tv Street Signs CNBC July 12, 2021 4:00am-5:00am EDT
it's -- it's mind numbing. it really is. because it didn't have to be like this. ♪♪ good morning welcome to "street signs." i'm joumanna bercetche these are the headlines. g20 agree to a tax deal with the governor telling cnbc that ecbc policy is headed in the right direction. >> until we are not well, somehow, moving forward, we have to maintain all instruments and we will discuss them in the
meetings. european markets sink into the red despite a possiblitive session in asia. and tech crackdown and the government is hitting back at the american black list. and football's gone to rome. italy comes from behind to beat england on penalties winning the euro 2020 tournament good morning welcome to "street signs." let's catch you up on the european markets not a pretty sight we had a cautious open treading on water in the early minutes of trading. in the last half hour, we turned
south. this despite, yet again, record closes for wall street on friday with the three majors with fresh record closes by the end of the day. nikkei up 2% chinese equity up 2% they are stimulated by the tr triple arc the handover has been general for the markets. in europe, the stoxx 600 is down .7.75% for the week, as a whole, on the stoxx 600, it ended flat despite the gains and recovery on friday, at the end of the week, we ended flat. you can see today we are trading in negative territory. let's look at individual boards and check out what is going on the uk index and ftse 100 down
1% not going to mention the euro. that may be a psychological factor played out as far as some of the uk stocks all eyes will be on a press conference that the uk prime minister boris johnson will be delivering expected to give more detail on the full reopening that is scheduled to happen next week will go ahead. this as the number of the delta variant cases continues to rise in the country there is speculation that perhaps we may see a curbing of restrictions we have to see what the prime minister says later today. similar situation playing out in france the cac is down. today, president macron is expected to give an address to the nation where they are expected to reintroduce the social restrictions on back of the rise of the delta variant. a lot of news about the number of cases reported.
specifically in europe this, of course, as the numbers have been better from the economic perspective there are few economists and policymakers saying with the rise of the delta variant, perhaps we can see a knock-on effect on the economic recovery that we're beginning to see in the european countries ftse in italy, down a few percentage points. let's look at how things are panning out with banks down 1.3 points credit suisse with the compliance officer stepping down after four and a half months in that job banks and other cyclicals coming under selling pressure you see travel and leisure down 1.1% no doubt with fears of the rise of the delta variant
we have basic resources down 4 percentage points. value and cyclicals hit. we have the relatively defensive real estate up .90% and utilities up similar amount as well defenses in the lead cyclicals on the back foot g20 finance ministers signed off on the global landmark tax deal for a 15% global minimum tax rate and deter multinationals from booking low tax in jurisdictions in the communication, the finance chiefs pledged to keep stimulus measures in line with central bank policy and help ensure vaccine access for developing countries and forge a frame for sustainable climate investing. let's get out to anetta who has been leading the coverage from the g20.
we have communication from them. i think it is interesting to see that there's actually been a lot of progress in the last month. a month ago in cornwall talking about the landmark agreement on corporate minimum tax with the g7 it is now rolled out at the g20 level. what is the issue with the agreement passed in theory >> reporter: i think the probability is high. people want that agreement it will now be pushed on the leaders level. they have to sign that in october when the g20 takes place in rome. between now and then, a lot of convincing for those countries who are currently having a lower tax rate than the 15%. especially in the european union. here, ireland, hungary, estonia. they need to get something from the european union to be blunt
about it in order to sign up to that deal. clearly their business model for their economies was relying on lower tax rates than the 15% the finance ministers here on the ground are all optimistic they are getting that deal done. take a listen. >> i will use the opportunity to try to explain why we think that the few remaining european union countries that have not endorsed the inclusive framework and why we think it's in the world's interests and their interest to be part of the agreement. >> we will discuss the point next week with the three remaining european countries that still have some doubts about this new international architecture and talking about doubt. not talking about opposition >> i'm very confident we will get not just the agreement of a
lot of member states of the european union, but the union as such this was the case with all of the agreements we reached on the global level on tax evasion. i'm sure this will be successful again. >> the g20 and 132 countries agreeing representing more than 90% of worldwide gdp this, obviously, put pressure on our country to join. what we hope is that the agreement at the global level will create conditions within europe to reach an agreement, full agreement, within the european union >> reporter: so this tax deal actually is a two-pillar approach one to make the 100 biggest
