ithis case, under these circumstances, after katrina, it was reprehensible, what nagin did. the city needed someone to be a true leader and he let everybody down. ♪♪ -- captions by vitac -- good morning, everybody. welcome to "street signs," i'm julianna tatelbaum and these are your headlines european markets broadly in the red and u.s. futures turn lower after the crucial september jobs report misses expectations adding uncertainty to the fed's taper plans but miners buck the trend shooting to the top of the 600 as cyclicals lead, oil majors also in the green as crude

prices surge natural gas in focus but british leaders warn of shutdowns unless the government shuts in. the uk's business secretary stopped short of guaranteeing no disruptions to consumers this winter. >> right across the world real supply chain pressures, you've seen the chinese have power blackouts. they're rationing supply here in the uk our job is to make sure there's minimal disruption and global leaders reach a landmark deal agreeing a global minimum corporate tax rate of 15% after years of disagreement. a very good morning and warm welcome to "street signs." let's look at markets this morning. we opened up on the back foot, the stoxx 600 down about 0.3%, but the muted headline figure

does mask a lot of divergence we're seeing between cyclicals and defensives we'll break it down in a minute but last week we saw equities gain, cyclicals gaining on both sides of the atlantic. and all of this in the lead up to the payrolls report on friday whichmissed expectations as we start the new week, investors trying to understand what this may mean for the federal reserve and whether or not it impacts the fed's taper timeline let's see the split regionally ftse up about 0.2% first, let's look at the other regions we have the german index about a quarter percent lower. politics continues to be a focal point for investors, the three

waco -- three-waco ligs talks still in effect in germany the spanish, italian and swiss markets trading below the flat line to start the week from a sector perspective. we have the cyclical names at the top, the clear outperformer basic resources up 2.4%, oil and gas also catching a decent bid this morning, up 1.2% banks, auto, and insurance the miners, seeing an extent of the moves in basic resources, arguably the most cyclical

sector basic resources performing very well as you just saw and it's not just one name. it is the majority of names in that basket holding up well this morning. turning to oil a check on the oil majors. you have a couple of names that are in focus performing quite well there's the brent and wti prices, prices trading high this morning, brent above $80 per barrel for the first time since 2014 this as spikes in coal and natural gas makes crude more expe expensive. we are seeing a number of the oil majors trade well this morning. apology for the confusiing wall. turning to u.s. futures, the wall street session is shaping up, with red across the board in the u.s., but the magnitude of the lowers fairly contained.

dow jones and nasdaq looking at a slightly weaker start. we have the cpi coming out on wednesday. and also earning season getting under way. we'll talk about that in just a minute but that's the picture for the week ahead turning back to that all important jobs report that came out on friday. the u.s. economy added just 194,000 jobs in september. sharply missing expectations the unemployment rate dropped to a better than expected 4.8% while wage growth ticked higher. the weaker than expected report raised questions about the state of the economy as the fed begins to taper bond purchases i want to just kick off on the back of that payrolls report on friday came in well below expectation what do you think this means for the fed and has it affected your view of the federal reserve's

tapering plans >> thank you for having me the report was quite disappointing. but our economy's think it wasn't bad enough to change the course of the fed tapering path. we've had a long-standing view that the fed would start the tapering in december this year, 15 billion per month, which would get them to zero by the summer next year and, of course, that was open the way to proper rate hikes, which we think would happen in the first quarter of next year >> what does this mean for the way you are thinking about growth stocks versus value, cyclicals versus defensives in the environment that you just described? >> it has very big implications. and of course most important

fa factor as the result of the fed tapering is we expect treasury yields, 10-year treasury to get to around 2% by the end of next year, beginning of next year what that would do to the market we described what the market has been doing recently, we are expecting change of leadership in the market. so we think value stocks would do better in this environment. we like financials as beneficiary of that, cyclicals should do well we are overweight industrials in this space and we worry that higher nominal yield. because this is how we think the nominals are going to go higher. that means that traditional growth trades like tech, consumer discretionary, enter the u.s. as the market could be

