and generali is high on news that allianz could take a stake.s of the currency markets, we're seeing some dollar softness and that's the dominate story given the stance that donald trump took in his inaugural speech on friday and some of the policies announcements he made in terms of ripping up nafta and tpp. those were not met by open ears. and keep an eye on the pound sterling as today we're going to be getting teresa may's industrial policy approach and that's higher to the tune of 2/3 of 1%. >>> the russian celebrations took place near the kremlin in response to donald trump's in g inaugurati inauguration. and asked novak whether trump's energy plans could derail the pact? >> translator: trust me we're very closely following the plans. and it's very pleasant for us that energy occupies first place. we believe, for the dwroindustr a whole that the aerj sector should develop and the largest, such as u.s.a. will be doing this and it would make sense in the future to resume the dialogue. >> do you anticipate with the appointment of tillerson as

buying voting rights in intest is a sanchez, in a defensive move to block the italian lender and allianz from any potential takeover. >>> theresa may wants a clean brexit but things could about to get messy if the supreme court rules against her. we're live in front of the highest court in britain for a landmark decision on article 50. >>> good morning, everyone. let's kick you off with some data this morning. looking at the eurozone january pmi, a flash estimate of 54.3 for the composite pmi verses a forecast of 54.5. a tad weaker than expected. the december composite was 54.4. i want to dig deeper into the manufacturing numbers. manufacturing pmi flash is 55.1. that is higher than the forecast. the services pmi estimate is . 53. 6 but that is lower. in germany the flash pmis were weaker with manufacturering stronger but services weaker. that tells you that, yes, we are still seeing some improvement, and that leads us on from a very strong fourth quarter which points to 0.5% growth for the eurozone, so seeing uneasiness. >> we still are. today is a super, super important day in britain.

among the preferred insurers are allianz, avooiva and st. james. >> shares of zodiac aerospace are receiving a boost to overweight while airbus is taking off. almost up 3% for airbus, 3.1% for soez yam. >> persimmon posted an eight year rise in full-year revenue, this despite the uncertainty around brexit. the second biggest home builder said average selling prices increased to 4% year on year with healthy customer demand for new homes. persimmon expects second half growth margins to improve as well. >>> new car sales in the uk hit a record high. 2.7 million cars were sold. that surpasses the previous report of 2.6 million set in 2015. however sales to individuals have fallen every month since april, but overall figures were supported by business demand. and u.s. new auto sales also hit a record high in 2016, phil lebeau has the details. >> reporter: for the first time since the early 1920s, auto sales in the u.s. were up for a seventh straight year. 2016 sales came in just above the total we saw in 2015. basically at 17.5 million vehicles.

allianz.illion in assets under management. is this times as a business professional? >> this is exciting times. we're cautiously optimistic about the outcome but there are things to be concerned about. three things we're worried about today, first what does donald trump really believe? we see many occasions where he changed his tune from what he campaigned on to what he is implementing. i heard from the broadcast, that theresa may says he likes nato. couple weeks ago he thought it was useless. second thing he appointed very strong individuals into his cabinet. many of whom have opinions that are completely opposite of those that he campaigned on. and these folks are not soft folks, very strong people that have thoughtful opinions. and so, is he going to listen to those individuals and take their input or he is going to be sort of a dictate tore and just have them there. if so there could be conflict in the administration that we're worried about. the final thing a lot of what he described he w

mohammed el-erian of allianz. i want to direct your attention to what is on the screen. this is philadelphia, we're awaiting theresa may, uk prime minister speech. it is expected to be heavy on quote, special relationship she is going to derscore. there is a little bit of whistling past the graveyard. she needs thunit states right now if she is forging ahead, we know she is, with "brexit," with the exit of the united kingdom from the european union. peter barnes in washington, d.c., as we watch together -- i'm sorry philadelphia. as we watch this and wait what do you think the crowd really wants to hear from theresa may? it will be a friendly crowd i would imagine? reporter: yes, it will be friendly crowd, liz, no question about. trade is big item on agenda for theresa may and president trump. wanting to get a bilateral deal. we want headlines from president trump's flight back from philadelphia after his remarks here and on the question how he wants to may, will propose to pay for the wall, for this, the wall on the mexican border, and his spokesman, sean spicer, press

