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tv   Street Signs  CNBC  February 20, 2017 4:00am-5:01am EST

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♪ good morning everybody. and welcome to "street signs." >> these are your headlines. >> a $143 billion flop. the they drop after saying no strusteejic for share holders. shaky foundations. the home builder post as 3% fall in profits as it is going to construct fewer homes this year.
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vice president mike pence plans to confirm on his commitment to nato in brussels this morning. ♪ good morning everybody and welcome. a fresh week. >> good morning. >> fantastic weekend. always. you? >> we had a big deal over the weekend that never happened. you leave on friday and you think wow, $143 billion is going to happen but there you go. monday morning it never existed. >> we saw the jump in unilever shares. and it's been off some 8% or so as investors have come to terms. some are saying not really a big surprise given some of the political opposition you'd see. and little bit higher, up by 3/10 of a percentage point and
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that's in our main european forces as well. most of europe trading higher. some of the smaller markets trading off by a point or so. unilever shares have hit the bottom of kraft 600. take a look at the shares off by roughly 7%. they announced it in a joint press release yesterday after unilever rejected the food giant's approach on friday saying it saw no merit in kraft's offer. a kraft hines spokesperson decided to drop the bid when unilever made it clear they didn't want to pursue a transaction. john, always a pleasure speaking with you. are you more surprised by the fact the two companies skpoek in
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the first place or by the speed in which talks actually faltered? >> yeah, probably the latter, actually. i think most of us went away friday evening thinking unilever is in play given the way 3g and kraft heinz go about things. a dealer would come sooner or later, probably not the low ball price we were quoted friday evening. but obviously over the weekend both companies have decided nautto go ahead. i guess it's really about the political opposition in the u.k. and the neverlands and unilever has a strange dutch listing where it means it's very difficult to do a take over but there are potentially ways to block it. kraft heinz probably thought wait and see what happens and
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we'll move away from that bid for the time being. >> do you think this deal would have made sense in the first place? they have very different approaches. 3 g is very much about slashing costs. >> yeah. i think definitely, if aio look at the european company, it is a top line earnings model, rather than cross cutting and with unilever, sustainability is at the top of the agenda and paul often going out saying how we need to be more responsible from a corporate perspective. and that's certainly not the top of the agenda when it comes to 3g and warren buffett, who's the other main shareholder in kraft heinz. if you look at unilever's actual
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portfolio, there are parts of it that are pretty cumodatized in packaged food. i'm not sure they'd be interested in the personal care business. that is very different from what 3g have done historically in fast food of course. so i'm not sure they're after the personal care business anyways. i don't think it's totally dead, as you can see with shares this morning. unilever shares are still above the high bid price. maybe a full disposal but not a full take over. >> john, good morning. but companies like unilever, they must be looking really nice for u.s. companies for an example, given the 20% discount they're getting due to brexit. >> and of course, the u.s. dollar is very strong.
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this is a great opportunity for american companies to look at europe and the u.k. in particular and i wouldn't be surprised to hear more of this. there's a couple of things going on in the staples industry becoming quite cumodatized. and you need to get bigger and bigger so you can consolidate more factories, more jobs and i think that's what basically this 3 g business model kraft heinz has, looking at the europeans and they look cheap probably in dollar terms. and probably a fair amount of fat. >> do you see other european companies that might be riper for the picking than unilever in a kraft bid? do you think kraft will come back? and do you think one of the mistakes was they exposed
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themselves to the public early. >> yeah, i think so. i think this bid indicates actually kraft heinz, the 3g guys are looking at personal care. personal care maybe not so much but household projects, the soaps, etc. if you look at the big guys in europe, they tend to be tightly controlled and so a take over is impossible if you don't want th. now, within the space, he has a pretty open shareholder structure. 50 billion pounds market cap. that could be a target. the french listed company with a 40 billion euro cap hasn't been able to quite get it to work over the last couple of years. so those two are the ones i
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think would be targets -- and it's not just 3g. there's pepsi, there are other companies looking at bulking up or else they could be taken over. >> john cox, head of european equities. rbs is abandoning its sale of the william and glyn operation in an attempt to turn round the retail banking unit. it was part of a government bailout in 2008. shares higher by 4 1/2%. head of investment strategies. any comments on the fail bid for unilever? >> the skeptical side of me says why are big companies like this merging? what was the opportunity for
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them? ultimately, it was to find some sort of growth and if you look at u.s. companies, they're looking expensive and wage costs are rising quite considerably now and i like to rise furtherer. you've got increasing input through commodities too. to me, that makes me quite skeptical and if you look at consensus earnings, it's expected to grow 21%. is that realist, when the long-term average is 4.6%. it does suggest markets are gegetting a bit toughy. >> is it to find growth by tearing them apart and finding money in that way? >> in my mind it's always about trying to discover cost efficiencies rather than sort of