multinational companies pay their taxes and they also generate the revenues. that might be the tricky part to implement according to janet yellen the other is at least 15%. that could be easier to implement according to the u.s. secretary-general. i guess the jury is still out. it seems that they are in the good way and ocd is estimating that tax deal could raise $126 billion more across the globe. janet, back to you >> thank you anetta, stay with us i want to talk about a subject close to your heart. let's talk about the developments over the weekend on the monetary policy side ecb president christine le guard says they will review guidance on july 22nd
speaking to bloomberg, le guard says it will reflect the ecb commitment to spur inflation so, anetta, putting this together, one of the big questions we had last week when we talked about the timing of the strategy review, why would they release it now you? i guess they were trying to prepare the market for an upcoming change in forward guidance >> reporter: that could be the case also, they had their gathering outside frankfurt to bring everybody back together in the physical meeting and what i heard on the ground here helped to bring about agreement when it comes to the strategy i guess those factors likely had an impact here talking about the upcoming
meeting, i guess it is an interesting one. already last week we heard that the strategy will war rrant as well monetary changes. we might see tweaks to the forward guidance the rates as she made clear they shouldn't talk about rates with her saying that the agreement expiring by 2022, this program could transition into another program. i caught up yesterday with the head of the bank of italy and i asked him what he thinks will be the future for the ecb policy given we have the firm 2% target and we are nowhere near it take a listen. >> obviously, this is an emergency program which had to
do with the effects of the pandemic the effects of the pandemic are not only the volatility of markets, but also on the ability to go back to 2% aim therefore, until we are not moving to the target, i think we have to maintain all our instruments and we will studisc in our meetings. obviously this is something data driven and it's not path dependent. it is state dependent. we need to observe and understand and decide. >> reporter: we are talking about forceful monetary policy to get inflation back to the 2% target which is a firm target. if you look at inflation now, it means we need a lot of support for the next year. is that the right
interpretation >> it is not clear it depends there is still substantial luck in the european economy. the governing council has to look at the inflation rate in the euro area. not in single individual countries. each country inflation rate changes due to relative prices so, we have really to observe that we are still now projecting inflation to be around 1.4% or 1.5% in the medium term. this is to be 2% when it will be 2%, we will be glad to achieve that result. >> reporter: i think analysts are interested in the ecb reaction function compared to
the fed reaction function. the fed is allowing overshooting for the time inflation as un undershot. how is the ecb function differing or not differing >> we will discuss this. there are some issues that are different. some that are not different. i think that we are not having a price level target we are not compensating for what we missed. on the other hand, we look to the future and looking to the future, we have really to realize whether we are far or not to the aim if we are closer, we cannot use interest rates effectively we have to do all the rest to be forcefully going in that direction. >> reporter: so even if they are not targeting price levels now, i think it is fair to say that the ecb moved toward more
dovish they now have to hit that 2% target and as i pointed out before, they can't do a lot on the rate front they have to do extraordinary measures and that is the focus for the foreseeable future for president le guard saying monetary conditions need the support to remain favorable tells the story. it will be interesting to hear from the ecb on july 22nd. perhaps september is more interesting with the vision on the program. joumanna >> thank you thank you for the coverage the past couple days and that information from mr. visco it is super interesting in the context of the ecb not having hit 2% for the better part of
the last decade. if they were looking to compensate, we are looking at another ten years of interest rates staying where they are interesting commentary coming from him there thank you for the coverage the last couple days and weekend the major issue that we have been talking about in the g20 is the corporate tax. on another note, the eu is set to shelf plans for the digital tax reform after the security deal over corporate levies according to media reports the blok will bloc will revisi autumn the treasury secretary janet yellen is expected to discuss this with the eu representative this week. also coming up on "street signs. the biden administration steps up the crackdown on the chinese
welcome back to the show china's central bank slashed the cash holders have in the reserves it frees up $154 billion in equity the people's bank of china cut the ratio for banks. the move will allow banks to pay medium-term facility loans adding the monetary policy is unchanged. meanwhile, the antitrust regulator blocked tencent merger of the two streaming sites the market regulations said merging douyu and huya gives the market share of video game streaming. the tech giant would abide by the decision and abide by regulatory requirements. and chinese watch dog with
