of an organization who talks about the expectations for his organization being low . has to do a radical reshift ing of his leadership in order to say we are not going to settle for anything less than the highest of expectations and that is to end the scourge of clergy sexual abuse for ever so do you think that victims should not get their hopes up well no i think the victims should keep their hopes up because it is only their courageous coming forward that has made any change at all the pope just mentioned when he opened the summit that he with the bishop should listen to the victims and yet he himself yesterday attacked the very effective who have been criticizing the church for decades it was an insult to those victims and to refix them is ation of those victims for the pope to say that those who are constantly critiquing the church are working with the devil what is the pope attempting to say are you pope francis siding with victims or are you not you have to make a preferential option for victims and you have to then raise the expectations for this summit to say n

this will i think take a little bit of the steam away from a strong dollar. i expect to see some continued modest steep ening of the dollar moving to the middle of the year. >> we'll see in a couple weeks which way things tilt. that's a great preview charles delara, thanks for being with us. >> good to be here. >>> i just caught up with richard branson, announcing launch of virgin voyages, a cruise line. specifically ticket sales. i asked about the debate on corporate buy backs to which there was an interesting answer. take a listen. >> i am so glad i am not in the public market and having to worry about these sorts of things we manage to keep the virgin group private for 50 years look, the governments have to get taxes from somewhere, and i think taxing the extremely wealthy, you know, it makes sense. >> it was a wide ranging interview. he was also joined by the ceo, tom mcalpine we will play more as the hour unfolds. >>> shares of cisco are rising what the ceo chuck robbins has to say aut t qrtboheuaer more "squawk alley" is straight ahead. now you can, with shipsti

relationship is quite it's quite unclear and so coming out of this with with maybe slight lower expectations for the white house is still higher expectations for most americans who are confused about why these conversations are taking place well i mean this is certainly a completely different atmosphere than what we saw last year in singapore and at the time president trump was talking about a historical deal soon now he is saying no rush no rush well what happened this summit was the something needed to happen in order to proceed forward single pole was the first meeting between a sitting u.s. president and the leader of north korea and that was significant it is self this summit that we've just concluded now in hanoi it was ready to work out what that looks like in practice so north korea is committed to the nuclear station but what are the actual steps so i think the united states did have some objective going into this summit the big question in the room was how much were they going to give up in in return for north korean nuclear station and that's probably where expectations didn't quite match

if this goes through, what are the expectations, melanie? >> well, the expectations for

the u.k. showing a weaker than expected drop in the manufacturing index. are seeing a big day for corporate earnings a lot of the moves are driven by the idiosyncratic stories. they're largely shrugging off the data in china. a positive picture across the board. in terms of the sectors, autos are the best performing sector of the day, and that is driven by, in large part, an upgrade from morgan stanley. they raised their industry view to attractive from in line let's get into fx markets and see how the rest of the currency space is trading this morning. the pound slipping slightly about 15 basis points lower versus the dollar. it is euro is trading up about 12 basis points versus it is dollar >> let's talk about one of the top stocks today that is electrolux, which has post the fourth quarter operating profit that has beat expectations this thanks to higher prices that helped offset a hike in raw material costs the swedish homerun appliance maker also expects reduced costs for 2019 there is a lot to unpack here. i'm happy to say that jonas samuelson, the c

i have noticed the expectations with net income. are years now have been quite qide. -- wide. are you seeing a narrowing of that gap? >> for sure. interestingly in his final days, carlos ghosn was focus more on renault. its houses getting more in order. they have turned in the last couple of years some fairly decent numbers. >> when you look at the numbers for nissan, they are not looking great but is nissan in better shape going forward with ghosn out of the picture than they were 86 days ago? >> they are certainly heading on a different course right now. the thing is, what i worry about are the long-term issues. they really need to have cooperation. a lot of their product programs are joint programs with renault. so much is geared into this. they need to find a solution that everyone can be happy with and i don't know if they can. >> we have heard the ceo may step down towards the summertime. there is another leadership vacuum. maybe he gets kicked up to the chairmanship, we don't know. we new chairman of renault, are hearing that

that helps increase the numbers relative to what was expected. if you'll focus on row six from a pier surplus, these two numbers are different by $20,000. as it turned out, the actual experience of what the actual shortfall was was very similar to the expected. for the rate stabilization reserve formula we look at the contingency reserve changes. there was an increase to the contingency reserve and therefore, that adds to the deficit for the plan. the $351,000 carry forward of deficit is almost all comprised of the contingency reserve change with a small amount about $20,000 due to the difference between actual experience and expected experience. i won't go through slide 6 and 7, they have some notes on the items related to slide 5. for our recommendation on slide 8 as we do the math down the page, the bottom line is we're recommending that the health service board today approve claim stabilization deficit amount of $117,000 to be amortized for city plan and active employees and early retirees for 2020. there will be remaining number third of the