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organic growth and what's better? in my view it's organic growth and that's a much more compelling story. >> i spoke with the ceo of nestle and he was just talking about the consumer space and just looking at data this morning. the 2017 pe is 17.6, that's the highest since 2004. does it make sense to accumulate any holdings in u.s. stocks right now? >> another way of looking at it -- and surely if you are taking evaluation as an investment approach, you need to take the long-term view. it is on 28 times that moment. 85% of the time it has been historically this high. you are buying an asset that's incredibly expensive at the moment. and a contrast between risk assets like equities and more
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defensive assets like precious metals for instance. we've seen inflows of 141 million into our gold products last week. and you know the markets have very contrasting views at the moment. >> what are you buying at this point? jp morgan saying we're going to buy germany over france because in france there's too much election risk? do you want to jump on the band wagon because of the weaker euro? >> what's the contrast between france and germany? france, is looking extremely cheap relative to germany. i suppose you have to price in the possibility that marie le le pens is going to win and then it would be a euro zone break up. would you want to own france or
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germany in that scenario? she'll fall at the second round but certainly from our perspective, investors are worried about that. if you look at her standing, it's very similar to where donald trump was last year. so there's every chance it could happen. >> appreciate it as always. head of research and investment strategy and still coming up, u.s. vice president mike pence will be arriving at the european counsel in the next few minutes. did you know, 90% of the world's largest supercomputers run on intel? that means you can take a universe of data - in your case literally - and turn it into medical discoveries, diagnostic breakthroughs... ...proof that black holes collapse into one singularity. i don't know what that is. but yes. innovation runs on supercomputers...
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member of the ukrainian parliament last month to discuss peace. it could give russia long-term control over territory that it seized in 2014 and lead to the lifting of sanctions over moscow. they confirmed that meeting took place but denied he discussed the peace proposal with anybody in the white house. the u.s. vice president mike pence has reiterated the commitment to nato. the vice president is due to arrive at the european counsel within the next couple of minutes and hadley is with us from brussels. what do you think pence's message will be this time around after pretty mexed messages with regards to support of nato? . >> reporter: it's a very good question. essentially we heard
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recommitment to the nato alliance. the vice president was firm on standing behind nato. and questions on what the commitment to europe will be like going forward. >> to ask for more defense spending across europe and canada, especially because 28 allies, twal28 heads of state a government agreed to do exactly that. the good news is that in 2015, we stopped the cuts and last year, 2016, we started to increase defense spending across europe and canada. we had had close to 4% spending. we started to move in the right direction. we leave fair burden sharing. >> reporter: now over the weekend we also heard from the foreign minister of russia. he was talking about a
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possibility of a post west order. and questions about military and security, commitments from the united states. also questions about the fight against the islamic state and whether or not russia and the united states would be able to solve that conflict and questions about europe and the individual countries in terms of not just the elections and the poppia poppialest back lash and russia's interference in terms of the cyber esecurity as well. let's listen on the defense minister of germany. >> we need to have a good relationship with russia because there are problems in syria we can only solve together but we insist that also russia is abiding to the rule of law and inthe international peace architectu architecture. so it's a situation where you
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have to insist on your principals because they are important to have a good order within the world we're moving in together. >> reporter: so great deal of concern in terms of european voices over the weekend in terms of what does the president mean when he says it? does he mean what he says or do we need to listen to his actions. general james mats going to baghdad and felt the need to tell iraqis that the united states was not interested in taking their oil and that fell on comments from u.s. president, during the campaign. and basically for the iraqis, they're caught between a rock and a hard lace. they have 5500 u.s. special forces working with iraqi troops to take care of the battle in mosul. and they're working with iranian
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forces on the ground. lots of questions about that relationship and in terms of saudi arabia. we heard a lot of positive comments in regards to relationships with him and how they viewed the appointment of rex tillerson. most positive comments were coming from saud i arabia more man anybody else, guys. >> i was looking that former undersecretary of the bush and essentially tweeted despite vice president's statements, the big question is does president trump truly support nato and the european union? i noted on. some reports that a lot of the europeans were a bit up in arms in how he didn't seem to include the european union in their speeches.
