is where his spirit lives on, in the crashing surf he loved. ♪ good morning and welcome to "street signs. i'm silvia amaro and these are your headlines barclays raises guidance and third quarter crushes. >> we see costs under control. positive two quarters in a row in investment bank

700 million pounds out of the 1 million for this year. in the driving seat, tesla surging pre-market after better than expected third quarter earnings after elon musk sounds a particularly bullish note on sales. >> i want to give a rough estimate which is 20% to 30% vehicle growth next year you know, notwithstanding negative similar events. renault driving higher asas expected revenue growth in the third quarter. and positivity in the luxury sector hermes leads the way after posting double digit sales growth with kering moving into the green after weak profit on

gucci demand very good morning, everyone. we start the show with breaking data from the eurozone in terms of the latest pmi readings let me share these figures with you. the composite flash pmi came in at 40.4. that is off 40.6 when you think of the manufacturing and services, this is what we have in terms of services the final reading at 51.2. that's also actually slightly lower from what analysts were expecting at 51.5. in terms of manufacturing, a very important discussion right now in terms of the outlook for the german economy in terms of their manufacturing capacity the figure for the eurozone came in at 45.9 that is slightly higher from

what analysts were expecting at 45.3 all in all here, in terms of the overall picture, what we are seeing is indeed better than expected readings for the eurozone in terms of the composite flash pmis this is earlier from this morning with the breakdown across the two major economies in the eurozone. the french economy showed the contraction at fastest pace in recseven months from germany, the business activity contracted at the slower pace from october at this stage, investors digesting the pmi for the eurozone and it comes at an interesting moment where we are still trying to figure out what the european central bank is going to do next let me refer the comment from the dutch central bank governor

who spoke to cnbc yesterday, my colleague, karen tso he explained clearly what we are seeing in the eurozone he says there are concerns, really, different concerns about the fiscal position when you think about germany, the largest economy in the eurozone, it is about some of the structural challenges and in particular, manufacturing. the concerns are slightly different when you think about the different economies within the eurozone and, of course, today's pmi play is important to decide the cut from the european central bank with that context in mind, let me show you how we are trading the stoxx 600 is trading .50% putting an end at this stage what were three negative sessions in a row. we had the stoxx 600 ending the session yesterday down .3%

the mood this morning is actually on the positive side. investors very much focused on the earnings results we're getting today and, indeed, offsetting the uncertainty recently regarding the upcoming u.s. election. let me show you how the bourses are trading across the stage we have green across the board in the wake of the pmi figures with germany and france, both bourses trading in it the green at this stage. it is a different rhetoric from the markets yesterday. given it is heavy on the earnings front, let me show you how the different sectors are trading at this stage. looking at the best performers, we have travel at the top at 2.2% household goods trading higher by 1.5%. some of these moves are related indeed to the earnings we have

received so far this morning i would highlight within household goods, unilever showing it is winning back shoppers amid lower inflation we're seeing across the board. however, looking at the other side of the equation when it comes to the worst performing sector, this is what we have at this stage with the retail names. for the rest of the market, as i highlighted earlier, we are seeing a positive tone today let's see what happens throughout today's trading session. i'm p plleased to say we have o guest with us in the studio. good morning >> good morning. >> first and foremost, the latest pmi in the eurozone came in higher than expected, but do you think this is a moment to be positive for the outlook eurozone

>> it's a difficult answer to the short question in the sense we're stigll in the slowdown phase in terms of the economic activity we are digesting the rate hikes the economy has gone through and let's say hampered by the manufacturing performance. we know the stock market should be forward looking do we think 2025 and 2026 will see a better environment for corporate profits as the central bank cuts rates? yes, perhaps, at some point after the u.s. elections the time will come to look at the portfolios and say do we havewe have very cheap and if so, we might in terms of asset allocation with the u.s. versus fixed income. >> how are you thinking about the allocation we are still trying to digest

what the officials might do in december how do you position the portfolio amid the uncertainty >> the best thing is to wait and be patient until the 5th of november we decided not to do anything in the sense we are looking at the portfolio performance which is very good. it is driving more toward equity overweight next year if we have the clarity we need on the fiscal stance. we know what the fiscal stance is in europe whether the fed can continue also easing policy slightly which is going to be a great benefit to emerging markets in particular, but the global economy more broadly we are tilting risk on and we could be risk on, but we need to see what the policy platforms would look like after november