a little bit under pressure. so our positioning right now is per cyclical, per value with some on growth stocks. >> really nice outline there does that then mean you have a preference for europe and the uk over the u.s. given the overindex to cyclical value stocks >> indeed. in europe, our preferred value trade is the uk and, in fact, globally the uk is the biggest value trade you can play in the market we have an overweight there. another we have is japan, which does very well it is very cyclical market so within europe, preference for the uk of europe is knew ral and the u.s. is neutral as well. >> we have earnings season kicking off this week, midweek we have the u.s. financials starting things off.

if i look back at the last earning season, which was extraordinary where we saw analysts across the board upgrade their earnings numbers but now supply disruption seems to be the name of the game across sectors, rising inflationary pressures what do you think we should expect as the key themes this earning season and should investors get involved in the value parts of the market you described before earning season or should we wait for earnings to come through before making positions? >> in terms of waitingi think the market prices in what's about to happen in the earnings season ahead but in terms of what we look at from the -- perhaps not this earnings season but let's look one year ahead we worry after this spectacular year of this year, so epa's growth globally this year is

expected to go up by 48% so it is phenomenal. where next year the analysts are expecting slower growth of 80% still okay what we worry is that earnings momentum short term earnings momentum is starting to fade we also start to see analysts upgrades starting to fade away and the biggest weakness for now we see in the parts of the stock market that is most exposed to the chinese slow down. so the emerging markets and australia from the regional perspective have seen negative earnings momentum in the last one month while the uk and japan is still leading the way within the sectors the negative earnings momentum you can see in this -- in the chinese exposed sectors. so, of course, mining is mostly affected and another sector is consumer discretionary

and that's mostly via the european con consumer discretionary autos or luxury groups so we worry risks are to the down side. >> if you could characterize the way you think about the risks from the china slow down how seriously do you think investors should be thinking about this is it going to materialize into broad based risk or just the sectors and regions you just described? >> we hope it's going to contain, but our -- from the economy point of view, our economies think that the risks are still to the down side you mentioned power cuts at the beginning of the program these, actually, are not in our gdp forecast yet so our economies could downgrade chinese gdp combined for this and next year over 1%. and the power cuts could edge

another 50 bases points to that. so we think we haven't seen the end of it yet. so from the market perspective, the way we are positioned, we continue to be underweight under weight the emerging markets we think it's too early to buy into this space so it's still going to be a decent growth, however risks are to the down side this growth will consider being downgraded and the question is how the market is going to take it as i mentioned, we've seen the earnings momentum for these stocks and most exposed stocks alreadycoming down and the ris is that the earnings will -- the earnings upgrades will slow down for broader markets as well. >> i want to round out the discussion coming back to one of your initial points for your outlooks for u.s. tech if you prefer value over growth you don't think there's a lot of

upside here for the u.s. tech giants where do you see the retail investor going they've been a huge influence in u.s. tech stocks the last couple of years we've seen them swoop in to buy the dip. is it going to be different this time around? >> the interesting thing about the u.s. stock market is that it is actually neutral or value growth trades, right because 50% of its market cap or sector exposure comes from growth but the other part comes from cyclicals and defensives as well what we are seeing right now, you can see it in performance, big bang of the -- and i'm talking about broader markets, buying of full on value trades like financials and energy so this is what we see being bid for right now. >> all right we'll leave it there

thank you for joining us this morning. >> thank you turning to the energy sector, british industry leaders have warned the uk government they may have to shutdown production if the gas price spike is unattend ed they've called on the government to address the situation energy supplier pure planet is close to collapse according to sky news, a decision on the bp backed company could come as soon as this week. the business secretary stopped short of saying there wouldn't be disruption to gas supplies for consumers this winter. >> this is a global issue so we've seen across the world real supply chain pressures you've seen the chinese have power blackouts, they're rationing supply here in the uk our job is to make sure there's minimal

disruption i'm very confident i can say there are two elements here one is obviously the global price. i can't predict -- nobody can predict that the one thing i'm responsible for is the resilience in the uk system and i'm confident we will be resilient. >> russia's permanent representative to the eu has called on europe to improve its ties with moscow to avoid future gas shortages. the energy exporter could adjust the output but warned the eu should stop treating russia as a geopolitical enemy addly gamble will discuss gas prices with russian president vladimir putin himself at russian energy week tune in for full coverage on wednesday. >> coming up, elon musk tells workers the first cars could be rolling off the production line.

