tv Street Signs CNBC February 13, 2017 4:00am-5:01am EST
good morning, everybody. welcome to "street signs." >> these are your headlines. >> an early spike, generic viagra, private equity group and another mystery bder. >> majority of european equity markets open higher with european resources leading the game, hitting the highest level since 2014. schulz takes democrats win
1% of merkel's conservatives. a new study finds he would beat the chancellor in a vote. president trump prepares to talk trade with trudeau as white house seeks to rewrite controversial immigration order after a setback in the courts. good morning, everybody. happy monday. guess what week it is this week? >> valentines. >> yes. i knew you would say that. >> celebrating love all this week. i think we've got some special valentines segments tomorrow. >> looking forward to it. treats. >> the chocolates. >> our european equity markets this morning opening on a slightly higher note. we're looking at some of the smaller market trading in negative territory. by and large, regional half percentage point puts 100 behind that. if we glance at our main sectors out there and where some of the money is flowing to the upside
chemicals, autos, bake resources trading higher by more than a third percent at the moment. copper hitting the highest level since may 2015 after a strike at the world's biggest copper mine. support in that particular area of the market. food and beverages, banks and real estate just trading a tad bit lower. >> of course these moves following another record day on wall street. just when we think it's going to slow down it keeps going. we do have individual movers, shares rocketed after german drugmaker confirmed it has received two takeover bids including $3.5 billion offer from private equity group. they offered a 15 premium premium to stada's opening price. options higher by 1.4%. elsewhere china's outbound m and a according to a report in the
financial times largest developer mulling a bid for the bank. deutsche bank made public its intent to sell post bank in 2015 but so far failed to secure a buyer. the royal bank of scotland expected to launch a new cost-cutting program when it publishes its full results later this month. according to sunday times report, the bank is considering cutting up to 15,000 jobs as it targets savings of around 800 million pounds. forecast suggest rbs will be posting ninth consecutive annual loss. that's when it reports earnings on the 24th of february. >> the federal reserve stanley fisher says there is significant uncertainty over president trump's fiscal policies. speaking at an economics event over the the weekend, said, quote, no one knows what's doing to happen, unquote. he also talked about banking regulations he hopes capital requirements for banks would not be overly reduced.
let's bring in head the strategy at state street. good morning, timothy, thanks for joining us monday. we were just going through stanley fischer's comments big risk with u.s. dollar will be janet yellen's testimony on capitol hill kicking off tuesday and then wednesday. it's also her fir public appear absence since we got the comment from donald trump about his phenomenal tax reform plan. do you expect her to address this and what kind of market do you anticipate. >> there aren't too much, because they don't know what shape tax proposals will take the form of. they can't model. that's what the fed would like to do. they would like more information, more parameters but they don't. it will be a love letter to markets, if you will. she will probably not rock the boat too much in terms of prospects of near-term hike but keeping open three hikes for the year. >> that appropriate on valentine's day.
how does that play into the market reaction then. we did see the u.s. doctor picking up at the end of the week and what has been a bit of a recovery story there but have not seen yields even though they have been going higher to hit those post election highs yet. do you think they will? >> i think they will. the building blocks that have driven dollar to a stronger level and higher inflation expectations, they really have not corrected. the u.s. is in much better spot than other companies in the world, earnings picking up, even though inflation is still quite subdued or only slowly getting back to target. so i think it puts markets, especially u.s. equity market, in a pretty good spot, sort of a goldilocks environment. i don't think that will be too disrupted, nor do incorporates will correct over the dollar of the longer term, fundamental sources of support are still very much there. >> hasn't the stronger dollar already led to tightening? >> to a degree. but at the same time you've seen inflation start to pick up so real rates have seemed quite subdued by contrast or not risen
as high as they potentially could. net net i think they offset each other but certainly the dollar strength is tight think. >> if yields were to head higher issues with the cost of services debts. that would very quickly -- could very quickly become a big issue. is that something you think the administration possibly fed members are more aware of. >> longer term they do want to take that into account certainly. it is an vnchal tighten as the government stands. i think, again, we have to wait for information on that and they can't really deal in that realm of unknown at this point. i think nevertheless longer material cost of financing u.s. government debt is still fairly low. so i think it's a worry but i don't think it's a near-term worry. >> taking all these factors into consideration are you in the camp with two hikes or perhaps three. >> i think three certainly. i think conditions are robust enough. they don't need to bring it forward to march i don't think.