5th. >> no action until that election let me ask how you are from projecting rate cuts from the ecb. some of my colleagues had in washington, d.c. yesterday or ecb officials were starting to see a concern with the ecb under shooting the inflation target. how likely do you think that is and likely to see a 50-basis point in december >> what was described today was not sufficient on the pressure the ecb last few years and the general forecasting, you are hit by shocks. the size were shoe o large, it b bias i expect in december you will have two reports by then and will -- one pmi report and two cpi reports.

that inflation will under shoot the target if the ecb doesn't cut interest rates more quickly. the case for '25 is baked in the question is if they have enough room in the forward looking forecast to do a 50. the problem with a 50, if you speed up the pace, it is hard to revert back to 25 or data d depe dependent. the ecb needs to go to 2% as quickly as they can. there is an argument that should cut 50 once you get to neutral, broadly the level that 2% lies, then you start to slow down the pace of cuts it is not a situation where they need to rush they have meetings every six weeks. they can be independent, but the bias is more rate cuts >> when i start to think about this debate about whether there might undershoot the inflation target, i can't help but thinking about the historical terms for monetary policy in

terms of the ecb they have struggled for so many years to achieve inflation target of 2% at the time was the note is this, perhaps, the issue that the ecb will always be facing where they will always struggle to hit the inflation target of 2% it will more likely to be on the lower side rather than overshooting it? >> yes, i think the bias is a dovish central bank when you look at central banks. if you think about the fiscal stance which is a very important component of the overall policy stance, europe is really tight on fiscal and, therefore, monetary at the margin is to be more accommodative nespecially i administration in france and germany is struggling with the

brake. >> let me talk to you about equities and specific you said you were slight overweight position in european, but not uk equities explain to us why not uk equities >> the problem with uk equities is a small market first and a market cskewed to the commodity. you can see the banking system with a steeper yield curve should do more the commodity spectrum looks complex for us and we are skewed to the down side of oil prices unless you've got a really strong story of global economic activity accelerating, it will be a difficult position for the uk and i'm happy with those particular sectors overweights within the uk index. i think it is easy to be more

methodic we avoid country biases because there are stocks we don't particularly like from the medium term perspective. >> let's see what happens next week thank you for your time this morning. that was the ema head of investment strategy at citi wealth. the imf says global public debt$100 trillion by the end of the year. in the fiscal monetary report, growing spending pressures could push debt levels above current projections with governments facing public resistance karen had a chance to speak to the bank of lithuania chairman in washington, d.c. and asked if he was concerned about the risk of inflation undershooting >> our risks are balanced. yes, despite inflation caused by

the post-pandemic world and the russian aggression of ukraine and the overall effect of the energy market and raw material market but these effects are disappearing they are -- they made substantial progress to bringing inflation to 2%. yes, there are uncertainties as we have already been talking about, but not now, not the ecb projection for 2026 is 1.9% of inflation. i think december's meeting is going to be very important not only that we will have new high data and economic projections and not only for 2026, but also for 2027 and this would bring a new longer term perspective in the policy making. coming up on the show, we'll speak exclusively to the cfo of

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welcome back to the show let's look at barclays the bank has reported an 18% rise in the third quarter and the strong performance pre-tax profit at2.2 billion are pounds and the upgraded the outlook for the full year. the cfo told cnbc the lender is resilient to falling interest rates. >> barclays has had a very disciplined approach to the management we have the thing call the structural hedge which is a way of smoothing out the interest rates on our income. that is causing the nii expansion in the past couple quarters as far as the budget, look, this government has come in with a very small transfer of power

which is a great credit to the united kingdom it shows the strength of the inn substitutions of the country next, i think they understand the importance of the growth as you know, we had a successful summit in the uk last week and the importance of the financial industry and the banking sector in particular in partnering with the government and partnering with other private agencies in fueling growth in other earns news, hydro third quarter ebitda raised kronas as they benefitted from the higher aluminum prices and lower costs. i'm pleased to say that the cfo of hydro is here to discuss the results with us. good morning good to see you. >> good morning. >> i like to get your thoughts, first and foremost, has