united arab emirates have banned the keeping of wild animals such as allianz or tigers as pets.e oil—rich gulf state, owning these is known as a status symbol but now they reach —— riskjail or a fine —— lions. south korea's president did not show up south korea's president did not show up on tuesday but the court is expecting her to be there for the second hearing in her impey to the trial to start in a few hours. the first hearing on friday was postponed. it can start without her is she doesn't come. i asked how likely weather she will appear today? it is not obligatory for the president to be physically present during the procedures and it is likely she will not be attending today. it will be the lawyers who will argue both sides of the case. last month, lawyers listed 13 charges including corruption and bribery for impeachment. —— grounds for impeachment. she has been found guilty of donating large sums of money to company that were controlled by a close friend. president park geun—hye has also been found guilty of negligence to do with 130 children who died at sea. the motio

preempttive strike to ward off any move since it was reported that intesa was interested in a takeover by allianz. it effectively blocked intesa's ability to take a minority stayed. finally analysts have questioned whether rival axa from france may step in with a bid since generali's new boss was previously an executive at the french insurance giant. however generali is considered a strategics a s s a setasset for government. quite a protracted story there. >> it's very complicated. lots of moving parts. >> if this deal needs to go through, we need to look at some of the anti competitive pressures all these companies may be facing. >> sticking in the arena of financials, deutsche bank has declined to comment on its report -- on a report that it's mulling a part ipo of its asset arm as part of its restructuring plans. cnbc sources learned that a partial flotation is planned. they could sell off a quarter of the deutsche asset management. speaking to cnbc in davos, the deutsche bank ceo, john cryan denied the bank was considering a spinoff. >> asset management remains core. it's a separate fiduciar

mohamed el-erian is the chief economic advisor at al allianz.how much this pressure is putting on emerging markets. mohamed: em differs, like in this region, pegs to the dollar, others are free-floating. it differs from country to country, but the bottom line is tighter conditions for the emerging world. now it is not a disaster because they can offset that through other means, but it is something that they have to pay attention. reporter: a lot of people have been interpreting yellen's comments as indicative of a thenps a more hawkish fed we have been experiencing. i found her comments particularly on the idea she does not want to run a hawk economy as an experiment. what was your take on this? mohamed: if i was to put it in one phrase, it would be beyond data dependence. i think the fed took a small step beyond being just data dependent. now it didn't come in the statement. if you look at when markets moved, they actually moved to during the press conference and , that is part of what you said, she walked back to the notion of high pressure. s

i have the ceo of allianz talking about what the industry will mean going forward, and whether or not it's such a critical point in the industry, whether or not 2017 is different and they can make more money given all the things they've been talking about. monetary policy shifts, donald trump has been a topic at davos already. we also have tanya talking to forest whitaker, reactnowned ac and humanitarian. and she will talk to arianna huffington. back to you. >> take notes. take notes. everybody in the studio wants to hear more. we'll be watching as well. thanks. don't miss our afternoon show. that takes place as well in davos. carolyn, that's at:00 in t 4:00 afternoon? >> that's right. i'll also do a panel at the sanctuary, talking about the future of healthcare, the intersection of healthcare and technology. talking about the new buzzword in the industry, precision medicine. stay tuned for that. you were talking about the afternoon show. we have got a great guest lineup once again. we will be talking to none other than the executive director of the iea, getting some reaction to there