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welcome back to "street

signs. three way talks in germany will continue this week as the parties look to forge a so-called traffic light coalition government but negotiations took a turn over the weekend as the green's co-leader told german media large gaps remain between his party and the fdp, especially on tax and fiscal policies. two of angela merkel's closest allies will step down from their posts to make way for their next generation of christian democrats. in a tweet they said the move would allow the cdu to, quote, position itself for the future the conservative cdu block finished behind the social democrats in last month's election and suffered the worst general election results ever. elon musk says tesla should begin rolling the first of its new cars off the production line at the berlin factory as soon as

next month speaking at a festival, he suggested it would still take time to reach the targeted volume of 10,000 cars per day. and the ministry is expected to green light production shortly thereafter dan ives joins us now. dan, thanks for joining us this morning. tesla guru you've been following this stock for years. looking through your latest notes on tesla, you make the point that building out manufacturing capacity globally remains key to tesla's success how do the new production plants in austin and berlin help it build out production capacity? what kind of gains do they stand to make? >> yeah, these really lynch pins to the broader tesla story in terms of what's happening in austin and berlin. in berlin, there's a massive bottleneck in terms of getting

cars to europe, right now being produced in china getting shipped to europe. then you look at austin, besides headquarters, that's what i viewed could be ultimately double what we're seeing in fremont. you put it together this is now a company that has capacity for millions of units per year rather than hundreds of thousands. and ultimately that's why austin and berlin are the heart and lung to the supply thesis here. >> for years it was like we were talking about electric vehicles as a thing of the future now you're seeing the established car makers make ambitious plans to enter the ev space. how does tesla's technology stack up to what's brewing at some of these traditional automakers >> right now it's a green tidal wave we viewed it as a $5 trillion market over the next decade. but it's still tesla at the top of the market in terms of

battery technology and brand distribution it's not a zero sum game, that's our thesis, gm, ford, vw, they're going to be massive winners as well as foreplays despite the headwinds, chip shortage, china earlier this year they came out with flying numbers. it shows where we are, it continues to be their world, everyone else is paying rent right now in ev land. >> we're at an inflection point. looking at the numbers for europe i read in 2018, 198,000 evs were sold versus 1.7 million this year. that's a huge jump in demand >> it's a massive influks x we' seeing i think over the next two to three years evs are going to double as a percent of overall

automotive look at the last gas prices going on this year that's driving more and more towards ev that's why tesla is the right place right time in terms of what we're seeing in berlin, that's so important in terms of another 250,000 vehicles per year from a capacity perspective. and look at austin, it's about cyber truck which a year from now will become reality. >> in terms of trucks and large suvs, but specifically trucks. what do you think of the outlook for battery powered one. it's a huge part of the u.s. automotive market. do you think americans are going to want to buy electric trucks >> i think right now there's an arms race, especially in the pickup truck look at f-150, 900,000 vehicles a year right now you're seeing across

the board many vendors going after this we think when you put numbers around it, it could be 20% of the overall ev opportunity in the next decade. that's why there's more focus on the pick-up truck market these trucks, i've been able to test drive a bunch of them they are as impressive as i've ultimately ever seen in terms of test driving evs >> interesting it will be interesting to see how demand actually does evolve it in the truck space in the u.s. dan, i spoke to the ceo of volvo cars last week volvo has ambitious plans to go all electric in just a few years, 2030. and they are focused not only on the changing car itself but the changing way consumers may own cars in the future they're putting a lot of emphasis on the subscription model. what do you think of a

