tv Squawk Box Europe CNBC October 29, 2018 4:00am-5:00am EDT
european markets are just waking up and early indications suggest we should see a bit of a bounce this morning despite a weak handover from asia. this weekend your names continue to be in focus in addition we have a number of political events on investor's minds. the european budget in focus also any further developments around italy and of course the fallout from the german regional elections yesterday. this all on the back of a
volatile week last week. stoxx 600 up at the bottom of the leader board, household goods down about 20 basis points. food and drink, travel and leisure, media real defensive tilt at the bottom suggesting that we are poised to see more of a risk on day, certainly at the beginning. industrials in the middle up 20 basis points at the top of the leader board, real cyclicals, banks up 1.4%. autos up 40 basis points really different picture that we saw last week in terms of the sentiment towards risk let's have a look at the different regions this morning over in the u.k. -- here in the u.k. rather the ftse 100 up 50 basis points the u.k. budget, all eyes there. the french dax seems not to be
open just yet. the italian index seeing a strong bump, 1.4% after the s&p rating agency did not cut italy's rating on friday they did lower the outlook to negative, but some positive news there in italy now switching dweers to some of the single stocks today in focus. overnight we heard from hsbc shares trading over 5% higher this morning a nice boost there hsbc has beaten third quarter profit estimates after the lender appeared to lower the costs and boost the market share in asia. pre-tax profit hit $5.9 billion while expenses fell 2.4% ceo john flint said the bank was in line saying it was keeping its costs under control. hsbc had been falling until this point. a good boost this morning. keeping in the bank space, deutsch bank, deutsch bank is canceling an agreement to sell its mexican assets without
citing details the lender is considering alternatives to the asend asendo banco moving away from banks into the airlines space, ryan air, a key ryan air investor has reignited calls to replace chairman david bonderman. the local authority pension fund which holds a 1% stake in the budget airline has said it will file a motion to fire bonderman. ryan air is trading 2.2% lower on the news. with that i will hand it back to you, jeff at the desk. >> william hobbs has joined us, head of investment strategy. good morning, william. nice to see you. >> good morning, geoff. >> give us the big picture >> in my life, in markets, what are we talking about >> we can do that in a bit here we are.
we have a bounce this monday morning. >> yes. >> last week was tortuous but we had a gdp at 3.5% that was somewhat better than many had anticipated. this monday morning everybody's giving themselves a little pinch and trying to figure out whether it was just a bad dream or whether it was the beginning of a halloween nightmare. >> there's a very strange thing going on in markets. you're right to point it out what you've seen if you take a step back ignoring earnings season that will be showing a few scars and you look at earnings expectations, 12-month earnings expectations for the world stock markets, global all countries, 14% higher. u.s. 20% higher, obviously a fiscal bump there. x xu.s. is higher. the stock markets are telling you is that there's a sharp fall in profits on the horizon. interestingly that is not something backed up by asset classes.
commodities, credit, e.m. bond spreads. pretty well behaved. data is not telling you this you have a choice. you're saying you could have been entering this with a big over exuberance. i'm not sure how far that is the case you're now being asked whether you believe or not there is a sharp fall in profits. if you don't believe it, there's a good opportunity to own equity if you do, then buckle up. >> does it have to be about earnings though? the selling that we've seen, is it a reflection that as we mentioned earlier on, just everybody is long and there is no new marginal buyer to push asset prices any higher at this stage? are you a little bit worried about what the fed is going to do >> i'm not sure. it's hard to read these things i think one of the things you can say is that repeatedly throughout the stock market rise what we've had is people
worrying about too much debt debt, interest rates as bond yields rise this has crystalized those fears. the fact is that the cycle has been numb. people are getting nervous, what is the end and how am i going to time it? people have been quick to pull it back. our basic theory is that the cycle isn't over, you've got to look for ways to make money. the best way to make money in the current environment if the cycle isn't over, is still the stock market >> the thing is, let's assume for once that the earnings projections are correct. we've got to be wildly optimistic okay, but we can discount a couple of percent from your thing. i mean, i do agree for a moment on the u.s. profit picture and certain other areas, there are no signs yet that the bad days have arrived that's another whole issue