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that they ignored the european union. is that your perception as well? >> we are talking bute u.s. president who basically approved of brexit. so a lot of questions today. jean-claude has already said he questions that push for basically nato questions to make the proper payments to pay up in terms of their commitment to the alliance and we've heard from donald tusk saying u.s. president donald trump is the single existential threat from europe. >> thank you so much for that. meantime, pushing on. in germany a new poll has put the democrats ahead of merkel for the first time since 2006. the christian democrats must be shivering. this is very concerning to them because they've taken the lead
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for ages. >> that's the first time since 2006 that the social democrats have a better standing in the polls than the cdu. and they are not asking the question whether you want to have that correlation or that correlation. because running for the social d democrats and responsible for all it hype, made it clear he's looking into a coalitioning with the left and the green. and if you ask the germans, the results might bow different. where do we stand? it's not eesken the start of the election campaign, it's just schultz who's enthusing a lot of people because he seems to be sympathetic and that's one of the reasons people think they could vote for him but we don't know anything about the content
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yet. the first signs are showing that he's planning on increasing social spending. his rhetoric is purely social democratic. so he's concentrating or refocusing on the traditional values of the social democrats, which is equality in the society, social justice. big question is whether you really can win the international environment concentrating more or less purely nonternal affairs. that's the big question going forward. i think we'll see many polls going forward but still merkel has not started in her rise of the social democrats. >> mike pence, the vp of the united states has just arrived at the european counsel in brussels. he's shaking hands with the european counsel president.
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a very warm handshake between the two leaders there. shares in soft bank slightly higher arv word it's going to give up shares of sprint. >> yeah. carolin, softback investors like the idea of urnather try at this merger. sprint is the number four telekom and t-mobile is number three. so they could compete against the big wigs of verizon and at&t. so softbank shares closing higher. we had japanese trade data with a disappointing look at the export picture where they were up 6% year on year. japanese exports to the u.s. and to china, both dest nations
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slois down. and shares of samsung electronics close higher today, up 2% as investors were bargain hunting, even though the head of samsung group is still in a detention facility as he waits for the next move by special prosecutors. they expect to officially indict him by next week embezelment and perjury charges and his wiech as well. and closing by 1 and 1/4 of a percent ahead of earnings before the market omened tomorrow. and let's look at the asx 200. back to you. >> pauline, thank you very much. we need take a short break, but coming up we'll be talking about
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♪ welcome back to the show. yes, you're still watching
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"street signs." >> your top stories this morning. >> a $143 billion flop. kraft drops its bid for unilever after seeing no strategic merit for share holders. shaky foundations. the home builder post as 3% fall in profits. and the u.s. vice president mike pence seeks to reassure his yurmen allies of america's commitment to nato as he meets with the commission in brussels this morning. ♪ welcome back everybody. hammerson has posted a drop in 2016 due to valuation losses in its portfolio.
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it's saying despite the head winds, the business is resilient and adaptable. >> they're falling after posting a 3% drop, missing expectations. the uk home builder expects home completion levels to be 10 to 15% lower this year. the news for bovis seems to be getting worse and worse, the co's leaving. now this. is there any light that the endf the tunnel sh. >> they couldn't build the number of homes they expected. the co resigned. and they've had a 7 million pounds provision they've taken which meant they were below guidance and that relates to extra snagging costs and
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customer issues to address the problems they had in december. in the immediate term, they've got to get on top of fixing those problems and more median terms, what happens depends when he's appointed and how much return they are k return on a two/three year view. >> but they're very much country specific. because the rest of the industry quite optimistic despite all the uncertainty coming from brexit. >> that's correct. i think the rest of the industry, including bovis has been optimistic and these issues are company specific. they're operational problems in terms of building houses on top and spiff took bovis. the rest of the industry has had had issues on having to focus on customer care. but bovis has stood out as
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having the bigger problems. >> saying they want to keemp these completion volumes. were they too optimistic last year or did they get ahad head of themselves? >> it's probably a mixture of and decided not to. so they really now they're saying they reset the business for 2017. they want on top of these issues and that will be two angles. 10% low. and capacity to address the person with customer care and build to the proper standard. >> there's rumors about barclay group and bovis merging. is there any substance to these