subscription model for electric vehicles is that the future >> i think when you look at subscription, i think it's more around the broader tesla model in terms of buying a vehicle and then ultimately the software subscription that comes with it. i think we're going to see all shapes and sizes in terms of evs. you'll see subscription, you'll see more and more of a software piece. and i think what companies like volvo, gm, and others are looking at, now it's the customer base and conversion to ev and software services subscription that's why i believe the stocks get rerated, traditional auto companies it's why our view could double in the next few years because of the shift in evs, not just the u.s. but across europe. vw is an example of that. >> clearly you're a bull of

tesla. but it has a market cap over vw. >> i never viewed tesla as an automotive company i view it as disruptive technology player, which is why i think it's a four digit stock next year. when you look at volvo and other traditional players when they get into evs, you'll see rerating but i think ultimately that's going to be the transformation we see in the green tidal wave. >> completely different way of valuing the company if it's tech rather than auto always a pleasure to have you dan. an ives. >> thank you. meituan shares closed higher in china despite being fined in china. analysts have said news of the fine provides some clarity amid

beijing's broader crackdown on the tech sectors i want to give you a look at the broader asian market we did see a strong trade in the hang seng up about 2%. the regulatory position seen as helpful from the investment community. and you have the mainland trading a touch low. coming up on the show, congested ports and labor shortages are just some of the challenges facing the global shipping sector now it aims to go net zero in the coming d decade we'll discuss that next with guy platten.

signs," everybody. i'm julianna tatelbaum and these are your headlines european markets are broadly in the red and u.s. futures turn lower after the crucial september jobs report misses expectations adding uncertainty to the fed's taper plans

miners buck the plans shooting to the top of stoxx 600. and crude prices also surge. gas prices are higher but british industry leaders warn of potential shutdowns unless the government steps in. the uk's business secretary stopped short of guaranteeing no disrupgs to consumers this winter. >> right across the world, real supply chain pressures you 'seen the chinese have power blackouts they're rationing supply here in the uk our job is to make sure there's minimal disruption and i'm confident. >> global leaders reach a deal agreeing to a corporate tax rate of 15%, after years of disagreement lall right.

we're about an hour and a half into the european session. the ftse outperforming up about 15 points. basic resources outperforming the broader market this morning. we'll look at the sector in a minute but red for the other regions, the german index down about a quarter percent, similar for the swiss market unperformance with the ftse med and the spanish index down each about 45 basis points. let's look at the sectors. basic resources out in front by a mile, 2.6% higher. oil and gas performing well, nearly 1% worth of gains banks and autos holding up well. last week energy stocks were the best performing part of the equity market. banks also performed well last week on the backs of higher

yields so the job report brings questions about the fed's taper. real estate down 1.3 and retail down about 1% as well. the miners, a picture at how the basic resources stocks are faring this morning. asian coal prices surging to record highs, commodities across the board have been strong of late in terms of price action and that's what's driving the commodity trade this morning turning to oil, let's look at wti and brent and how the oil price is looking this morning. oil continues to gain as energy demand rises natural gas prices remain a key focus. there you have it, brent crude trading just under $84 a barrel and wti trading around $81.32 a barrel this is a picture for the wall street open. we saw last week energy stocks perform well

financials benefit as well from a higher yield and steepening curve. this week looks like a muted start to the trade the dow about 40 points lower. nasdaq about 60 points and the s&p 500 looking to open a touch below the flat line. key focus, u.s. cpi on wednesday. and then earnings season gets under way with a number of u.s. financials kicking things off from midweek the severity of the ongoing supply chain and constraints facing it has forced some of the u.s.'s biggest retailers, including walmart, costco and home depot to chatter their own cargo ships ahead of the holiday season in hopes of getting product on shelves with the cop 26 summit now just 20 days away uk cop president has challenged