i think they have time to wait and see and go the first time this year maybe in may and try and go without an accompanied set of press conference remarks and forecast revisions and they can use it to prep for that. yeah, i think three hikes this year is certainly more than doable. >> still trying to figure out just general value. where do you invest at the moment. where do you think the big play for the next couple of months is. >> sure. we still like safer developed markets. u.s. momentum picking up. european earned momentum looks fairly good and a little more of a value play. those would be the two regions i'd look at. europe ben if i as well having a weaker euro going forward. that provides a more positive view. >> timothy, thank you so much for joining us. head of macrostrategy at state street. >> have you seib "la la land"? >> i haven't. i feel as though i'm the only one matt world. >> i haven't either. i usually love musicals but i'm not really -- >> musicals on stage or in the
theater, because i prefer them in person. >> our producer is saying he thought it was very good. yeah. >> maybe you'll have to find a valentine's day to go. >> "la la land" cooped up five awards bafta, best film, actress for emma stone and best director. elsewhere, casey affleck sealed best actor going for his performance in "manchester by the sea." this one was phenomenal. very, very well done. ken loech's daniel blake activist film scathing attack on british government in his acceptance speech calling the ruling callace. we see more and more people using this platform. >> particularly this yore. >> using it to get their message
across, whatever humanitarian. >> when you look at how many people tune into these events. also with the grammys big event stateside with adele winning big-time this year, scooping the top awards for best album, record and song of the year. the british singer paid tribute to beyonce who entered the front-runner for nine nominations for her album "lemonade." chance the rapper and the late david bowie who won five prize for his last album black star. >> they did an impromptu karaoke on teenager. it was brilliant. i love bruno mars and his prince tribute. >> i missed that. >> phenomenal. e-mail the show, get involved. address "street sign signs" @cnbc.com. my heart celebrating the language of love.
with slow internet from the phone company, you can't keep up. you're stuck, watching spinning wheels and progress bars until someone else scoops your story. switch to comcast business. with high-speed internet up to 10 gigabits per second. you wouldn't pick a slow race car. then why settle for slow internet? comcast business. built for speed. built for business. good morning, everybody and welcome. still watching "street signs." south korea's finance ministry swiftly and firmly volatility in the wake of north korean missile launch. south korean hw
south kore south korean yon yuan trading lower. >> reporter: good morning. thank you very much. i want to start off with the latest so we got out of china and its reaction to what happened over the weekend, the missile launch. a foreign minister spokesperson says they oppose activity calling them a violation of relevant u.n. security council resolution and adding china will continue to responsibly participate in conversations with the u.n. security council. this follows call for emergency consultation at the security council by the leaders of south korea. the united states as well as japan this morning. somehow a different mood coming out of beijing, other than the
usual lines of calling for peace and civility on the korean peninsula this time around. we've seen over the recent years that china has been taking a little tougher stance on north korea. china has long believed to be a longtime sponsor of the communist regime but certain changes detected in their relationship especially since the new -- not new anymore but young kim john untook the helm of the communist regime. now, what did not change so much was north korea's behavior this time around. it tends to do that especially in the beginning of a new administration in the u.s. or south korea. but what i found very interesting was donald trump's somewhat restrained response for now, a quick one-liner from emergency press conference. was actually hoping, anticipating for a late night tweet coming from the u.s. president.
guys, back to you. >> sharon, thank you so much for bringing us that update. president trump meanwhile is back at the white house after a weekend in florida visiting japanese prime minister shinzo abe. donald trump confirmed the security of japan and the two leaders agreed to establish a u.s.-japan economic dialogue headed by deputy prime minister taro aso and u.s. vice president mike pence. japanese grew gross domestic product boosted in part by weaker yen, exports marks fourth straight quarter of growth. dollars hitting two-week high against yen after investors breathe add sigh of relief precisely that president trump held back voicing protectionist concerns during a meeting with the chinese pm shinzo abe over the weekend. checking markets out of asia, pauline joins us from singapore. pauline, happy valentine's week, of course. >> yes, a day early.