developed. clearly, the higher aluminum prices benefitted this quarter explain to us the dynieynamics past few months. >> good morning. thank you for having me today. first of all, i'm happy to see the strong businesses in hydro backed by the strong development especially in the aluminum price and aluminum prices. especially for the markets, we see strong development in the quarter and also for q4 driven by a really tight aluminum market globally. for the global aluminum market, we see healthy demanded growth globally driven by china the main side is the downside business which is weak in north america and construction and weaker demand from automotive. all in all, we are very happy with the strong result driven by our businesses. >> given your experience in the sector, i also would like to

understand what is the outlook at this stage in terms of aluminum demand for the next year or so how do you think the business will pan out in the future >> well, globally, we see a quite healthy picture. especially it is china and the non-u.s. markets driving demand. especially in china with the developments in the business sector with the green transition making an impact in china. the demand for electric vehicles and electrical grid. that is supporting the demand growth for china for the western markets, still, we are dependent on the interest rate cuts. >> and before we were discussing in more detail the impact of lower interest rates, i would like to get your thoughts on what happened in terms of recycling margins. i noticed in the report these

were lower this quarter. perhaps explain to us what drove this weakness. >> our recycling business is really a margin business and the combination of weak demand putting pressure on the pricing, but also weak activity in the construction market which is a very important sector for creating the recycling and recycling business the combination of this really puts pressure on the market and recycling business and pressure with results over time, we see the healthy growth in scrap supply over the coming years and the recovery in the market that would support also a healthy profitability over time in the recycling business. >> let's discuss more the macro outlook. you highlighted the importance really of china as a geography for you. recently, we have had a lot of announcements from china with the stimulus measures. we still like details in some of

those. nonetheless, how are you reading the announcements from china and could they actually provide a further boost to your business in the near future >> so, when it comes to the stimulus of china, that clearly has been important for the markets this quarter clearly, you see the impact on the pricing through the quarter. when it comes to impact on the demand side, i think it is still too early to say whether this will really make significant impact, especially on building construction which is important for a lot of commodities and also aluminum. as i said earlier, i think the important side for aluminum is the transition demand and we see the increased demand from the sector is really offsetting the demand for the building construction and current environment. >> let's talk about rates. obviously, we heard from several central banks with the cuts. more cuts are expected in the coming months. just explain to us how that is likely to continue to provide a

boost to the business. >> well, i think we need to see further cuts going forward and it is especially the expectation in the building and construction market it is mostly important for us to see how that plays out we expect that when the rates come down, we will see increased activity in building and construction again, that is an important driver for aluminum demand especially in the north america market we have to wait for further adju adjustments, but with lower interest rates, we expect high demand into next year. >> right we'll continue to monitor the business thank you for joining us today that was the cfo of hydro. now in the energy sector, speaking of the energy space, karen sat down with the president in washington, d.c. and asked whether germany needs to move away from its debt brake

to boost investment over concerns of higher energy costs. >> the impact with the war in ukraine and it's impact on energy makes a difference in europe when you see the energy price in europe compared to the u.s., it is three times higher. that was a situation in europe what is clear is that need -- europe needs long term transition for the digitalization that is where the debate about the debt brake is and i'm not going to interfere with the german debate. there was a need and there was a decision taken last year which had a big impact on what germany can do i think there is a need for investment that needs to be addr addressed. coming up on the show, we'll discuss tesla after the company topped estimates for the third quarter with the car company selling a bullish note on future sales. we'll discuss after this break

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welcome back to "street signs" everyone. i'm silvia amaro and these are your headlines tesla surges on third quarter earnings after elon musk sounds bullish on sales >> i want to give an estimate which is 20% to 30% vehicle growth next year notwithstanding negative similar events. renault drives higher bucking negativity in the auto sector with the economic growth in the third quarter. barclays shares hits a nine-year high after it raises the net income guidance with the third quarter profit crushing expectations the cfo tells cnbc efficiency

savings are progressing well. >> we see costs under control and the investment bank with 700 million pounds of the 100 million pounds cost savings this year some positivity in the luxury sector. hermes leads the way after posting double digit sales growth in the third quarter with kering also moving into the green. this is despite issuing a profit warning on weak gucci demand we started the show looking at eurozone pmi data we are getting the numbers for the uk the latest flash pmi figures for the uk, composite came in at 51.7 that is lower from what with analysts were expecting and going into these -- this

release. when it comes to the difference between manufacturing and services pmi, manufacturing pmi came in at 53.3. this was lower than what analysts were pricing in in terms of the services sector, the pmi reading came in at 51.8, also lower from what analysts were expecting at 52.4 so, the overall performance for the month of october in terms of business activity in the uk coming in a little bit lower from what analysts were expecting. of course, this is particularly important as we approach the all-important announcement next week from the chancellor rachel reeves due to proesent the next budget in terms of what she might announce in terms of taxes. in terms of sterling/dollar, sterling is moving higher trading at 1.29.