china, india and saudi arabia to deliver on g-20 commitments made months ago he always also put pressure on australia, france and italy to assist countries in their climate transitions. the chamber of shipping which represents some 80% of the tonnage has unveiled plans to reach net zero by 2050 however it will require support from governments and international organizations. it comes as ports across the world suffer from severe congestion as shipping groups grapple with shortages guy platten joins us now, secretary general of the international chamber of shipping thank you for taking the time to be with us the shipping industry right at the heart of so many issues plaguing companies in sectors

across the board when we look at the supply chain issues and the port congestion that's happening right now, how much of that is a direct function of the overwhelming demand that's come through for delivered goods as a result of the pandemic and how much of it is because of underinvestment mismanagement of key infrastructure >> thank you very much good day thanks for having me on. the vast majority of this is down to the covid pandemic its economics 101 when you constrain supply, massive congestion in ports because of covid restrictions and increase demand in lockdown, you're going to have this problem it's worldwide, global you've seen ships stacked outside u.s. ports and that's repeated across the globe. we've been warning about this for a year it doesn't help that the treatment of transport workers over the last year by many

governments has limited them and exacerbated the problem. >> september saw record backlog of cargo ships at california ports. any sense of how things are going now in california? >> well, it's still very much congested we're hoping in the coming months things will start to ease. but it really is, if you haven't got port operating at 100% capacity restricted because of covid and restrictions placed on them, we're seeing it across the globe, this is bound to cause a backlogs and so a ship delayed at one point is going to be late to another port and so forth. so we're seeing this across the board right now. something we've been warning about for over a year now. >> to what extent is the truck driver shortage -- you mentioned this as one of the factors -- driving the backlog. the fact it's difficult for

warehouses to get rid of their supply, make room for new cargo. if we do see relief on the truck driver shortage side of things, will that be what ultimately paves the way for some of this congestion to actually clear >> reporter: . >> we need more truck drivers, it's driven by the way they've been treated why would you want to spend 14 days in a truck to cross international border or denied basic facilities same with sea fare es not being able to change out yes, it will take time to train truck drivers and merchant seafarers. so the problems are not going to go away any time soon. >> what does this mean for shipping costs they've come down a little bit but still elevated compared to pre-pandemic levels? >> again, it is the fact that we've got constrained supply

we have massive demand these things will ease up over time but you can't just get ships that take two or three years being built. things will resolve, but i feel it's well into 2022 before we get back to normality in the supply chains. >> let's turn to cop 26 now and the net zero emissions targets you've set out for the sector. talk to us about the changes that you want to see in the shipping sector and what you need to get there. >> well, you know, leaving apart covid-19 for one second. the top level thing on the agenda at every board meeting is now decarbonization. we recognize we have to do our part here and we're committing to net zero carbon reductions. doubling our ambitions from what we said before, we believe it's feasible, it's possible. but we need support from

governments to make it happen. that means we want proposal for research and development funds going through the names in the international organization, it won't cost tax payers a penny. it's a levy. we want a market based measure, some sort of levy which will then bridge the gap between the fossil fuels and zero carbon fuels and incentivize to move that we need far more research, far more development and far more political commitment from governments to build the necessary infrastructure, and to ensure that the zero carbon fuels are produced en masse in order to make the transition happen we're ready to do our parts but we need governments and other stakeholders to do the same as well but it can be done. >> what kind of commitments are you hoping to see out of you cop 26 >> i think political certainty it's easy to have an arms race of targets to begin to be honest

with you -- but it needs to back up with technology backed up with ideas and me methodgrme methodology to make it happen. and their infrastructure, the massive investment, 1.7 trillion for our sector alone in infrastructure needed to make this happen in the next decade if we are going to achieve the ambitious goals. >> given the global nature of the shipping industry, how important is it to have uniform, universal adoption of these goals? is it helpful if only a handful of countries actually commit to achieving this >> absolutely. it is not helpful at all if we can get global regulation that's got to be the best. one it's very confusing and distorts the market but it's not going to achieve the overall aim which is to reduce carbon

emissions to net zero, which is what we want, by 2050. that means global action to make it happen. regional won't help. it could end the progress towards that goal. >> guy, on that note we'll leave the conversation there thanks for joining us this morning. guy platten, secretary general international chamber of shipping you can follow us on twitter. if you want to get involved in the conversation tweet me directly at cnbc julianna. a landmark agreement, countries agree to a global tax deal we have mo aerhere reft t bak