because we're trying to capitalize even if we believe in it, we're going to capitalize it it's for the internal reason that the cost of the company is going up it's going to change internally, and we have to discount these back somehow we can talk in simple terms or we can say as an investor i was an idiot to have any money in the bond market. now it's beginning to pay me out the rate of reflation, so on and so forth all of that should reduce the stock market multiple, shouldn't it >> yes, to a certain extent. you have to trade that off generally what you find in past interest rate rising cycles is why do interest rates rise because you're broke and interest rate expectations are solidifying. yes, on a purely kind of textbook example you say that if interest rates go up, then the present value of my future cash price is down a little bit
however, as i said, the future cash flows are up. earnings expectations are doing year to date now they're going to move around a bit. rightly so analysts for the last 20 years, 6% to optimistic versus a realized basis in the u.s. even more optimistic for realized earnings in europe. the market knows this. it's not a new thing what you're looking at, some of the things i agree with. but really what you say is if you say the total returns to stocks are dividend yield plus dividend growth or dividend yield plus earnings growth, whatever you say, what you do is you take a little bit off for being optimistic, you take some off for voom u wags contraction. where else are you going to get that in the world today? >> xetra was reporting after the bell we saw after the report it was enough to leave the tech sector. we had a big enough tech sector,
investors were pulling off look at this week where we were seeing tech effectively taking a huge sweep lower on the back of some of the risk changers. apple, the eps, there was an adjustment from mid single digits to high mid teens last spring even if you look out to 2020 seems like there will be a rising eps is it worth looking at apple again? what that could do to the rest of the tech sector >> potentially when we say the broadest of tech the ability is companies when you look at one of the ones last week, they're duszisappoin, it was amazon. earnings guidance, the revenue guidance was 10 to 20% this is amazing for a company of that size to be growing at that pace the reality is what we've seen in the runup a number of blue sky notes coming out from the analysts that tends to tell you that some of the sentiment has become a little bit exuberant our bet is that the tech sector
and taking the broadest interpretation is still pretty attractive and not that badly priced. >> if stocks have been sold down because of concerns around the border environment, there is a chance you could see recovery based on something which could be one set of earnings from the likes of apple i saw in one of the reports that it was raking over the alphabet numbers. they thought the revenue was in line with their estimates and that there could be decent numbers coming through they said growing macro anxiety could make the report insufficient to drive shares higher directly pointing to some of these spooky elements in the back drop. >> it depends how much faith you play if it shows that interest is -- it depends which you are talking about f. interest rates are biting into the economy, people will take reassurance to be honest they have to get through the next quarter to see if it is the next global back drop f. it's valuations, they can move on in
a weird way. in our opinion, things have gone too far. it's an opportunity to be long stocks. >> wrap it up on that thought. i know you want to come back in. we'll give you an opportunity in a moment we do need to catch up with how the markets are doing. you have a breakdown on the ftse story, julian? >> yes the ftse with a nice bounce up about 60 basis points. we have the u.k. budget firmly in focus looking across the board, hsbc, the best performer by a wide margin up over 4% they, of course, reported strong earnings overnight during the asia session but back to the budget today the u.k. chancellor phillip hammond will deliver what is set to be his final budget statement before brittain leaves the e.u. next march boosted by a potentially high jer windfall of tax receipts he's going to usher in the
decade long austerity. speaking to sky news hammond suggested that a no deal brexit could threaten his plans and require a new budget all eyes there keep an eye on the ftse. i want to take you through a look at italy. italian stocks in focus after s&p decided to leave italy's sovereign debt rating unchanged on friday but lowered its outlook from negative to stable. the rating agency said the government's economic and fiscal settings are, quote, weighing on the growth conti wanted to keep it unchanged but his deputy dismissed the report as, quote, the same old film. with that i will hand it back to you at the desk. >> thank you watching the bond market, you can see yields on italy falling. going with it has been the spanish market not down as much as what you're seeing on italy
still, here's a quick look at italy, 3.33 is what we're trading at on the ten year the e.u. commission has asked more information the pedro sanchez government wants to raise minimum wage and cut the budget we spoke to economy minister and asked her about the upcoming budget talks. >> i don't usually compare myself to any other country when i wake up in the morning so i think you have to judge each country by its performance what i can say is insofar as the spanish government is concerned, we're determined to fiscal discipline and reducing our deficit as fast as possible. >> german chancellor angela merkel's coalition has taken a hit with the cdu and spd down on the previous results of hsa. andre a nalos has described the state of the government as unacceptable giving merkel until next year time to deliver policy