let me say you to the different european markets and in terms of how we're trading so far this thursday morning we are seeing green across the board. looking at the different bourses, we have the ftse 100 trading higher .9% off the back of the pmi release the trend in the equity space we are seeing this morning is very much related to the earnings we are gettingcont continent, whether that is banking or consumer space, that is providing a boost to the european equities after a negative session on wednesday. in terms of the bond market, let me show you how euro szone bond yields are trading at this stage ahead of the pmi release, eurozone yields dipping ahead of those figures. at this stage, we continue to see further downside to the european bonds, for instance,

the yield on the ten-year bund is moving lower and 2.27%. when it comes to the u.s. yield market, this is what we are seeing at this stage it is particularly important to note what's happening stateside because there are a lot of different dynamics c of course, you have the election coming up and the fed speakers in recent days the ten-year yield moving on wednesday due to the uncertainty with the election. we continue to see further downward pressure in the market in the u.s. at this stage as well let's see what we'll get later on today just a brief mention to the fact that we're going to see initial jobless claims released in the session. we are also going to get manufacturing services pmi let's see how that impacts the moves in the bond market let's briefly look at futures at

this stage futures suggest a mixed start to the trading session on wall street worth reminding our viewers yesterday we saw the dow and s&p both posting their third straight negative session and when it comes to the dow and na nasdaq, they posted the worst daily performances since september. let's see what happens later on when wall street starts trading. in europe, renault backed the full year better than expected after the 1.8% rise in the third quarter sales. this market has been strong demand for the new models which helped to offset the lower overall volumes. speaking of the auto sector, tesla shares jumped in extended trade after the carmaker topped analyst estimates for the third quarter earnings and gave up beat guidance for next yeear

revenue grew while net income jumped 17% to $2.2 billion the ceo elon musk expected higher growth next year due to lower cost offerings and advent of autonomous vehicles. >> to take a bit of a risk here, i want to give some rough estimate, which is 20% to 30% vehicle growth next year you know, notwithstanding negative events. some big war breaks out or interest rates go sky high or something like that. >> our arjun kharpal joins us to discuss the latest results from tesla. good morning, arj. the shares are higher by 12% in extended trade explain to us really what is driving this move in the market. what were investors happy with >> if you think first back over the past few quarters, the story of tesla has been one of margin

pressure because they had to cut the prices of their car amid the lack of demand and rising competition as well. the market has been waiting and waiting to figure out when does this margin compression end and when does growth return to the company? that is what this was all about. not huge, but returning to growth the key also number in this was around the gross margin which was above analysts estimates which was a jump from the prior quarter as well. also, if you look at the automotive, that was just about 17% beating wall street estimates at this point. those bulls are thinking tesla is out of the woods and gone through the worst of it with margins and on top of that, what elon musk said about guidance for next nyear saying he expects 20% to 30% vehicle growth driven

by the lower cost model. >> tell us about the autonomous drive that elon musk was announcing is this actually feasible? he sounded very bullish that this is actually something we're going to see in the very near future, but they don't have one working fully autonomous vehicle as of yet. is this likely to actually work out? >> so, elon musk for years has had this vision in a world where tesla owners would be able to let their car out at a part of a broad network of taxis or autonomous taxis we had the cyber event not too long ago analysts were scratching their heads. elon musk said he expects massive production on the cy cybercab in 2026 that could reach 2 billion units a year which is a huge number of cars as well. 2 million units a year

a lot of cyber cabs there the question here is, one, what's the regulatory situation like and will this be a lallowe on the roads two, is tesla up for this as well that's another question. there are a lot of question markets over the cybercab. those who are bullish on the company, they are all about aut autonomy they are solving autonomous driving in these areas i think realistically in the near term, what the market is laser focused on is, one, can tesla maintain its current trajectory of margins going higher and, second, will it live up to the promise that elon musk said that is sub-30,000 model to reinvigorate growth and renew the product portfolio at this point. >> in the short-term, i read about additional pressures coming from the u.s. election because elon musk has been so