happy valentine's day to you, louisa and nancy. we've got momentum carrying over from friday's record close on wall street, carrying over into the asia-pacific region. the north korea story did rattle the markets a little at the beginning of the session but this region is used to this kind of saber-rattling so they recovered very quickly. it was seen, however, as a test of what the trump administration would do. the bigger story in south korea was what was happening in samsung. the special prosecutor's office brought in head of samsung for questioning and planning to question four more samsung executives and then decide whether or not to issue arrest warrants there. that put pressure on the samsung group. considering smun's group is 20% the kospi and considering the north korean missile test the kospi held up well .2 of 1%.
the dppd data came with good and bad. we saw that growth grew at annualized rate of 1% but there was 0 private consumption. that's a dilemma for abenomics. after that successful meeting between trump and abe, there were no major tensions. nikkei rallying up with another stocks leading the way. australia leading thanks to commodity prices with iron ore and copper. louisa and nancy, back to you. >> thank you, pauline. you're right. i shouldn't turn it into the valentine's week. all the men watching, the week. i thought it was the day. thank you very much, pauline. >> it's a great excuse for retailers to get people back into the shop after the christmas period, i think. >> they have been advertising for valentine's all month. >> i thought it was an american thing but all over the streets in london it's wild.
stalled after new year's holiday put brakes on demand, 0.2%, weakest since 2015. this fall a rise of 10% in december and 7% in november. >> voters in switzerland have rejected government plans to overhaul the country's corporate tax system as it seeks to abolish ultralow tax rates for multinational corporations. they opposed overhaul after footballs minister said it could take a year to come up with a new plan and years more to implement it. went on to say as the country tries to come up with new plan they might stop investing. >> thousands of protesters have gathered for a thirteenth consecutive day in bucharest demanding current government. huge romanian flag using pieces of paper illuminated with lights of their phones. the newly appointed socialist government rolled back on a law
that approved and legitimized several differences. in france "friends" presidential hopefuls likely to face further scrutiny from prosecutors allegations into wife. the prosecutor decided against dropping the case for lack of evidence. meanwhile fillon said he's determined to stay in the race but will step down if put uninvestigation. bank of france says french people do not wish to leave the eurozone. speaking to radio station earlier this morning he said a so-called frexit would cost french economy 30 billion euros a year. >> round off with italy. former prime minister renzi has plans to resign as leader of the democratic party triggering a new leadership contest. although renzi pushing for early elections his move could delay the vote by a couple of months.
renzi seems likely to launch a leadership bid after he steps down hoping to run as prime minister during second election. >> another political risk germany's social democrats 1% behind angela merkel's coalition. organized to a poll, gained significant ground in recent weeks led by martin schulz, former president of european parliament. >> meanwhile germany's former foreign minister stein meier has been elected president. largely ceremonial role after president's term expires in march. director of interest rate strategy, good morning. >> good morning. >> how much more upside do you think there is to bond deals at the moment especially given all the political uncertainty. >> depends what bond market you're looking at. german bonds enjoy political
uncertainties you listed. you can throw in greece once again, so there is a fairly lengthy list of events. the linkier it is, the more support for bonds, thanks to safety and liquidity. for once looks like these levels actually can be quite a bit. markets like france, netherlands also face general elections. may be more upside to yields driven by this component. >> despite the fact we still have a lot of uncertainty about global economic recovery and still have support coming from the japanese and europeans as well stimulus. >> yes. still in place, that's for sure. full force. however, know they trend come april, some call tapering, some disagree. we know vis-a-vis keen on