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welcome back to "street signs. the oecd has agreed a global tax deal that will see large businesses pay a minimum rate of 15%. the pact signed by 136 nations is set to collect an extra $150 billion for governments around the world each year the secretary general called the

move a major victory for balanced multilateralism the french- minister said the deal with make sure everyone makes fair contributions. >> translator: this opens a deal for a tax revolution, it's a tax revolution because we won't go back, it creates more justice in terms of taxation. finally the digital giants will pay their share of taxes in the countries, including france, where they profit. >> silvia joins us with more this deal has been years in the making break down for us what exactly what agreed. >> there are two aspects here. on the one hand companies will be forced to pay taxes wherever they operate and not just where they have their physical headquarters and that essentially is meant to relocate $125 billion from around 100 companies to countries worldwide. and then, on the other hand,

this deal is imposing a minimum corporate tax rate of 15%. we know that some countries would have wanted to see a higher rate but in order to bring countries on board there was a compromise and that number was 15%. now it's important to note that at this moment there's a huge question mark about how this will be implemented. in particular in the united states because joe biden does not have a huge majority in the senate and janet yellen the treasury secretary said it's important for the united states to approve this deal because they can show the rest of the world they are committed to this deal when it comes to digital services taxes that's an important point to mention because this deal will mean that countries such as france and also the uk who have imposed digital taxes will be lifting them, will be ending these levies essentially so there's this global corporate tax rate of 15% imphlegmed

across these 136 nations and the fact that the digital services tax will be ending at some point when this deal is implemented and -- was an important guarantee for the united states and the biden team is expecting that that will help them getting approval. the approval they need among u.s. lawmakers. >> thank you so much for covering it and breaking it all down for us. our next guest peter vail. peter thanks for joining us. you may have heard silvia there breaking down the deal for us. what do you think the chances are that this agreement actually makes its way into law and we see it implemented in the way that these policy leaders see it and want it to be implemented? >> yeah, good morning. i think we've seen a lot of change in the last few months and data over the last few years. so i think there's a consensus

to get this over the line, a lot of work in the background. and it does look like they got there. it was an arduous task and probably surprised they got there that quickly the headline stuff is done, but there's more important work to be done in the background. the detail is important and i think the implementation date is quite ambitious, i think 2023 is possibly too tight a deadline. i think we'll get there, it's just about timing. >> ireland was a key holdout for a long time. and finally came around once the language was adjusted. and we did see the language adjusted to get ireland over the line do you think this is vindication for ireland for holding out? is that the way you think the irish see it >> yeah. i think it is. i think absolutely it is a vindication of ireland's strategy there's just too much uncertainty with a rate of at least 15%, that opened the door

for higher rates, 20 or 25%. so from ireland's perspective, we would have preferred to maintain our own rights to set our own rate but can we live at 15%, yes, we can i say that because 15% have been the certainty on that is important and having the assurances from the ocd and eu it won't increase. i think 15% is still low, still low in the global context, i say that in an environment of increasing rates elsewhere in the uk and u.s finally i say ireland is more than just tax. i think that's important too. >> it's interesting. you say you don't think it will deter new foreign investment from coming into ireland what about existing multinationals, the ones already based in ireland do you think this changes their cal c calculus >> time will tell. personally i don't think it