close to what is happening in the political front as well. we'll continue to monitor what happens to tesla thank you for your time, arjun. let's look at the full-year guidance for galderma after posting $3.3 billion in the first nine months of the year. we are also looking at the luxury space this morning. we heard from kering it issued a profit warning saying it expects 2024 operating income to halve against last year coming in at the lowest level in eight years the warning comes after third quarter like for like sales at the groups profit driver gucci fell 25% on the year amid weak demand in china. however, we also heard from hermes it posted third quarter sales rising as the luxury giant out perform s it peers

we have charlotte with more. charlotte, the story is different with kering. >> you are right we have different types of stories there. starting with kering it is a turn around story within the luxury that is different for kering with gucci they had two profit warnings this year. that is extra warning last night saying operating income was half of the lowest since 2016 again, it is all about gucci and demapnd in china. they need a new creative director and a new ceo who comes from vuitton and prada they try to elevate the brand. it is a turn around. the question is will investors

give kering the benefit and putting everything in place for the strategy and it is a change of aesthetic and a quiet luxury brand and the flamboyant look. waiting to see what happens there. by the end of this year, the gucci with the offering from the designers. they are changing their retail foot footprint. they are in the smaller shops and exclusive ones they also have difficulties with sa salon. they are trying to cut reliance on gucci they created the beauty division high-end fragrance is moving well and they are working and putting bits in place. the question is will investors give them the benefit of the doubt. the stock is down 40% this year.

looking at hermes, different story. more demand than offer you have to be on the waiting list for their 10,000 euro bag birkin only some of the most exclusive cus customers. a different model. the very end of luxury of course, a customer doesn't suffer the ups and downs as the as pe aspirational buyer even in china, the demand is up. very different story there other players are trying to be hermes can you have several hermes? the jury is still out. >> it is a special business model. >> like ferrari, a league of their own. >> they are focused on that. thanks for breaking down the numbers, charlotte.

coming up on the show, we will be looking at more earnings this time, seb shares posted a fall in net interest income. we will break it down with johan torgeby next

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welcome back to the show let's look at sk hynik shares moved higher after the chipmaker posted a quarterly profit beating expect tationis rebounded from last year and staying with the chip space. we heard from the ceo jensen huang who spoke in the summit in india reearlier today and expand on a.i >> the next generation is producing and delivering a.i as you know, the delivery of software coding and delivery of

a.i. is fundamentally different. dramatically more impactful. insanely more exciting the ability for this industry for india to help every single company around the world to enjoy the benefit of agents and to enjoy the benefit of a.i. across all of the different functionalities and to be able to deploy it at scale, i don't know anybody else who can do it. >> intel shares are ticking higher in pre-market strtrade ae the european court of justice moved in the favor of the company. the eu commission imposed a $1 billion fine in 2009 accusing it of giving rebates to a number of computer makers and attempting to block rival amd from gaining market share.

the irish government is set to receive a $14 billion tax windfall from apple after the court ruled it gave them tax benefits which were illegal under the becloc rules. karen had a chance to speak with the imf director and asked what the fund would mean for the irish economy. >> we are very clear in the wider economic windfall of receipts received this year and next year up to $14 billion. we are not using that for day-to-day spending or cut taxes. we are focused on how to move future economic development for ireland and we have housing and energy and water and infrastructure and transport so we support future economic development for ireland to promote digitalization for the economy and build huge

opportunities in terms of building a green renewable economy for the future we have a wider economic valuation to invest that for the future while also putting a significant other elements aside and putting that aside in the two funds we established to manage the long-term economic needs of the population and sustained progress particularly with employment and growth. >> karen also had a chance to speak with the swedish finance minister and asked her whether she's concerned about the impact of challenges in the real estate sector. >> i'm not that worried about the bankruptcies yes, it is higher, but we are in a recession and we had high inflation. we see next year and year coming after that, things will change we see already this january, we will see recession go to its deepest point and then we will have a better growth and i'm

very glad of that. now, seb shares are lower in the trade after the third quarter net interest income missed forecast despite the beat on the bottom line the swedish lender backed the full-year forecast i'm pleased to say johan torgeby is joining us with the results good morning, good to see you. these results are showing a bigger than expected drop in the net interest income. explain to us what happened here >> well, i don't understand the expectations, but i can explain what happened in the bank. i can take a step back and think what we are going through in europe right now there are tens of trillions of euros in the bank balance sheets around right now, we are in the process of re-pricing money as we know it with lower interest rates sweden, in particular, is going a little bit before and, of course, significant expectations of further cuts are well