results. we have the latest on the story. i just noticed as we had to pull back on something across in europe, german bonds have marched higher suggesting there's an elevated risk out there, a nnetta. the outcome of the election which is a regional state where frankfurt is also located are not boding well for the current government a, it's a blow to angela merkel. her cdu has lost some. even worse the spd fell to a record low also that prompts discussion inside the party whether the grand coalition is something the spd should do or whether this will kill them altogether. the spd had to vote, the member base had to vote on whether they wanted to do a grand coalition
i guess the noises will be getting louder and louder given all of these poor results in the regional election. it's the second barrier. so the spd is the big event risk in berlin. if they are pulling out of the grand coalition then we are heading really into a political crisis having said that, yesterday here there was relief on behalf of the cdu and also the greens because by a very, very thin margin the government can stay together still, they are all blaming berlin for the general poor results they could only pose take a listen. >> we have so-called big coalition which is no longer a big coalition on the federal level. both lose ten persons. this is a true minuhint that thi
not a state policy but a federal policy prob fwlaem we are facing as everyone could see. we were not good performing. >> translator: it's a very bad result and therefore we need to figure out how we can regain credibility and the trust of the citizens above all in berlin we have seen the issues in berlin have over shadowed our campaign remendously three very good policy, a for theable television and popularity we know that from all. opinion polls. we know people think we are very competent in these areas. >> the election in bavaria and now the election has to show that the people don't like the style this have grand coalition works every day and the style of their discussion is also very bad so that's what i meant they should look at that.
>> what they say is the society is quite fragmented. some are turning towards the afd, the populus party, which also had a very strong showing here they could activate quite a lot of non-voters before then we have those who will go to the greens which is a very proactive, pro european, pro open society party and which appeals especially to the affluent and young kwer generation it's an interesting mix. today in berlin all of the parties will meet and lang merkel will speak to digest it and what this means for her government another big event will be the party convention of the cdu at
the beginning of the season. will angela merkel run as chairman or not? if she's not going to run again, then most likely we'll see the end of her career coming even closer than we had previously expected back to you. >> thank you very much for that. we're going to toss out to cnbc's new studios at the heart of dubai's international center. stay tuned
across the middle eastern market let's take you out to dubai where cnbc has opened its newest studio embedded in the nasdaq market site at the dubai international financial center and dan and hadley are there for us good morning, guys >> good morning, geoff almost a decade covering a region and i finally have a partner in crime i'm very excited to welcome dan murphy from singapore. i'm still down the road at abu dhabi market. >> i'm excited to be here at the nasdaq market site in dubai, a fascinating region i think we set up our new office at a critical time for asset markets. look at the situation in oil in particular geoff, you were highlighting some of the most recent market moves. a key risk event coming up next
week with the introduction of the iran sanctions hadley, as you know very well, this is going to be very, very important for the region particularly with the tensions in saudi arabia. >> i think it's goings to be very interesting next week and we've seen the israelis here mr. netanyahu's visit to milan, there are visit tors ors at thee the property market is a big play here in the uae let's listen in to what he had to say. >> we're going to see at least 18 months to two years a tougher market, a difficult market that doesn't bother me that doesn't affect me the city is still growing. the city is vibrant, biggest in the world. 160,000 rooms, 14, 16 million
tourism going to 20, 25 million. export all the good news. yes, global supply has created a correction >> that was the executive chairman of damac properties dubai is still the best place regionally given the instability, it works for dubai. >> look at the population trends in this part of the world as well i think the population was up 8% in q3. more than 800,000 people have moved to dubai this year alone perhaps there are fundamental tail winds for property stocks interestingly he sounds quite optimistic today we'll see the property sector down 1% here on the dubai general index. property stocks taking a beating. it will be interesting if we see an uptick. there will be a whole lot of interest to this region. a whole lot of stuff we're focusing on.