the wind continues to strengthen . we expect rainfall amounts from 1 to perhaps 3 inches of rain for the urban areas. and here is a look at the future cast. take a look. light rain is expected for the evening dry. if you have plans, it picks up. early tomorrow morning, 5:00. overnight, it looks like that heaviest rain. tomorrow gets a break but this will bring the possibility of thunderstorms for saturday. sunday has high low for super bowl sunday but monday, the storms are going to be colder and we can see snow levels drop. right now, upper 50s and low 60s . here is a look at your extended forecast. showers and thunderstorms and a lull on sunday but the storm moves in with the snow levels perhaps 2000 feet we dry out tuesday afternoon. >>> still to come, days away from super bowl liii and why you might notice more sit calls then normal on monday. >>> are you looking for something to do? there activities around the bay area. >>> heading into the weekend and here are items happening. . week kicks off with the opening gala the cel

the expectation was around the -- 16.9 $16.9 mi million.e saying they are still bullish for 2019 because the outlook is strong. haidi: coming up next, australian businesses bracing for a tough year ahead with no shortage of headwinds. we will tell you what to look for as the earnings season kicks off in earnest in australia. this is bloomberg. ♪ shery: i am shery ahn in new york. haidi: i am haidi in sydney. drama, a softer outlook for commodity prices and we are awaiting that final report from the european banking commission. investors could see a boost in dividend payouts. john talk about that with hansen here in sydney. it's been a bust in the u.s., by and large. there are more uncertainties when it comes to -- we have a falling housing market. a mission coming out this afternoon. it has been stronger. strong earnings, strong dividend growth. that is a positive light. i think it will be a mixed reporting season. still pretty good for the resources. the focus is on the other sectors. is one we arek watching this week and we have the commi

the coastlines. a wind advisory is expected until 2 a.m. one more stop in the sierra with a winter storm warning and place. this is widespread for i-80 as well as highway 50 until early thursday morning. i will have bettered details on the timeline and how much rainfall i expect and how much snow is expected for the syrup. >> our newly updated ktvu app is free to download with interactive radar and a seven- day forecast and the easy way to upload your photos and video. >>> this is the third day teachers are walking the picket line. negotiations resumed at 9:00 this point. is both sides come together, donna is live where teachers are preparing to rally for supporters. >> there is probably 150 people so far in front of oakland city hall with teachers and supporters. they are wearing punches and ready for the rain. this is the start here shortly. also, there is support organizations and unions that are brought in food to give lunch for the teachers who have been on the picket line since 6:30 this morning. >> reporter: holding signs and singing

so we have all built up the expectations. donald is not lowering the bar. aid today he expects big things and he thinks kim jong-un wants to do something special. int's why tonight's meeting the hotel seen behind me here in the center of hanoi is going to be critical. they are going to meet a scheduled 20 minutes one on one with some other aids. we are hearing that kim jong-un's sister will be in participation. we will have that -- they will have that one-on-one facetime. the north koreans want to see if they can get a personal level with donald trump to eke out some concessions. donald trump has already said i'm not going to relax sanctions, but kim jong-un wants relaxation of sanctions. .t will be an interesting night for 20 minutes they will meet face-to-face, then have dinner and then the big summit tomorrow in the same building behind me. and symbolic gestures is perhaps what we can expect from the summit. meanwhile the u.s. has been busy making deals. talk to us about those. >> that's right. to thetrump went presidential palace, we were over there toda

for the month of december. theere expectingwere flat in the previous month. december machine orders month on month falling 1%. year on year growing .9%. the estimate was for growth of 3.4%. it is a slight acceleration from the previous month of november where growth was .8%. there is a mixed picture with the month on month and year on year picture but we got positive signs out of the economy including capital goods rising, stronger auto sector than expected but at the same time keep an eye on the slowing growth in china and the u.s.-china trade talks. plenty or ahead. this is bloomberg. ♪ haidi: whether between russia and europe, europe and the u.s., the u.s. and china, global alliances over trade, nuclear security proven to be essential. how to do it is the bigger question. jacob kierkegaard joins us on the line now from copenhagen. great to have you as always. let me start off with the munich security conference. we saw this rousing speech that the u.s. before and security policy. angela merkel got a standing ovation for it.

