallen now is the proof in the pudding. are people going to put their house on the market and buy the properties as well how much of a decline will we see as well? sellers are asking 94% of asking price on average that's so far this year. we spoke to knight francen who thinks property prices will fall this year as well. if we look at recent history, the financial crisis, 2008, property prices, according to nationwide fell 15.8%, 16%, give or take the change, in 2008. this crisis seen by many as a much greater crisis. the other concern i have is the amount of supply coming onto the market, certainly in areas such as london for apartments is absolutely enormous. i know that you know that whole

nine elms region as well, and there are tens of thousands of units going onto the market. i don't think the international buyer will be back they'll be buying it for investment and taking advantage of lower pound to on put on top of their personal holdings but there are questions about the real activity that will take place as well. in meantime we are seeing estate agents rallying today. before today's trading, share price was down 60% from year high countrywide was down 80% from year high as well. you can see we're talking about devastating declines the question is, will real, meaningful activity come back, come back from international investors who have been, a, battered and produced, and the domestic buyer very concerned about their own situation. >> it's extraordinary going down to the nine elms area. i cycled through there this weekend. so much construction, so many buildings being developed over

there. steve, thank you so much for bringing us the latest. coming up on "street signs," the w.h.o. is set to come under pressure later today the country's calling for an independent review into the origins of covid-19. more when we come back

welcome back to "street signs. fed chairman jerome powell has said a full economic recovery in the u.s. will not be possible until a vaccine has been found speaking to cbs's "60 minutes" he explained it could take until the end of 2021 before the economy bounces back but warns a second weave of infections could undermine that. >> this is a time of great suffering and difficulty and it's come on us so quickly and with such force that you really can't put into words the pain people are feeling and the uncertainty they're realizing. it's going to take a while for us to get back i would just say this, in the long run, and even in the medium run, you wouldn't want to bet against the american economy

this economy will recover. it may take a while. it could take a period of time it could stretch throughout end of in exyear we really don't know. >> let's get out to tracie potts who joins us live from washington, d.c. we rn were listening to jerome powell warning we may not see a full recovery until the end of next year, and that's if we don't see a second waive ve eme. what is the state of play in the u.s. in terms of reopening and balancing this risk of a second wave of infections versus the economic damage these lockdowns bring? >> reporter: said, the key issu dealinging with the health issue. he put it squarely on the administration to handle that first because people will not feel comfortable going out into these reopened economies if they don't think there's enough testing and if we don't, as soon

as possible, have a vaccine. president trump has promised one by the end of the year now his administration is saying that is a goal, not a promise. although health experts say it could take a year, maybe a year and a half before we have not only a vaccine but the capability of getting that vaccine out widely because it would start with health officials. the other thing we're watching, as you said, are reopenings. as of today, 49 of our 50 states have reopened to some degree even a partial reopening connecticut is the lone holdout there. they will be reopening in two days, later this week. so, states are reopening, but the question is, do people feel comfortable going out? and when they do, will they practice social distancing if not, that's when we could see that second wave that jerome powell said he was concerned about. >> thank you very much for breaking it down for us. you can reopen, but as you say, if people don't feel safe going out, what good does that do.

tracie potts from nbc news joining us from washington, d.c. now president trump is set to extend his administration's funding cuts to the world health organization according to multiple reports, the move would be an about-turn for the white house after trump signaled on saturday he could reinstate 10% of america's original contribution. the u.s. leader pulled funds from the health organization after criticizing its handling of the early outbreak in china. chinese president xi jinping will deliver a speech via video link at the first meeting of the world health organization later today. china will be front and center at the assembly with a paper backed by 122 countries, including australia, the uk and eu nations set to call for an independent inquiry into how the pandemic started and the initial response from both the w.h.o. and chinese authorities. another point of contention is taiwan, which will not have a seat at the meeting. china has blocked the country's

attendance since 2016, despite recent calls from the u.s., eu and japan to let the nation join as an observer given its success in fighting the virus. let's take a look at u.s. futures and how we're looking for wall street open today green across the board the dow jones looking to open nearly 300 points higher the s&p 500 and the nasdaq also poised for a stronger start. this follows a rally into the close on friday. the dow, s&p and the nasdaq all posting back-to-back gains at the end of last week that's it for "street signs," though thank you for watching today's show i'm julianna tatelbaum "worldwide exchange" is coming up next. stay with cnbc

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it is 5:00 a.m. in washington here are your top 5 at 5:00. the markets are looking at dire outlook from jay powell. there are nearly 300 points. could consumer spending be a little better than many people think? retailers such as home depot, walmart, target and tj maxx set to report, and we'll chat with about simon on what to expect from their numbers. open for business. south carolina coming off its first ek