the overseas listing with new rules requiring companies to go through security review before a foreign ipo. the regulations will apply to any company with data out over 1 million users and the move comes over a week after the regulators launched a probe into didi following the u.s. listing china's ministry of commerce accused the u.s. of a breach of rules as the 23 entities joining the black list beijing opposes the move warning it will take necessary measures to safeguard interests and the u.s. announced the additions after human rights allegations. i have our first guest today with us. doctor, great to have you with us there have been several incidents the last couple weeks. whether chinese authorities
cracking down on the u.s. listings for chinese companies or the u.s. government announcing further chinese companies added to the economic black list how do you define the state of relations with china and the u.s. >> well, the state of relations, the best way to put it, from bad to worse we don't know how bad it can be. obviously what we have seen so far is not just what is economic competition, but the sense of value clash that the biden administration is putting up very hard on the china policy. that's one layer the second layer is the sense of technology self sufficiency. not just from the u.s. side, but the chinese side china needs to secure its supply chain. china needs to secure its innovation power by itself i think both countries are moving toward the same direction
in terms of self sufficiency innovation >> interesting point with divergent. i want to turn to the didi events of last week and your read on what message chinese authorities are sending to big tech companies and with the crackdown and the news over the weekend that if you have data on more than 1 million customers, you are subject to further regulations when it comes to overseas listings or not allowed to do them at all. >> this is hardly surprising if you are going through the plan published last march from china. they indicated the holistic approach of national security. national security is not just in the intelligence gathering and so forth, but including personal data that authorities guard against foreign forces int
inter interference there is the implementation of the national security from beijing's point of view. hardly surprised to me what beijing has done >> how far does this actually go, doctor it is really beginning to shape the landscape of the chinese tech companies many have been superstars in terms of growth and how the companies have been performing economically what the message is in the last couple weeks is chinese authorities are really taking a very close eye at the business practices that could actually derail potential to make money in the future. how far do they want to go without actually limiting these companies' economic prospects? >> indeed. i think we are facing that dilemma for the chinese authority. on the one hand, this won't encourages the companies to become the star of the game, but everything has to be controlled
by the party therefore, the tech companies have to follow the party that is the lesson for the tech company. follow whatever the authority tells them to do so. you will expect more intervention from the highest authority. >> you know, just now we are getting flashing out of "the wall street journal" showing bytedance showing regulations after a warning of security. it is the data security issue coming up again. didi allegedly was warned before they decided to go for the ipo and they still went ahead and did it bytedance showing a different view my question is how will this effect the overall pipeline of the chinese companies looking to list in the u.s. is it worth the hassle for them now? >> perhaps not perhaps you will see less chinese companies interested in listed in the u.s. strock
exchange the chinese government is interested in keeping money at home and investing in home instead of investing abroad. that is the overall direction. >> i want to take you on a slightly different tack. perhaps they do go hand-in-hand. that is the expectation of the chinese economy evolving from here we get second quarter gdp this week there are things that are beginning to slow down after gang buster start to the year. we have the triple arc to the end of last week how do you see things panning out with the chinese economy in the next few months? >> i'm not an economist. i'm a political scientist. i gather the general impression of the economy recovering is limited. there is also a sense of --
obviously what government is looking to do is increasing the return on investment that has not really taken off at all. some warning sign there and consumptions not doing well. they still need time to go for a better recovery picture for china. >> fair enough that is the word we are getting from authorities otherwise they would not decide to go ahead and introduce the triple archive we will leave it there thank you for your time this morning. also coming up on "street signs. well, football is not coming home and the rest of england may not stay home either as prime minister boris johnson is getting ready to announce the last stage of reopening. stay with us we will have more after this break.
flowers are fighters. that's why the alzheimer's association walk to end alzheimer's is full of them. because flowers find a way to break through. just like we will. join the fight at alz.org/walk welcome back to "street signs. i'm joumanna bercetche and these are your headlines g20 finance chiefs agree to a landmark tax deal.