the expectation is that it is going to happen. er when she went to the court in vancouver on january 29, but she is wanted on fraud charges in the u.s. in brooklyn, there are allegations about her link to iran. they are alleging that she lied to banks to trick them into processing transactions that may have violated trade sanctions that the u.s. put on and. u.s. had that strong relationship and whether it will take months or years, the expectation is that she will be extradited from canada to the u.s. shery: thank you for the latest. let's get a quick check on the markets because we are seeing more positive sentiment across asia. president trump and president xi jinping could be meeting as mid march. we are seeing the asx 200 gaining pray third consecutive -- gaining for a third consecutive session. gettingxx are also ground, .3%. -- keeley stocks are also -- kiwi stocks are also gaining ground, .2%. -- .3%. ♪ >> this is "daybreak: asia." president trump walking out of the summit with kim jong-un. no tong on both sides say a nuclea

the state department did not expect it to have any impact. belgian's foreign minister admitted it was up to individual companies to decide whether they would use the new payment vehicle. >> it is up to the companies if they want to join us. this is a strong message we can send our colleagues. pull outs decision to of an agreement with iran was criticized by other signatories, including china, russia, and several eu countries. the u.n. atomic agency has certified iran's compliance 13 times. they said it was abiding. >> i am joined by ouour correspondent. what is the reaction in iran? >> this is seemingly a small piece of good n ns for iran and its economy. when you have developments like this, there are usually two separate reactions. wen it comes to the public, have seen very little reaction. we have not seen anyone celebrate. the probably has to do with fact that the iranians have heard good news before only to be disappointed. the nuclear deal. as far as the public goes, unless and until they see changes t that impact their livs possssible -

president and the north korean leader are expected to tell us whether their talks have brought the world closer or further from the threat of nuclear conflict donald trump and kim jong un will sign a joint agreement a few hours from now our reporters are there and we'll have team coverage from annoy but it is what happened. in washington on capitol hill yesterday that continues to captivate much of the u.s. and the world for more than seven hours before a house oversight committee the man who once said that he would take a bullet for donald trump fired off one damning indictment after another against the u.s. president trump's former fixer and personal lawyer said the president had prior knowledge of leaked e-mails from the democratic party during the twenty sixteen presidential campaign he also said trump instructed him to break campaign finance law. mr kohut said only it's the beginning of the process not the end ladies and gentleman the days of this committee protecting the president at all costs over. the democratic controlled house flex this muscle with michael cohen's live testimon

the market wasn't expecting that. the iadline inflation for the think inflation is well below mandated target and it is expected to stay below that target for the next 12 months. there is room for the bank to do rate cuts and the fact that we are expecting the growth to slow current 7.1% down to 6.5% or 7%. these two factors lead to the fact that the bank will look to cut more. i expect a 25 point rate cut. >> let's have a look at markets. i know you are more in the fixed income side of things but give me your take on what's happening. looking at equities, a great year in the sense that it was started, but since it $113 billion with uncertainty surrounding the upcoming election. they have a government that makes demands on the central bank and high valuations keep investors at a. where does that leave fixed income? >> i think fixed income had a great last year. bonds -- it was about 11%. this year i think the market is worried about review supply, which is why you we have seen that despite one rate cuts already happeni

the estimate was at 0.3% gain, so quite a bit worse than expected. o paint a picture of a slowing eurozone economy, focusing on germany. reacting, i can get the chart here. the markets have been quiet across the spectrum. asian markets are closed. euro lower by 0.2%. let's get to the futures. yesterday, we saw the stoxx 600 gain. it was led to the upside by oil majors after earnings from bp. yesterday looks like we could see a softer session, with the best shifting for direction, lackluster is the word i would use. dax futures, down. cac 40 futures, down. a hit on plunging oil prices in the fourth quarter, reporting net income of $1.54 billion. commodity markets, raised its quarterly dividend. to talk through all this we have a special conversation on set. ,oining me is eldar saetre president/ceo, equinor. thank you for joining us. let's get to the bad news, the fourth quarter adjusted net income coming in at a miss. operating profit also coming in at a miss. we have had strong numbers come through from some of your peers like shell and bp. why this d

the snowstorm is expected to dump between 4 and six feet of snow at the higher elevations...s in excess of 100-miles per hour are likely to create whiteout conditions. nearly two-feet of snow fell at several lake tahoe area ski resorts yesterday and today. yesterday and today. the national weather service says travel could be very difficult to impossible tonight and into tomorrow tonight and impossible difficult to be very travel could service says weather service says travel could be very difficult to impossible tonight and into tomorrow morning. (vicki)(vicki) spinouts and slippery roads led to repeated closures of interstate 80 in the sierra reporter eric rucker talks to drivers about how long they had to wait... (((pkg))) nats: this, is a line...to nowhere! nats: around noon tuesday cars waited for over an hour just east of alta on i-80. once traffic started to move... is when drivers got the news... sot"the freeway is closed"cal trans said spin outs and slippery roads were why... not all were impressed by that reasoning. sot super:mitch barrie, traveling to truckee " dis

