especially for hermes. thales to hermes, thank you. the buyback is coming into play this morning.is worth paying attention to. earlier on, maybe one of the reasons we are seeing -- president trump is facing criticism from industry workers and foreign governments over car import tariffs. theu.s. economy, disrupting auto industry, it is very interesting. has a listen to what alcoa been saying. you would think they would be beneficiaries from the metal tariffs. unintended consequences are a big factor there with air canada plants . we are starting to see business push back against this trade story. indications are president trump will back off, but that is not what i am hearing overnight. i am hearing he will be pushing the trade front very much. do you think he will pay attention to what business is saying? geraldine: we do not know, and market reaction has been tame, that might empower him a little more. the establishment and political classes in the u.s., some people are starting to waive flags, and guardrails are coming. we saw in the senate a motion. in trade, we have to look at

the ceo of hermes fund managers the still with us.s that that 23 they need clarity on. 21 out of 23 items still to be achieved. with talk about the u.k. government agreeing what it wants from trade, but this is of course without putting it to europe. we so have a long way to go. saker: with our running out of time -- we are running out of time. the bcc has been unreasonable because the british government does not know what it can agree on. half of the people in the government remain as remainders and the other half are brexiteers. businesses have got to say, we don't care, we just need to know what it looks like so we can plan. you cannot plan until the government goes forward and actually puts the plan that they propose. anna: business investment is sometimes hard to get a handle on. when i talki hear to businesses is that they are holding back to try to see what it is that they have to do. they are worried about what it means. there is such an interdependency of trade now. it is not that they are saying -- an't want it brexit brexit

during the tanker wars of the 1980s, there was disruption in the straits of hermes.t you to walk us through the stakes. if the u.s. is saying toal its allies, no more buying of iranian oil, iran is saying if you threaten us we'll threaten yours, a third of all traffic goes through those straits of hermes. what is the likelihood of that being blocked? >> at moments of tension, they have threatened for decades on closing the straits of hormoos. it is strategic of a suicide bombing for iran. they would hurt other people but they would above all hurt themselves because oil is the lifeblood of the iranian economy. if they prevent oil from flowing out they would be hurting themselves and alienating key partners like china. they have long threatened this. one of the few cards they have to play. but i think the likelihood they make good on that threat is very low. >> so from the u.s. point of view, i mean, secretary pompeo is extremely active on his twitter regarding iran policy. i mean, all you have to do is check it out and you'll see exactly what the state department is t

decades ago, at the on the ball playmaker but they are at their best when quintero links up with hermes game against poland, they are not the same side so my reading is that with hermes rodriguez fit and firing on all cylinders, colombia are a narrow favourites. without him perhaps england are narrow favourites. the latter stages of the world cup won't feature the two best players of their generation. cristiano ronaldo's portugal were beaten by uruguay. and lionel messi's argentina by france, who reached the quarterfinals with a thrilling 11—3 win. france went ahead before an absolute stunnerfrom angel di maria made it 1—1 and argentina then took the lead, but france levelled through benjamin pavard. kylian mbappe then showed the world what he's capable of — he scored two goals, becoming the only teenager to do so in a world cup knock—out game since pele in 1958. portugal were beaten 2—1 by uruguay. edinson cavani scoring both goals for the south americans, who'll face france in the last 8 on friday. here's what's you have to look forward to today with two more places in the quarterfina

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are very wolfy think it adds to my cynicism about the vet of course it delves into convincing exist herm's old world. the question after being macho might sink and briggs envelopment my choice because i think. video has a lot of nervousness and lives constant turmoil also on. da woods and it's very expressive. but expensive uncertainty as. suspense left to authorize is very evident in of a second concerto where seen for parades i told you that you were a very a it's a gloomy theory but you know once you perception that uses changed how when you see plates trammell by the streams in the orchestra. and you know all of them as if it's like this like a very male human speech a real human voice. trying to or. give us something new something very important to the listener. and the whole thing which of course. because it would look at. you know three different version. of this with a with the other with the open source of stuff but that would mean that the. most was going to refer to the. thought of whether you have to go up a separate meaning you're. going to want to use it because we're thinkin

manus: joining us now is the portfolio manager a global equities hermes.minster. good to see you again. when you see china and europe uniting in this message to donald trump about global trade and openness, does that ballast against the prospect of escalation in trade wars from the united states? >> when it comes to looking at the trade war rhetoric, trump has come out very strong, but we are waiting to see what meaningful impact that will have . the market has not reacted in an extreme way. less than people expected. it is a little bit of a wait and see how much china will continue. there is a lot of changes that may or may not happen within the eu as well. anna: can you think of a reason why global equity markets rallied on friday? rallied yesterday? furthernot had any reckoning on trade and we can focus on the job story in the u.s.. still continuing to see robust growth within the u.s. certainly with lots of u.s. companies participating in buybacks, continuing to abide -- benefit from tax incentives, actually those growth numbers also lead into that str

joining us is the head of investment at her mess -- hermes. the hurly-burly seems to have been done yesterday and the caravan moves on to assessing risk. larry fink is saying we are under assuming risk very there seems to be a complacency in terms of markets. our marketsree, complacent? the imf warned and so did larry fink. are we complacent? >> i would like to think i am not that larry fink is a must certainly right that the markets brought attention to the pro -- geopolitical risk. they seem interested in the trade war and protectionism but not much more on that side either. the, weu talk about talked to people about the models, how much damage a trade war does. and you suggest that a number of those estimates show a reduction in world gdp over a few years but they overlook the impact it could have an certain sectors. >> there are consequences that will roll out through the potential trade war which are being ignored by markets for the time being. inevitably they will wake up to them at some point and are expected to see a hefty reaction. th