ecb policy is helping inflation head in the right direction. >> until we are not well, somehow, moving toward that target, i instruments. european markets sink in the red despite the possiblitive seo in asia. this as emmanuel macron preparing to address the nation tonight and warning tremendous descr restrictions may be tight again. and chinese crackdown on tech over the american black list and football's gone to rome. italy comes from behind to beat
england on penalties to win the euro 2020. welcome back to "street signs. let's check on the markets the ftse 100 and ftse mib in light of the defeat for the england team depressing start to the week in the uk ftse 100 down 1% in italy, treading above water in the positive territory up four basis points. the focus today is a speech that the uk prime minister boris johnson will be delivering later on whether or not the full reopening of the economy and full easing of restrictions will go ahead next week that will have an implication
for travel and leisure and hospitality. all eyes on that a similar theme in france with a speech expected from president macron broadly speaking, we have seen a big recovery for european stocks last week. today, somewhat of caution prevailing we have seen this scaling back in position of the favored cyclicals coming back in position today and some of the defensive names, real estate and utilities, are the ones doing well as investors think about repositioning and the inflation narrative coming from the markets. switching to foreign exchange this is the theme for the currency we have euro trading shy of 1.19 we are, we had comments from president le guard talking about the potential change in the forward guidance in the july
22nd meeting we were talking to anetta on the sidelines of the g20 meeting in venice she spoke to the governor in italy about the mandate of the 2% inflation target. what remains to be seen is how it translates to policy. the take away from the market is it could be dovish trading at 110 we have the pound trading on the back foot today. shy of 1.39. u.s. futures the picture for wall street is positive on friday yet again, the three majors with record closes. s&p, dow, nasdaq pulling in the closes by the end of the day we have a lot of data to look forward to coming up in the u.s. this week. all eyes on the cpi numbers tomorrow remember, the market has been in focus on the inflation front in
the u.s. that is a data point we get ppi numbers and manufacturing and retail sales and don't forget u.s. earnings begin to kickoff again i don't know how that came around so quickly. earnings season. that is something to watch out for in the u.s. stock market this week. switching over to a country close to my heart. lebanon facing fuel, medicine and food shortages as they grapple with the deepening political crisis meanwhile france is setting up a monitoring body in the u.n. to make sure free and fair elections are happening next year we filed this report from beirut >> reporter: a year since the explosion that left over 200 people dead and thousands of injured. the explosion in the port and that port yet to be rebuilt. $15 billion of damage to the
entire downtown area of the city and lots of questions about who and if when or anyone held accountable. a lot of anger in the streets over that and most recently, the interior minister of the country telling a judge he wasn't going to interrogate the man responsible for internal security because he did not want to get political a lot of questions for the lebanese on the humanitarian disaster the country has lost 90% of the value to the u.s. dollar in the last year. black market rate hitting 19,000 pounds to the u.s. dollar over the weekend. questions if people can buy food or fuel. fuel lines stretching for miles and lasting for hours. a lot of anger in the streets over that. and the medical crisis people cannot get pharmaceuticals. people are hoarding medication
questions if the central bank will subsidize that medication people supplying don't know if they will get paid and what is the value to helping people? the questions of food supplies as well. moving on from that, you have the bigger question of whether or not the united states or european powers are willing to let lebanon fail it seems the political class in the country waited long enough for western powers to blink. you had officials head to riyadh to stop-back measures. we have seen from the ambassadors willing to work with the lebanese government to move forward. they need a new cabinet. the cabinet existed in the last 11 months. the ambassadors saying they have to find a political will if they want to unlock any money from the world bank or broader international community.
>> that was the report from beirut with the situation economically and politically continues to go from bad to worse. uk prime minister boris johnson is set to announce the final stage of reopening england is expected to remove the existing curbs in a week, but the government is warning caution as covid cases continue to rise. nearly 87% of adults received their first coronavirus vaccine with plans to speed up the rollout for the second jabs. similarly, french president emmanuel macron is set to give a televised speech tonight raising concern over new restrictions over the increase of delta variant. we have charlotte with us. what is expected to be said today by president macron?