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rumors? >> they haven't come to anything so far and obviously this type of speculation always rears its head at times like this. land's freely available and the whole sector's been faced on capital terrorism. and who knows what happens in the future. >> bovis is trading at big discount. you've got whole braiding on the sto stock? >> obviously we'll have a look today at the back of what they say and the results. i think whether you become a buyer at the shares on this level, there's valuation support around the 760 level in terms of the nav for share and you've
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also got the divdechds. so you would have 6%. and look how long it takes more positive changes that all. >> thank you for that. and let's have a quick look at the european equity markets on this monday morning. ftse 100, and unilever down to the tune to roughly 7% and dryingal it me down. and that's led in part by telecom following a u.s. merger and ftse 100 up by a similar percent nl. we're seeing telecomup to the
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tune of 2.4% and that's once again the unilever effect off by 1.2%. and reported higher than expected earnings increase with rising to 390 million. they're targeting a single digit increase for 2017 and the ceo commented on the latest results. >> 2016 was a record year. we were the sixth best stock performance on the stock 600 and we delivered on all our guidance. it's had had a strong start in our brief history. tle saw very good callume growth without you and particularly strong stars in china. i feel china's back in the frame
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and doing extremely well. >> a report by s&p learned that rating trends are expected to say the same. but key risks including oil supply and weaker chinese growth are set to remain head winds. good morning, paul, and welcome. just assuming a number of our viewers might not be up to speed. start by painting a broad brush stroke. >> the dynamics of the industry hinge on the top line. it's the balance of supply and demand and how that plays out in this global industry and you need to understand it was tai ta upstairs. then you've got to think about
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what the costs are. so what is the input? it feeds into the product and oil prices and shell gas are key drivers behind that as well. and you thinkerateser fine to keep daddy unstable. >> we're looking for 50% through 2017 and on that base, we think that it will be contained and if oil prices do rally more, that could put more on european and asia pacific producers on the commodity chemicals side. >> is it going to be a stabilizing or destabilizing factor in 2017? >> our baseline view are that authorities of china in auks, november, i'm 3rding everything
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i can and if you look at credit growth, it's been verier strong. so obviously it looks as if it will be pretty stable. obviously the whole discussion about protectionism and the u.s. approach to trade. obviously that's a big unknown. >> the u.s. is the other side of the equation. you have the worries about protectionism and this kpieberance and optimism about his future for wanting to hem everybody. unless they bought into u.s. firms and then wouldn't you be worried of lever wj. >> this is a big risk we're looking at. there's a lot of different drivers. and obviously in the chemical sector, there's very big
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transactions which are currently in progress. and of course the key driver is financing this. so from our point of view, ooe we thought that was competitive. frrts and the banks are to. blp what in particular is happening there and what would it take to get that to stable as well? >> that's heavy driven by mexico and brazil. both of those countries obviously have their own challenges. brazil coming out of a deep recession and mexico very much trying to manage their way through this new political situation they're faced with.
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and there's quite a limited number of ratings in that storel and what it can do. >> paul, we're going to have to leave the here. paul walters, head s&p. let's get back to donald trump. he's working on a new executive order to reinstate the travel ban. here's the latest. >> reporter: president trump in florida interviewing at least four candidates for nashdsal security advisor -- army lieutenant hr mcmaster and john bolton. >> we will fight hatred with love. >> reporter: as more pro muslim
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rallies are he rallies are held and there are new guidelines for deporting undocumented hearings. and prosecuting parents who pay smuglers to get their children in and even if they don't, their intent is to create fear and chaos across the country. >> nothing's been finalized. >> when the media lies to people, i will never let them get away with it. >> the president again blasted the press. >> what wleerv been through has been unbelievable. the leaks, the fake storhays. >> president donald trump caused
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confusion on saturday with his comments about terror in sweeten. heeds we've got to keep in had huth heir and it was unclear which incident she was referring to as nothing had hand in sweden. and trump revealed he's was talking about a storm where a boy cried. >> it was a field day for twitter. >> assembling ikia furniture. and the swedish embassy tweeting we'll be happy to educate mr. trump on immigration fesilts. thal comments reignited the
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depite overical fake news. she waurn waned not to believe everything you read on teelsh yeedia. that kind of news and to be more skep skeptical of what they're reading and listening but i think it is a challenge and it's a challenge because if you can't believe what's in the media, if you can't believe what you're reading, then there will be a lot of people with distrust to everything and institutions, politicians and mayby that's a bit of the aim to get people confused and increase the distrust. uber is under fire after former employee made allegations of sexual bias against the firm. oh she posted her time that
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company. thomas has ordered and it was against everything she stands for and that story in morer detail is on our website right now. >> meantime, still coming up on "street signs." so hot. but is brexit uncertainty threat ang fashion faux pas.