the flooding is expected to get worst as the russian river is expected to crest in guerneville. ere is some rain but the brunt of the storm has moved out. >>> and east bay, it is day 5 of the strite. a solidarity rally wrapped up. teachers are rallying outside of each school over interstate 580. the unit members will protest at 3:00 this afternoon. contract negotiations are resuming between the district and union members. administrative say this the financial problems are much worse. they estimate the district is losing $1 million per day in funny because so few students are showing up for class. they are in tents of millions of dollars in the hole and they are planning to merge schools. attendance is at 6%. >> 90% of the students are said to be state how or finding other places to go. this lace parents figuring out way to keep children engaged and ideally learning. christine spoke with women from the organization who are helping students learn during the labor dispute. >> reporter: 90% of students are staying home meeting they are missing out on crucial instruction in the classr

so expect the unexpected on match day twenty with kick off. late because and have fallen short of preseason expectations but new coach base of bosh has given the side a new lease of life especially up front last week they swiped fallsburg aside three nil but now a different caliber of opponent was in town. even if van all right was in goal from an all knowing and giago was missing through injury champions by and was still a daunting prospect but the expected thrashing failed to materialize late because more on the front foot from the off and have a solid shot for a penalty inside the first minute and kevin fallen short was blocked by much the most is hand. the host stepped off the gas a bit after a furious five opening minutes and once by and pushed up late because his own demons resurfaced their defensive frenzies. spent bender with a last ditch tackle to avert by and taking the lays the back line is something the pitcher bush knows he still has to work on when he was still a dormant in twenty seven team it was the lack of a coherent defensive

they're telling us the first half of the year is expected to be more challenging than the second halfxpects tail winds from the windows 10 refresh i asked him also about these implications from the trade dispute from tariffs is he seeing any impactfrom hi business he said the impact from tariffs has been incorporated into guidance he believes in free trade, he said they operate in 170 countries. what could be do coming down the road in terms of trade disputes, he said we don't chase ghosts. personal systems at 9.66 bill n billion, printing at 5.1 billion within that. executives mentioned some challenges they saw on the quarter when it comes to supply. you can expect to hit that on the call at 5:00 p.m. eastern back to you. >> josh, thanks for that. >> mike santoli, very similar comments that we heard, that the first half will be more painful than the second half the other thing -- it's been more of a theme out of this earnings season than we've talked about the idea that the worst pain of the tariffs that are already in place are priced in. >> right seems like they took the hit or ack

and also the formal expectations placed upon the executive during the founding era. the big c constitutional presidency is one that proscribes popular leadership. the second one, the small c constitutional presidency, this is a creation of our progressive president. and it has been built up since he time of woodrow wilson. and the small c constitutional presidency prescribes popular leadership, it demands it of residents. if you recall from your readings that big c, formal structure of the constitution, and the small c, popular presidency, that these exist uneasily with one another in the modern era. we'll pick up on this again later today. we discussed earlier in the semester that in part, thanks to our friend governor morris, article 2 of the constitution has far less specificity in it than article 1. does anyone recall why that is the case? >> hamilton wanted the president to seize the silences of the onstitution. >> you will recall that alexander hamilton and his allies wanted to create space within the constitution for presidents to act when the constitution is

the composite came in better than expected. kness coming out of the german manufacturing sector as it slips deeper into contraction territory. however, the french market a little bit of a bright spot when it comes to the data, but that is not translating into higher stock moves so far today let's take a look at the 4x markets. we, of course, yesterday had the fed minutes sharply in focus, and we saw that the minutes showed the fed expects to keep rates steady for now and prepare to end the balance sheet runoff this year. we are looking at a slightly stronger dollar versus the euro today. they are meeting in brussels this week to try to reach further agreement onthe deal now, let's take a look at u.s. futures. yesterday another positive day state-side we are looking like another positive start for trade the s&p 50000, the dow, and the nasdaq all looking at stronger starts today investors had some time yesterday to digest those fed minutes. we'll see if there's fall-out from that today in the u.s. markets. >>> back in europe spain

because of the rain that is expected a little further west on highway 50 wnerthe stream is right underneath us if this collapses and it comes over the embankment it just rushes right through the store...so itús a challenge butted too sot' i am really tired of removing the snow because there has been tremendous amounts in february alone'( james ) in pollock pines, the south fork of the american river is flowing quickly because of the melting snow. ( james )( darya ) welcome back to the kron 4 morning news. let's get a check of the forecast. heavy rainfall will be seen across the bay area today with flooding expected for small rivers and streams especially further north. expect highs in the upper 50's and low 60's with increasingly intense rainfall further to the south this evening for the south and east bay. winds will continue to be breezy well throughout the bay area with conditions calming down and clearing out into tomorrow. no major hot spots. bay bridge wb 80 is less then 30 min from the maze to sf. san mateo bridge less then 30 min from 880 to 101. (