>> reporter: good morning. macron is expected to talk before bastille day to talk about the reopening of the economy and recovery and picking up reforms which was started before the pandemic. like the pension reform. it looks like the delta variant derailed those plans to give you an idea, it was 4,700 cases this weekend against 3,000 the weekend before a 60% increase the health minister said this weekend you could very well be around 20,000 cases in august. basically lagging five weeks from the uk situation. they worried what this could mean for hospitalization younger population impacted. the key element is the vaccination and where we compare to the uk. 87% of adults have had at least one dose of the vaccine. it is 52% in france.
that's 40% in france that have seen the number of first doses which slowed down. they want to encourage the younger population to take on the vaccine. there is a cabinet meeting held this morning to discuss the measures to encourage the vaccinations and talking about the mandatory care for health care workers they want to make it mandatory across consensus with the different political forces in france they will make it mandatory in the weeks ahead. they want to widen the use of the sanitary apps to give you access to travel it shows the vaccination status for big events maybe this could be used in smaller venues like restaurants and things like that they are looking at
possibilities to bring up the number of vaccinations and race it against the delta variant 20% of teenagers have had the dose they want to accelerate that before school starts in september. joumanna >> charlotte, thank you for breaking that down for us. charlotte on the latest from france. now gxo logistics will have the first virtual investor day as the company gears up for the spinoff from xpo in the third quarter. gxo targeted ecommerce and automation and the uptick in demand for outsourcing as areas to help the business i'm happy to say mark manduca will join us mark, great to have you with us. congratulations on the new role we have been speaking to you for
many years this is the first time as cio. great to have you with us. your company has its first investor day coming up tomorrow. i have to think with all the boom in ecommerce we have seen the last couple years and accelerated by the pandemic, it must be opportune time >> thank you for the kind intro, joumanna we are proud to showcase to investors at our invest other day tomorrow it is the clearest sign that the spinoff from xpo will take place in the third quarter of this year we're a scale player we have 900 warehouses, 100,000 teammates and a global leader in the space. as you mentioned, there are three key secular drivers that are pushing our business forward and producing strong growth.
auto automation, ecommerce and outsourcing. this is the key business driving us forward the industry has changed in recent years of we moved away from the warehouses of old where prices dominated and now to the scale and multinational group balance sheets that are strong and technology advancements. we offer a scale company with a good balance sheet and technological advancement. >> it is interesting the number of times you mentioned scale in the opening remarks. i'm curious to hear what role technology plays in that specifically as a focus of yours is to automate a lot of functions be it by the introduction of robots or wea wearables. how quickly does that impact how quickly you will grow if you are investing so much in automation? >> it is margin enhancing.
we have a first average as the leading tech innovator in logistics. it includes everything from robots and goods to person systems and wearable technology. we have warehouses of the future that we will show investors over the coming months. in essence, on the software side, we have propriety software upwards of 5% to 7% savings for customers. we are experts at robotics solution into the warehouses to give you a number, we ship five times more warehouse from 2020 to 2019 i want to make it clear this is a future i see where we don't necessarily see the future as being future of people versus robots it is quite the opposite we see the future of people and robots working together and eff
customers. >> mark, one of the things we have been talking about is the supply chain disruption. many companies have had to reevaluate the way they think about supply chains and perhaps move to in-source the way they obtain raw materials and secure parts of their intermediate goods. how does that affect a company like yours >> i think we are the solution the world is, obviously, jammed right now from arm to arm. if you ask how did we get here, there are many problems in the global supply chain right now. the most prevalent issue is the shortage of containers this is part of imports rising and exports falling. that is contributes to the buying patterns changing the question is when will that reverse?
logically, it will reverse in two separate ways. one is when passengers start flying again, you will know half of the world's available cargo capacity flies in the belly of passenger planes when will we start to see a reverse of flying part tterns and then when will consumers return to pre-pandemic buying pat patterns we are buying online instead of enjoys in-person experiences when that happens, we will see the reverse of the overall supply chain it is good for our business. we don't want to proliferate off doom and gloom, but causes customers to think about supply chain offering and that causes outsourcing. early days in the outsourcing theme. >> very clear. mark, we will leave it there thank you for joining us on "street signs. good luck in the new role.