. >>> the ceo of intessa intesa sanpaolo is considering a joint venture with allianz.ntesa is said to feel free to look at options to grow provided they don't hurt the bank's capital strength. more than 100 italian mps have questioned the deal in parliament asking the government what steps it plans to take to prevent a foreign takeover. joining me is james andrews. james, good morning. >> good morning. >> thank you for joining us. we were going to the break talking about chinese new year kicking off this weekend. what does the chinese new year have in store for european equities? >> for european equities, in the short-term the numbers look good. fundamentals in europe are positive. however i am nervous about the overall political backdrop, and the italian banking situation, which is obviously a loud that looms. >> you're not the only one nervous about the italian banki political back drop. do you think if we get a reform candidate, we could see some upside? >> certainly. the nervousness is around this populous movement, brexit, trump. that, i guess s wheshgguess, is ne

there were reports that allianz was a possible inquire -- require are -- seeing this as a possible defensee amid that speculation. italy's biggest insurer may be required. we are seeing up 8.6% at the moment but the stock did rise the most since 2010. another massive move we are group, theith bt biggest drop since 2008. down 17% at the moment. this after they more than tripled the size of a italian unit and said that weakness in the u.k. and international corporate markets would hurt results this year and next. i'm looking at sap. not a move but we have interesting numbers. the company raising its target for 2020 results. the latest suite of applications at a faster pace and we spoke exclusively to sap ceo this morning who had this to say. our business in it u.k. is actually up post-brexit more than it was before the brexit announcement. we tend to grow faster in times of change because you need digital to manage through disruption. he was also pretty positive on the u.s.. guy: thank you very much indeed. let's go back to the politics in the judiciary. may int day for theresa the supreme c

they are interested in generally allianz lower at the open. guy: thank you very much.talian bonds could be a massive home run. a couple of blocks talking about -- first of all, do you agree? >> i think i see the shorting of the sherman -- german bond is a money losing trade for investors. or just inflation rate losing money in terms of purchasing power by owning at the moment. we have two other factors, the world of the financial markets needs collateral. there is nothing better than a german bonds. a huge demand from the investment banks and commercial banks. on the other side it is a hedge. a positive hedge against --guy: this is been a trend that fascinated me. i have heard over many years since 2000, all the theories about how durable ends up breaking up and the eurozone breaks up. how you should hedge around that. they were all incredibly collocated. buying the bund isn't. this year, we think by the end of this year, even if everything goes well and we don't have a brexit type of event in europe we think europe as to keep the legitimacy of its democracy by moving

sporleder, senior advisor to allianz on european equities. manus, back to you.with great interviews coming out of frankfurt today. up next, executives from the world's biggest dhp. -- bhp/ . metals continue to rise. details, next. this is bloomberg. ♪ manus: welcome back. it is the european market open, london. matt miller in frankfurt from the goldman sachs global strategy conference. copper futures are rocking it out this morning. the metal was seen as a bellwether for the global economy. is it up? there you go, just under 3% for the day. cannot rally continue? we had a meeting -- can that rally continue? powerpledges to develop for the mining industry. , managing editor for commodities. they are all on a journey, aren't they? tell me this, how much more of a leg up do you think this copper we havean have? will: had a couple of calls the last couple of days that's a 6000 as well within sight. we have had that from citigroup, who are pointing towards potential mining unrest in the industry. that from japan's biggest smelter today. that is being driven by optimi

contest, chris ashton, who isjoining toulon at the end of the season, scored the game's only try at allianzewhere exeter are out, after a heavy defeat at clermont auvergne. ronnie o'sullivan will face joe perry in the final of snooker‘s masters at alexandra palace in north london this evening. o'sullivan had to recover from 4—3 in his semi—final with marco fu — and having to replace the tip of his cue. he won three frames in a row to seal a 6—4 win. ijust felt, like, all the way through that match i felt, i can win thism but i have to play well, and i can't make many mistakes. and the little shot was missable. i thought it is a tap against me, but i can do this. when i did it i was so relieved, because now i have another day to get used to the tip. joe perry trailed barry hawkins 5—2 in their semi final before an astonishing come back — the game hinged on this snooker in the eight frame. he then went on to win fourframes in a row. and will now try to stop o'sullivan winning a 7th masters title. in golf, england's tyrell hatton takes a one—shot lead into today's final round at the abu dhabi