remember that when brett kavanaughwh said that it enn't l the independent counselrrectly statute in herms zero accountability, zero transparency. isere were constitutional es professors have said that it's a very reasonable position that he took when he wrote about that some years back. it'sot clear to me what he said then necessarily applies to now. secondly, what you are really seeing and what he said is the core of what he believes inwh h is this idea that if you really want protect freedom and have accountability, you have to respect the limits on government power in the constitution, which includes the separation of powers. >> chris: less than -- how will replacing anthony kennedy,c t shape ative -- the cour potentially for the next ger.ration? >> meo: any confirmation will transformt. i at the end of the day i think what's really important to remember is that theas been a movement on the court towards being more rigid a textual list. the idea that lawin means sog, it has determinate meaning and that's the trend that i think this president wants to continue. >> chris: mr. leo, thank

overseas in europe, when it comes to the chinese tourists versus what's happening domestically >> again, hermesaled last week that there's a slightly lower sales in europe. and they said that's because the chinese buyer is buying more in asia again than in europe because of the strengthening euro >> it's interesting when we see what's happened to the yuan as well that wouldn't be reflected in the results, i wonder if the companies will have to start looking at price changes as well charlotte, thank you very much >>> u.s. president donald trump has described the eu as a big abuser of trade as he prepares to welcome jean-claude juncker into washington. president trump took to social media to suggest that both the eu and the u.s. drop all tariffs, barriers and subsidies. but he admitted this prospec was unlikely speaking in kansas city, he hit out at critics of his trade policy and outlined his key concerns regarding trade with the eu >> what the european union is doing to us is incredible. how bad. they made 1$151 billion last year, our trade deficit with the european union they sound nice, but t

. >> reporter: from herm the group will be taken to a processing center joining hundreds of others justhe lucky ones, having crossed just last week. the parents and children would assuredly been torn apart by the u.s. government. the scenes that you just saw give a sense of what border patrol agents are up against every single day here along the u.s./mexico border and it also gives us an understanding what families are putting their families through in order to from being killed in their homeland. >> a heart touching aspect of the story. >>> coming up, "the washington post" reporting this morning that north korea has no intention of giving up its nuclear program and it's actively working to hide its nuclear warheads. >> a rocket launch is a disaster and we will tell you the story behind what some people are saying is a spectacular failure. almost $800 when we switched our auto and home insurance. with liberty, we could afford a real babysitter instead of your brother. hey! oh, that's my robe. is it? when you switch to liberty mutual, you could save $782 on auto and home insurance. and s

the ones from hermes alone were valued at $12 million worth of purses.ers are still being appraised but they apparently represented 37 different brands. who's the handbag appraiser that the government of malaysia has to call in to put a dollar amount on that? all in all, it looks like $4.5 billion in cash that the prime minister of malaysia somehow spirited out of his government during his time in office. the u.s. justice department is one of the legal authorities that has been pursuing that crime that apparently did not at all trouble president trump, who invited the malaysian prime minister to the white house just a few months ago despite that active u.s. justice department investigation accusing him of stealing hundreds of millions of dollars. president trump is reportedly quite fond of the now arraigned prime minister. "the new york times" reports that mr. trump once "gave him a photo inscribed to my favorite prime minister." well, today we learned he was arrested. tonight we just saw the first images of him arriving at court to be arraigned. you sho

joining me now from our newsroom is silvia dall‘angelo, who's a senior economist at hermes investment we we re sound like a lot but it is what we were expecting. that's correct. basically, this morning the ons released the figure. for the first time. the accuracy and timeliness of this report on the uk economy, these figures were pretty solid, suggesting that gdp growth is going to be bound in the second quarter of the year after a sluggish performance in the first three months of 2018. as you suggested, the reporters what we expected. the strength was concentrated in the service sectors. construction was on the weak side. gdp growth is on track, predicted at 0.a% on the quarter two and that should be enough to prompt a great height by the bank of england in a few weeks. we're talking about the start of the year being pretty tough because of bad weather, maybe we did not shop or consume as much as we usually would, so that rebound is particularly strong in terms of what we we re particularly strong in terms of what we were buying, that there are so many clothes on the horizon. a lot o

that was silvia dall‘angelo from hermes investment management.st quarter with the weather and so on. i think in normal circumstances this wouldn't necessarily be enough of a positive sign that we have heard this morning, in terms of pointing toward a rate hike but the market has a rather different opinion. we have gone up to an 80% chance of a rate hike in august, although admittedly we saw something similar in may. where we are in the uk at the moment, it seems to be in the face of ongoing resilience. the other thing that they need to bear in mind is at some stage brexit on my brexit, we will have recessionary pressures in the uk and they need to be, at that stage, with the amount of our marie to reduce interest rates, because at the moment there is very little room for manoeuvre. there's always these two pressure is going on. there is a fairly strong minority saying we are still not likely to see an interest rate prior to the end of the year, although as i say, to the end of the year, although as isay, in to the end of the year, although as i s