hitting certain thresholds so also mechanically some things to be tackled. next meeting will be very much about technicalities. this comes on the whole background versus we have no high inflation readings. so path of least resistance may be to give it more yield at the end of the day to compensate for risks and trimming of support. >> we talk about the risks that are priced ahead of european elections. it seems to me the risk was thought to be a move to anti-sentiment in the aftermath of brexit and donald trump's victory. you look at germany, schulz gain in popularity he's part of european establishment not only president of parliament but ally during his time in brussels. then you have the likes of the man gaining popularity and he, too, is pro eu. are we actually seeing the
pendulum swing in the other direction? what does that mean for bonds? >> polarizes more. it's absolutely correct. however, you see in germany, deutscheland, they are certainly running on this. we have the liberals spoke oxley about grexit again. certainly have more polarized and more prominent. something like a shoot-out for the french elections, for the president, that's something investors would probably not like. if it's a binary outcome it can go either way. >> french yields move on the risk, four-year high at one point last week. bank of france governor, he doesn't see risks, want to vote and stay in the eurozone. if that's the case, have investors gone ahead of themselves. >> seen with brexit not only about economic materials here, some of these votes have been
proxy votes for general dissatisfaction with the status quo and quite a lot of people feeling dissatisfied with the situation and this makes the situation so dangerous to predict. and so this is why investors are concerned and i think for the right reasons. >> you think that's -- >> waivers before we go better or tighter once we know what to expect and how it will play out. >> what's your best case scenario for france? it should go all well. however, as we will need to wait until early may to be sure about this, this is depending on you're investment arising, better buying opportunities france versus germany coming up. path of least resistance initially, then -- >> you think a chance she'll win. >> has a chance. current indicate one in three,
which i find remarkably high. can easily say markets are very well behaved. when trump was running at 20% chance markets were way more uncertain. given what's at stake at the end of the day, this is still well behaved market here. yes, she has an outside chance. the outside is actually not that limited. this makes it -- investors got burned twice by brexit and u.s. elections. so rather play safe than sorry. >> david, thank you very much. >> you're welcome. >> interior interest rate strategy. we're on twitter, e-mail as well. >> we have to take a quick break. runs throughout european trading day. we'll be right back.
higher. that sector hitting highest level since august 2014. >> martin schulz helps take germany's social democrats within 1 percentage point of angela merkel's conservatives. a new poll finds he would beat the chancellor in a vote. donald trump prepares to talk trade with canada's prime minister as the white house seeks to rewrite controversial order after facing a setback in the courts. good morning and welcome back to "street signs," the first trading day of the week. we're just coming off another record day on wall street to end the week on friday as i was saying. just when you think this rally is coming to an end, optimism there over president donald trump's tax return policies in the works. a shot of where u.s. markets set to kick off the week. we're looking at green arrows once again, fairly modest for
s&p at this stage higher by 2.8 points, dow jones high by another 40 points and nasdaq higher by 7 points after another stellar week for tech stocks. a view of how european equities trading, wall street inspired gains are carrying over into the european section tracking strength and basic resources once again which have been taking their cue from a jump in commodity prices. in the uk looking at gains relatively modest near flat territory. ftse had high territory, french cac 40 by half a percent as well and italian ftse tracking those gains by 0.5% as well. a look at curve, dollar will come into play this week as investors look to testimony from janet yellen on capitol hill both tuesday and wednesday. right now we're looking at euro dollar trade basically flat. the japanese yen trade has been
the big story after the summit held in florida. trumps mar-a-lago estate. investor calling a win for abenomics because we didn't hear anything from president trump when it comes to concerns over japanese yen. looking currency half percent. sterling higher against greenback higher by 0.2, 1.25 level on friday after some encouraging data. elsewhere the aussie dollar ticking lower in grownback territory but basically flat. louisa. kuwait's opec minister said compliance with supply agreement is above 90% while non-opec is around 50%. the minister added that current oil prices are good and he expects them to rise with higher level of compliance in output cuts. london petroleum has proposed spinning off nonnor weekan assets.