>> very good to be here. >> back to you. >> hadley, thank you so much for that and we will obviously take you back to have you set up there in dubai over the next hour let's get back to william hobbs, head of investment strategy at barclays wealth. oil, commodities, how do you feel about positions in those places right now given how the market's having a little bit of a shakeout. >> mutual they're an asset class. to be honest, we feel we have no edge in this place very geopolitical story. the thing you have got is the curve is a little bit more friendly otherwise, a lot of people are talking about commodities hedging. the problem is with commodities and that they can rise and so can supply so in the end it's very difficult place consistently we have it as the best seat.
we don't have strong views >> also on that, why are we not seeing more of a market around sanctions? >> well, we've had opec trying to squeeze any gains >> that's it >> there was a brief member last week the questions came out and scratched that i remember being on the show in the collapse in 2014 the thing with the market is it used to be open against the rest now it's saudi arabia, here's iran, here's russia. you have the u.s. which is a completely different ynamic, how you produce it, how you respond and the politics this is a market that's not subject to central control the market was very long
the commodity market has outperformed the stock market and bond market because of these cycles but it's all been oil they've had their run and they've been long many months. over 3,000 at the bear market, it hasn't ended. higher interest rates have not helped it. we've had a kickup recently because of the uncertainty in the regional correction. we've seen a lot of it the question is have we based it i think it gives us half a chance to see stability t. will push up again. >> there it is for the oil traders. thank you for that thank you, william, for joining us william hobbs, head of investment strategy. coming up on the show, chinese investors have seen profits slow join us as we discuss the impact of the trade war in the global economy.
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outlook. ibm puts $34 billion on the table for red hat in the biggest ever acquisition for the company and the third largest deal in the history of u.s. technology. italian stocks outperform as s&p keeps its credit rating on rome unchanged despite bum get concerns while spain's economy manager tells this show the spanish budget won't be as contentious. >> rules must be obeyed. insofar as spain's concerned, we're absolutely determined to have the growth impact rules and we are committed to fiscal stability and fiscal discipline. the future of germany's grand coalition hangs in the balance after they shun chance lor merkel's sbu they'll reconsider whether the alliance can go on
markets in europe have now been open for about a half an hour as you can see behind me, it's a much stronger picture this morning than last week the stoxx 600 is up 40 daze basis points italy italian stocks are strongly outperforming after s&p decided to leave the credit rating unchanged although they did lower the outlook from negative to stable that's coming as the positive four markets are lifting italy and lifting the four stocks there. at the top we have banks and autos. meanwhile, at the bottom we have the more defensive sectors including bev just flat on the day. media down about 20 basis
points nice green on the board in stark contrast to where we left it friday stark contrast weak session we saw overnight in asia. let's have a look at the single stocks and see what's driving the sector moves hsbc, a real outperformer this morning. shares up just under 4%. the gains were even stronger earlier this morning after hsbc reported strong earnings wpp took a tumble last week after profit warning we've also got italian banks performing quite strongly just beyond the top of the leader board. certainly a big push this morning for the italian stocks geoff, over to you. >> thank you, julianna china awe stocks grow due to weaker domestic demand the data saw industrial profits grow 4.1%, the slowest month growth since march
it comes amid increasing trade tensions between beijing and washington the trade tension story seems to be a little bit on the back burner it hasn't be really gone away yet, has it? >> no, it's clearly problematical. these chinese profit numbers are difficult to observe it a comes across the board a month ago which is almost impossible, this year's and last year's numbers if you take the numbers ee kwengsly, it looks like revenues were down 7% and profits down dhaubl from the previous quarter. things are bad there the trade war is definitely a bad influence on the outside but again even in china it's not the whole story. it's a nice political
distraction away from the problems it's not helpful trade wars are destructive for everyone there's no argument to be given about it really. the only plus we could have here is trump doing his things to get people to address the nontrade issues you can put tariffs up and respect international property and be fair. the european union is a classic trade. the brexit fixates on one and forgets the other. if that's what trump is doing, there will be benefit. otherwise, it's all pain and no gain. >> shawn, a new question is china is out of levers my tax cut is bigger than yours, china to the u.s. china is getting a 1% gdp tax
cut. could that work, a little bit of western stimulus. >> if you read the chinese papers, there's been a lot of controversy that tax revenues has grown a lot faster and there's been a lot of apology trying to explain why this is not the case the local governments are putting up their charges, license fees, so forth and they've clamped down on social security payments. so the tax cut's a big headline. when you look at the overall fiscal position there is some suggestion within the chinese press that it's a small compensation for other costs going up rather than being a big plus in the cash register. >> you had to go about the emerging markets when it comes to china we're flashing up the gains that could be quite key to sentiment. if we crack seven this year,