will i think it is going to put an emphasis on other aspects rather than just tax. when you look at many foreign investors when you come to ireland, tax is the reason they come first it's a lower cost of business makes sense. but after a few years ask why are you still in ireland, tax is further down the list. that's still important you see access to eu markets, stable infrastructure and stable political environment, educated workforce and supply of labor. i think the last point in particular, talent, it's not just important for ireland, it's important for everybody. that's why we can attract new investment and maintain new investment people want to come to ireland to work, and that's important in the future. >> how prepared is your -- based on your sense and conversations with clients, how prepared are those big multinationals based in ireland for the changes to come into effect >> i think multinationals over the last few years has got their

heads around a different global tax framework than we had going back to 2013, 2014, but the whole issue is avoidance so i think there's an acceptance that multinationals are going to pay more tax, they already are and will again it's probably just a question of where they pay that tax. they know they have to pay more tax. i think multinationals have their heads around it. it's more than just about tax and i think the nontax factors are going to be important for a lot of countries, particularly smaller countries not just ireland. >> 15% is the level that was agreed it took a lot to get to 15%, but there are many, including the u.s., who would have liked to see a higher tax rate agreed do you think there's scope down the line and does this set precedent now for global leaders to come together to see the tax rate increase further? >> that is the big question. i think i -- i'm biassed

clearly, and i would like to think that won't be the case and ireland is looking for assurances it can get that that won't happen but, of course, we can't control what happens in other countries, what's happening in the u.s. for example at the moment. i know there are a number of different proposals floating around in the u.s. and some would see a higher rate than 15% or a higher rate applicable to the foreign groups and that would be major significance for ireland my sense is, this is my own view from talking to colleagues for the -- in the u.s. that it will settle at 15%. at the moment it does look like 15% is the agreed level globally but, of course, we can't control what other countries do. what do you think happens if congress does fail to implement this deal? i certainly take your point, it's hard for anybody to call what congress does from here, but what is the plan b in your view how does it play out if they don't end up putting this into

law? >> i suppose i could talk about it from an irish perspective i think what we wouldn't want is the whole ocd deal to collapse that wouldn't be good because if that did happen you would see a lot of different countries doing their own thing. that's the worst case scenario, not just ireland but businesses because then you're dealing with different tax regimes before businesses globally. so it's in ireland's interest for this to get over the line in the u.s. and globally. it looks like that will be the case at the oment. what businesses don't want is unilateral actions everywhere because that adds compliance so i don't think that's good for anybody. >> just to round out the discussion, moving away from tax for a moment you talk about the other factors that drive multinationals to choose ireland for their european headquarters. i'm curious now that we are more than a year on from brexit, or nearly a year on, it's hard to

keep track of time with the pandemic, how have multinationals fared and how do you think their view of locating in ireland and choosing their view of ireland has been affected by brexit >> it probably didn't get massively impacted, to be honest i mentioned early on, access to eu markets is important so that has given ireland a bit of a lift the fact that the uk is no longer in the eu there was an indication that they'd be more aggressive. but, in fact, they've gone the opposite direction with an increase if had their corporate tax rate so that plays into ireland's hands, makes us more competitive. and with a higher 15%, more competitive again. so i think overall it has had a positive impact on ireland but not a massive impact. >> peter, thanks for joining us on what is, of course, a big time for ireland peter vail partner international tax at grant thornton.

let's look at how wall street is poised to open, a few hours away from the open red across the board, a negative momentum coming through, dow jones looking at about a 65 point drop at the open steeper than we were looking at earlier in the show. nasdaq about 60 points lower at the open and the s&p looking to open a touch lower about 13 points. oil prices and the energy complex has been sharply in focus over the last several weeks. this morning we are seeing oil continue higher, brent over $84 a barrel wti about $81.46 that's it for today's show i'm julianna tatelbaum "worldwide exchange" is coming your way next.

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it is 5:00 a.m. in new york, 10:00 a.m. in dublin, ireland. your top five at 5:00, a case of the monday blues at least for stocks, stocks ticking down as oil creeps higher again. goldman sachs lower its outlook for the u.s. economy for the next two years but with a caveat inflation, nation are the ceo one of the world's largest food brands said you better get used to paying higher prices. and our rbi will show you the reason why southwest airlines canceling hund