lundin planning on the toronto and stockholm exchanges. the company says the corporate split would allow it to maximize shareholder value from its nor we canan assets. ian reed with us head of oil and gas research. good morning. >> morning. >> opec delivered, i was looking at the minister saying the compliance was 92% to be exact. non-opec producers wases 50%. we should see that as good news. no? >> i think opec is delivering above and beyond what people expected. this is a record level of compliance with their cuts. if you see non-opec people step up, russia in particular who have got the lion's share of that. then i think we could start to see rebalancing we're talking about for some time. iea last week certainly was giving some optimistic views both in terms of supply cuts but also demand increases, also
important. so i think the market in a wait and see mode. signs are positive now. >> what happens? it feels to me like a couple weeks ago, recently they were talking about how they weren't complying and that was a big issue. >> in particular, overcomplying. so they are making up, if you like, for some of the noncompliance of the smaller participants. gulf states, saudi arabia, abu dhabi, they are the core of this. they will do everything it takes in order to make sure compliance is good. what they are also concerned about, of course, is in the u.s. where drilling rates are picking up and they obviously want to try and get to a level where supply growth is cut back in order to offset some of that. it looks like it's starting to happen. >> ian, that was exactly my point, question i wanted to put to you. when you look at the oil count, eight rigs adjusted to february 10th. when you look at supply
dynamics, you're one of the many voices concerned about supply, is this compliance news enough to keep prices going higher? are we going to have to look at an extension of the opec deal? >> six months isn't enough. we're going to have to see extended through 2017 to really make a dent in these bloated level inventories we have at the moment and keep prices you know heading towards $60. what we're concerned about is that the come off, drilling continues in u.s. and we get back into elevated levels of inventory into 2018. opec obviously wants to try and tell us a different message at the moment. >> given this view when lou at your oil price forecast, how does this play into your view for oil majors? because the latest round of earnings from european majors disappointing a little you might say, likes of bp raising their break even point. how do you view the sector now? >> it's a bit mixed.
one of the reasons why you see these things happen with bp they are investing for future growth, actually spending a bit more because they hope oil prices higher and justify initial investment. in a way it's a good thing. of course markets concerned about coverage of dividends, et cetera. if oil prices go lower again, more cuts required. it's a bit of a double edged sword at the moment. the one we like in particular at the moment, i think has the ability to maintain dividends while growing. obviously got the bg assets so it can do that. >> outperformed. >> absolutely. >> chevron sensitive play, a a gain growing quite strongly. repsol we like, quite exposed u.s. gas prices that's helping at the moment. >> what's your reaction to the news coming from london today
proposed spinning off non-norwegian assets. investors seem to like it at one point. stocks hitting all-time high, i believe. what do you think investors like here? >> kind of a classic restructuring focused on the good stuff. norway has been very good for them last couple of years, very big discovery. that's certainly helping. so yeah, more of a focus on individual parts in the business, which investors can get their teeth into. the right sort of way, right sort of price, why not. again, there's a bit more optimism in this oil market at the moment, particularly from smaller companies. so yeah, i think it's a sign of better things. >> thank you very much. ian reed head of oil and gas research. meanwhile justin trudeau set to arrive in washington for his first meeting with donald trump. neither administration has released details of the meeting but trade is expected to top the agenda amid tens over nafta
which president trump has vowed to renegotiate. meanwhile across america's southern border thousands marched in multiple cities to protest trump's border law and anti-mexico rhetoric. nbc's kelly o'donnell has the full report. >> demonstrators in palm beach, both trump supporters and detractors lined his route to the airport. president trump returns to washington tonight with international friendships facing tests. today in mexico city thousands marched to protest president trump's plans for a border wall. anger directed at plmps own image, human and economic divisions between the u.s. and mexico including the trade deal nafta also affect canada. tomorrow prime ministerious continue trudeau meets mr. trump at the white house. trudeau directly criticized seven-country travel ban tweeting a message for refugees.