i want to bring you flashes we are getting as it pertains to the u.s. pulling out of afghanistan. top u.s. general in afghanistan to relinquish command on monday. u.s. officials say in symbolic end to the war the war which has been raging for the better part of the last 20 years it's been 20 years since the initial u.s./afghanistan war kicked off today marks the end, at least the withdrawal of u.s. forces, from that country with the top u.s. general saying that he will be leaving and relinquishing his post today that is a major development on the political front. also coming up on the show, the inaugural trans atlantic conference shows the differences between london and brussels. more of that when we come back
italy beat england in the final of football's euro 2020 to secure the first victory in the competition since 1968 they won 3-2 on penalty following a 1-1 draw after extra time england has not won a major tournament since the 1966 world cup. we will never stop hoping one day it will eventually come home just not today all right. u.s. companies show significant confidence in the uk as a place to do business a majority are concerned of the uncertainty of the uk and eu rela relations. this is all over pressure surge of bain & company. i have jonathan with us. great to have you with us. let's talk about the american appetite to get involved in the uk companies
a large appetite to the equity firms to look at the uk business, especially in the grocer business. we have seen that happening in the last couple of weeks i wonder what your trans atlantic report is telling you in terms of the appetite u.s. companies have to get involved in the uk right now. >> it is an interesting question i think overall, as you said, the view is very positive. a high level of confidence 60% of the american companies we survey actually said they would increase their investment in the uk in the coming years many were quite positive on the uk as a hub for innovation and london as a global financial center on the heels of turbulent years with covid and brexit, that is a positive picture to us we sampled a wide survey of companies. many are businesses that operate in the uk, not just investors. we asked financial investors
they showed a similar level of optimism as you allude in the question about private equity. >> they are still concerned about the uncertainty of the relationships with the uk and eu how does that factor into how they are making investment decisions? are they avoiding decisions with trading exposure to europe at this point >> a really good question. the uncertainty is, in fact, the right word many american companies are far more concerned about the relationship between the uk and eu than they are about the relationship with the uk and u.s. they often use the uk as many of you know as their primary base of operations for doing business in europe. their supply chains are linked with the cog than more so in america. with brexit now done, there are things unsettled with the ue and
eu that creates worries in terms of how that plays out, i don't have data from the survey to show you if they are sighing way from certain investments or more exposed to the eu i think many companies across sectors see that uk and eu relationship is key to what they're doing. that was true for financial services and manufacturing and life sciences and technology pretty much everybody we spoke to i don't know if there is a differential there that could be the case. >> what about with the regulatory framework of course, this is a major topic of discussion in the uk in the last couple of years with the brexit discussions with the uk finally left the eu. they have a certain amount of freedom in terms of setting the regulatory agenda. would you say that is a positive for u.s. companies looking to get involved in the uk the fact they will not be held down by the same regulations
that would apply to the eu continent? >> i think it is mixed a lot of companies, as you know, will want to harmonize what they do anyway. the tech companies, for example, will continue to follow gdpr regardless of what we do here in britain. you know, if you look at this overall, it seems like the regulatory environment is definitely a positive for the companies that we spoke to they, you know, like there has been a great deal of regulatory uncertainty historically in britain. obviously, a little bit more uncertainty with how those things might evolve. the sentiment was more positive than negative. the some of the recent moves got positive reviews life sciences companies we talked to seemed positive with the direction of the new medicines and investment in r& d
and life sciences. >> jonathan, thank you for joining us on the show to talk about the latest results of the trans atlantic survey. asking u.s. companies about the appetite to invest in the uk a quick look of the u.s. futures. a strong end to the week on friday with all of the three indices ending up in record territory again. today's picture is mixed opening below the flat line down eight points for s&p dow is lower as well ats it for today's show. i'm joumanna bercetche "worldwide exchange" is next you can sell your policy, even a do you have a 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
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it is 5:00 a.m. in new york. here is the top five at 5:00 corporate america set to open up the books. as investers hope earnings season hopes to add fuel. the g20 finance ministers signing off on the tax plan. china continuing the crackdown on big tech. companies there now taking aim at tencent richard branson kicking off the billionaire sp