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welcome back everybody. samsung's boss has been questioned after being arrested in an influence pending scandal. here's the latest from seoul.
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>> reporter: it was an intense weekend for jay wilee. they grilled the defacto leader of samsung group for over 20 hours over the weekend. there has been no change in his stance. he's admitting to giving the money to donations in the corruptions scandal. but he says he got nothing in return. there is a deadline for the special prosecution's ininvestigation. and the team says they will be investigating him sometime before that. and for now, he's back in the seoul detention center and back in the 70 square feet cell. back to you. let's talk fashion. top designers from across the world gathered in london for the 66th edition of the london fashion week. and all the talk about brexit. >> yes. that was the overriding theme among all the designer and
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brands because the uncertainty. what's going to happen? will there be terror for foreign workerser? and that's really the overriding theme. i think all the designers and brands are trying to remain positive but all of them wanted more reassurance to the government. and i want to annia's show, she started at 19 with a dufl bag offered as a competition for a magazine. sold 500 had, made 7 thousand pounds. so she's a pretty inspiring woman and she talked to me behind the scenes after her fashion show. >> i think london and british fashion is growing and it's a great city for great creativety and it will be fine. >> it's effecting everybody one way or another. it's going to pan out and we'll see what the results are.
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but it's an unknown quantity at this point. nobody seems to really know what the impact is going to be. >> to be honest, i just want to do my job the best and make the brand strong and successful. >> our prime minister is someone ready to listen. i think as a woman she'll have a an opinion but she will understand what is the reason to have an industry like fashion in england that can grow, can exist through brexit and after brexit and before brexit. it's really something that england should be proud of. >> we are more competitive in uk because it went down. the other side -- we buy them and these are the more
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expensive. >> as you can see as well as ania, i spoke to the creator director of top shop and donny coca from mowberry who's turning it rond and the ceo of mullberry. all of them concerned about brexit but all putting on a brave face of moving forward in the face of uncertainty. >> and you were just saying big changes happening in how we buy things from the cat walk as well. >> revolutionized by digital street life, streaming. so top shelf life streaming. a burrberry tomorrow night is live streaming. also the big saying now is see now, buy now from runway to retail. so all this seasons will go out the window because what we're looking at now are the designs for autumn/winter 2017.
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now you can see now, buy now. the consumer wants it instantly. >> and burrberry's at the forefront of this. would you say they benefit for most, being the leader in this push? >> christopher bailee is one of the more respected designers. he's led burberry to be most fashionable. they go because of how popular he's been and they have been at the forefront of this new live streaming and see now, buy now. also the key is manufacturing and where it will be. mullberry have two factories within the uk. and 600 employees. but of course now with brexit a lot of the brands and the designs are looking to bring more manufacturing home to the uk which will help them in the long run. >> and we spoke to an analyst
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last week and she was saying there's a white bandana movement to draw political attention to it. >> not so much. that was in new york. so you did see more protests, more activism and you had had the white bandanas symbolizing peace and unity in the community. they haven't used it as such for a political statement and what was very interesting, a lot of the designers i talked to felt no, you shouldn't. you shouldn't be using that platform. but when hthe unity they're talking about but not going out and saying we're activists and this is what we believe in. >> i'd quite liking to see proper cat walk show with women that there slightly older. >> i think you're going to have to wait a long time.
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>> bring fashion consciousness maybe as well. >> i agree with you but i think the models with you -- you have to look at them as clothes hangers in a way because the clothes hang on them and you look at them and say they're so young and thin. hopefully we will see that change. >> different time different -- carolyn. >> i'm not sold. >> a dress on a 50-year-old looks very different than a 20-year-old. >> i think you're used to seeing just that, the young very thin. >> let's get back to the markets. thank you so much for that. let's see if fx markets are just as fashionable. we're seeing a little bit of dollar weakness over here. 106-23 has been knocked around and a big week for the u.s.
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dollar. in the u.s., we saw athther record high for the s&p and the nasdaq and dow jones up for the week. finishing the week 1 1/2% higher is that translating in europe? >> europe at the moment, hanging on to those gains. very similar to the start of trade this morning and again, only the danish market and the other market. that is it for today's "street signs." >> world wide exchange is up next. we'll see you tomorrow. that ride share? you actually rode here on the cloud. did not feel like a cloud... that driverless car? i have seen it all. intel's driving...the future! traffic lights, street lamps.
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