welcome to canada. defending that travel ban across morning television today, the president's senior policy adviser stephen miller lashed out at the courts. >> we have a judiciary that has taken far too much power and become in many case a supreme branch of government. >> the white house weighing options. >> to ensure our immigration system doesn't become a vehicle for admitting people into this country hostile to the values. >> miller's boss liked what he heard. the president tweeted, great job. miller unprepared to answer for mr. trump about controversy ash national security adviser michael flynn who told mike pence he had not discussed sanctions with russia but monitored calls suggest he did. >> if you were caught misleading the vice president of the united states, would that be considered a fireable offense in the white house. >> it's not for me to answer
hypotheticals. it would not be responsible. it's a sensitive matter. >> busy week for trump administration including his ongoing battle over immigration order. president trump also has continued to defend executive order tweeting the crackdown, quote, on criminals, illegal criminals is merely keeping the campaign promise. this comes after trump said he's considering issuing a revised travel ban. stephen miller, adviser you saw, senior adviser on immigration issues also denouncing the judges standing in the way of the travel ban. from what mr. miller said, our opponents, media and whole world will soon see as we begin to take further actions that the powers of the president to protect our country are very substantial and will not be questioned. of course a lot of people are precisely questioning why it is that you shouldn't be looking at a healthy discussion taking place, also healthy legal discussion taking place with the involvement of these top judges. >> i think the issue, too, of
why have a discussion, in fact, legal review before the order was issued. i think a lot of people are talking about the fact it was issued without an extensive discussion taking place first. now they are having to backtrack. i think when we talk about the next step, yes, there is the possibility that the administration takes it even further, as high as the supreme court. but the fact that donald trump, sources have said he's considering a review of the law, in order to -- it would be a lengthy legal process to get it approved, it does raise what changes will be included that makes it in the eyes also given the timing offious continue trudeau coming to washington. he's been an outspoken critic of this issue. >> i would love to be a fly on the wall between -- watching that meeting taking place. trudeau very notably was one of the first leaders to say, we welcome syrian refugees and to himself go to the airport -- >> come to canada.
>> greet the people who came over to canada from the middle east. so very differing opinions there between these two leaders. >> but a lot of analysts have been saying this is a critical test over whether or not president trump will be a president open to changing policy, to what we really saw with one china policy. if he is open to change, modifications on this issue, i think that would be encouraging to many watchers. >> so many people are so relieved he didn't talk to abe about anything currency related. >> not on the microphone at least. we don't know what happened behind closed doors. >> letting pence do that with the second in command in japan as well. we will continue to watch this. >> elsewhere in developing stories thousands of people in northern california were ordered to evacuate due to fears that the emergency spillway of a dam could fail. officials say failure of the structure would result in uncontrolled release of floodwaters from lake oroville into the rivers.
>> reporter: in california officials say hazardous situation developing near oroville dam, one of the nation's largest dam after an emergency spillway severely eroded. there are fears the spillway could fail soon and unleash floodwaters from lake oroville. authorities say people downstream need to leave immediately. >> we had to make a very, very critical and difficult decision to initiate the evacuation of the oroville area and all locations south of that. >> erosion damaged the main spillway earlier this week and engineers aren't sure why. for the first time in nearly 50-year history water began flowing through the emergency spillway saturday following heavy rainfall. nbc news. all right, everybody. coming up on "street signs" we will head out to dubai, ceo of
telling them they may be targets of hacking, writers and broadcasters from cnn, "new york times" and yahoo! >> tesla's ceo elon musk expected to announce the launch of the company in the u.s. holding a press conference in dubai. the electric carmaker looks to partner with hotels and restaurants to install charging stations. let's get out to hadley who joins us from world government summit in dubai. great to see you. tell us all the did you see on the ground in dubai. >> hey, nancy. we're hearing from world leaders but also hearing from a lot of tech giants locally in terms of elon musk.