anchored in the market this quarter, i think, is very much playing out in the direction of travel as one would expect nii is coming down and we have compensation because of the activity base is coming up both fees and commission and the fees we take when we do transactions and nfi, net financial income, with assets on the inventory. we missed on the expectations. i do think we beat significantly on the other lines, particularly nfi, there is less recurring element. that's a potential explanation for the reaction. >> right let's also talk about the different parts of the business and looking at credit demand among your corporate and private customers, both showing quite a lot of caution in this quarter what is happening here what are customers telling you at this stage? >> i think we are well, call it,

anchored, in a lower interest rate expectation we already seen three cuts with 25 basis points each there is a wide expectation of further. that is a category of wait-and-see mode with corporates and households. now reserves in the household sector and corporate sector are used they are not borrowing on demand or a little bit of light at the end of the tunnel for the housing market, but nothing happening in the third quarter of the year. >> exactly where i was going to go next. real estate market we show comments from the swedish finance minister suggesting we don't see recession at this stage. that she's not worried about significant bankruptcies either. however, what is the outlook for the troubled real estate market? >> i think we have been very

cautious around this trouble that is, we have been quite con tr constructive and not too worried. also, a 15-year history where the housing sector, the real estate sector, the commercial real estate sector grew very much right now, it is a sigh of relief it's definitely turned a corner and downhill where rates are coming down and taking away some of the pressure from the real estate sector. however, there are still a few businesses that come out well. certainly in seb with expected credit losses we have taken. not worried about that in the future. >> interesting very good to get that clarification. i would like to get your thoughts on broader banking themes across the continent, we see themes of further consolidation. i like to share the comment from

the ceo here of the strains are weakening the banking sector in europe do you agree with his statement and ultimately, do you think it is time for regulators and policymakers to support further consolidation in the banking sector >> the first point, we seem to have a quite fundamental problem with the capital markets of europe we know capital formation and risk to capital and well functioning stock exchanges and ability to fund the banking system and other funds that provide a disadvantage in europe compared to the u.s. i think regulation plays a part in such comparison that there should be, of course, as a banker, a level playing field. if we could have the same global standards, that would help a lot to win with your alpha and not lose because of your beta, things you cannot control. consolidation has been the topic for many, many years it is inherently very difficult.

i am, of course, intrigued by the transactions playing out in europe it is the solution to some of the fragmentation problems there are so many reasons why the european market looks like it does. national, call it, the general public's opinion about the sector and industry, is very, very different across europe for the domestic side. like seb most of our business is international. we play in all countries. >> just to clarify before we finish our conversation, does this conversation around potential mergers in the european banking sector are making you look at other competitors as potential buyout opportunities? >> we don't have any acquisitions of any meaningful nature in our base case or plan. so, that doesn't trigger it. however, we stay close to the development in the market that is relevant for us. >> very clear. always great to hear from you. the ceo of seb

as we approach the end of the show, here are the four things to get you up to speed ahead of the market open on wall street fed speak will hear from cleveland fed president this afternoon. on the earnings front, harley-davidson will publish the quarterly results. boeing workers have voted against the wage offer extending the more than month-long strike at the embattled planemaker and antony blinken continues his trip to the middle east in the push for a cease-fire. that is it for the show. i'm silvia amaro stay with cnbc "worldwide exchange" is coming up next. do you life insurance policy you no longer need? now you can sell your policy - even a term policy - for an immediate cash payment. call coventry direct to learn more. we thought we had planned carefully for our

retirement. but we quickly realized we needed a way to supplement our income. our friend sold their policy to help pay their medical bills, and that got me thinking. maybe selling our policy could help with our retirement. i'm skeptical, so i did some research and called coventry direct. they explained life insurance is a valuable asset that can be sold. we learned we could sell all of our policy, or keep part of it with no future payments. who knew? we sold our policy. now we can relax and enjoy our retirement as we had planned. if you have $100,000 or more of life insurance, you may qualify to sell your policy. don't cancel or let your policy lapse without finding out what it's worth. visit coventrydirect.com to find out if your policy qualifies. or call the number on your screen. coventry direct, redefining insurance.

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