we've heard from him, of course, as you mentioned to bring electric cars to dubai. i'm joined by ceo and co-founder of careem. this is in 11 countries and 52 cities. talk to me about some of the buzz. heard from elon musk, talking about bringing electric cars to dubai. is that something you guys could get involved with? >> sure. first of all, thanks for having me. we do believe that technologies like electric cars will do amazing -- can i restart? >> we're live. >> we're live. welcome to cnbc. >> yeah. so you know, our objective is to reduce congestion in our cities. infrastructure is lacking in many cities. we're working on technology we make the cities less congested. so as electric cars make it to the market, want to adapt them
and put them in. >> saudi arabia got involved in the round of funding. talk to me about what you're doing there. by next year you could be the next private employer in saudi arabia. >> that's right. impact in saudi is fund mental the way in saudi. empowering women and other segments of society that can't get around that easy but also enabling a lot of unemployed in saudi or underemployed people making a living. when you talk to a woman, you hear precareem, post careem. they are 75% is saudi nationals working with us that are earning a decent living,
working in the society. >> another uber, $3 billion investment in that company, that's the main competitor here in the middle east. talk to me a little about that relationship. are you going to be going to potentially being acquired, talking about a public listing? what's next for careem? >> the focus is to keep growing the business independently. we're in 11 countries and 50 cities. many parts of the region we're still not present in. one big objective this year is to start expanding and opening new markets, new cities, countries. the second is we are less than .5% of the trips that happen in every city, total numbers. there's a lot of scale in existing markets. third, we also recognize the platform we have built can be used for many other things including movement of things. so this year we're going to start experimenting with other business models and other services and see how we can roll
they will out on the platform. >> so like deliveries. >> yeah. >> what happened next for careem, for example, in cairo. big question surrounding how the business model is different, whether in dubai, egypt, pakistan. what's the business model going forward in terms of investing in new countries? >> so you said the business model is different in markets. in a place like dubai work mostly with regulated cars licensed by the government and professional drivers that we give business to. but in a place like cairo or karachi, we're able to work with pretty much anyone that has a car and wants to work and make a side income. the change that you start seeing in the quality of service, because now you're sitting in the car with someone that is a student, mechanical engineer, conversation is different, quality much better, the availability not just finite pool of professional drivers. pretty much anyone can be a driver that has a car.
so the service availability and it's dramatic. start seeing how societies operate. all of a sudden it's no longer bad to be a driver, which it was in some societies, it's an acceptable profession to work as a driver for sometime and make a living. >> becoming a major private employer in the region, careem, and looking forward to potential listing. when are you thinking of listing? >> like i said, the focus is on growth. we'll continue growing the business. at the right time in the next two to three years that becomes a possibility. right now the focus is on growth, create a million jobs in the region by next year. >> co-founder and ceo of careem. thanks for joining us. guys, i'm going to hand it back to you. >> hadley, thank you. anything else that stands out from the conference this time around? >> quite a lot, louisa. we heard from the head of imf christine lagarde, optimistic what's happening in the united
states. she is concerned regulators in terms of banks -- she says banks can't be allowed to do what they please but still sounding positive what's happening in the u.s., also worries over european elections. a lot coming out of this summit. we'll bring you more as the day goes on. guys. >> hadley, thank you very much. and do you want to see what a trip to mars looks like? we were talking dubai, now -- >> i'm one of those, don't touch space if you don't have to. >> i'd like to think i would like to be in the first space shuttle, the one richard branson has, but i have a few issues of safety. you want to get out there, walk the moon. >> i did go to space explosion center in europe and was talked through what a trip to mars would look like. fascinating. super fascinating. >> how many years off, do you think? >> i think it's right around the corner, couple years away. >> we'll have to wait and see
now world visitors in dubai had an opportunity to take vr tour to the red planet. vr i could handle. >> you say that. you say that. >> you can head to cnbc.com to read that full story and explore space for your self. let's give you another check how european markets are trading first day of the week. closing out friday we saw taking in four straight days of gains. pretty narrows, ftse 100 softer, barely in positive territory. german made, french cac 40 and italian ftse all holding higher in the range of .6 to .5% higher. fx continues to be a big driver, looking at janet yellen heading to the hill this week giving semiannual testimony to both the senate and house. investors will be wondering whether she says anything about the latest announcements coming from donald trump on tax reform, what he called phenomenal tax reform. looking at the moment euro dollar basically flat, yen again
the big story after the summit with mr. abe, prime minister abe, in mar-a-lago, florida. a lot of peel calling it a triumph for abenomics. >> still thinking about mars. i spoke to a scientist, the mohawk guy. he said one of the things that blows his mind, marble is life, it wouldn't be around if you didn't have water and life. one of the things when he puts probes in place on mars that you want to make sure not to disturb anything because you might actually be disturbing life. we live in a big marble now. >> useful lessons. that's it for today. we will see you tomorrow valentine's day. i'm louisa bojesen. >> i'm hungerford.
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