sentiment around china, do you think the psychological hand is that significant >>ing it significant to the market growing balance. things aren't as good as they used to be the authority has been issuing notices that the banks were in violation to the rules it's very sensitive wlmpt it actually is back and forth, i don't know the chinese won't want to give the impression to the trump administration that they're using the policy as a devaluation tool it went to 7.01, 7.02. guys may get active and try to push this. i don't think the chinese would allow the bigger market and the liquidity to follow it yet. >> how concerned do we need to be about the renationalization story? i was in asia and hong kong
people are astonished to have a couple of pieces that looked at the number of chinese companies now that have had to take some form of state aid to remain viable liquid at this point. does xi jinping believe in private capital do you think >> xi jinping believes in keeping control and the reins in his hands firmly if he thinks the business side is not helping him, i'm sure that he's not ideologically wedded to free markets in that sense. for him i guess the calculus is if we destabilize the private sector does it reflect badly on me i don't think he's ideologically underpinned with it. some members of his government, the phrase, however it translates in chinese, the state advances, the private sector retreats we've had a lot of people not
thinking this is the policy, it will be temporary. we've refloated back to the private sector >> i read another piece that talks about the word opportunitily is made up of risk and -- two characters, i'm going to scream. that's my personal bent. >> the budget's going to do more to wall street today 120 pages. >> i'm going to be pulling my hair out, no doubt. >> get a chance for will hammond to give its final budget statement before brittain leaves the eu hammond is one holding the pursestrings and ushering in a decade in austerity. speaking to sky news hammond said a no deal brexit could hurt
his budget. >> if we leave with no deal we'll be in a different set of circumstances and it would require a different approach, a different response would it be an emergency budget next year? i have the capacity to provide that we would need to revisit where we are, decide how best to respond, that depends on how markets are doing, depends on the circumstances of the moment. the important point is i have got fiscal reserves that would enable me to intervene. >> let's go to steve a dpmore i westminster. who pays tax in this country, about 51 million people pay income tax the bulk of those on the basic rate when you have a population of 66 million, where's the gap where's the 30 odd million not paying income tax and what does that mean in terms of the
windfall. >> reporter: that's a great question perhaps that's a better question for my guest about the asymmetry. delighted to welcome analise dodge. nice to see you. thanks for joining me. >> absolutely. >> reporter: my co-worker karen said there seems to be an asymmetry with who's paying tax in the united kingdom. do you think anything the chancellor can offer will redress some of that asymmetry >> we don't know exactly what's going to be in the budget yet? we've not had a lot. it's going to cut taxes for the best off people. the office for national statistics says the best off 10% of people are paying less than the worst 10%. that doesn't seem like that will change with this budget. the chancellor decided to cut
taxes for the best off and for corporations. >> he's not reversing any of that. >> reporter: i'm not here to defend phillip hammond but under conservative and coalition chancellors, the allowance before the worst off has been going up and it's up to 12.5,000 that's been canceled out by all of the money taken out of social security we're now seeing very, very high numbers of children, for example, in poverty in the u.k over 4 million that's going to rise by another million unless the government does something to sort out the social security system. >> anneliese were paying 40% before the great financial crisis yes, they're maying less than 45%. they pay it from day one. >> remember a child paying more than they were. >> they get child care support
because they changed it to tax free child care. what's happened under the conservatives, we've got a less progressive system this has all been about political choices. many better off people i talked to would be happy to be pay a little more tax at the top, 5%, if that went towards ensuring that, for example, our children are protected. this situation where local authorities can't even deliver the statutory responsibility to protect children >> the chancellor -- i know this is going to be controversial with you because we talk about it it's opening the tax there is money announced for the national health service and money for my potholes. this sounds like house of
darling. >> quite the opposite. he tried to plan for the long term the chancellor has a little more head room because of some of the statistics central government spent a lit less than expected he has a bit more space because of that. has he in the long run got the revenue he needs we're very well, short terms. >> the chancellor would argue that the corporate will be in place. the opr analysts before you come back has been consistently pes si miss sticks from the u.k. government. >> most commentators suggest a big reason why corporation tax receipts have gone up is because banks return to profitability.
they cut corporation tax >> well, the problem is -- >> a lower tax more jobs. >> i talk to business people, that's what many of them are concerned about. this government messed up the valuation. here in the capital a lot of businesses are having their business rates triple since the government's valuation. >> looks like the government is listening. are there going to be changes about business rates, apprenticeships, about more mon money. anything that has been suggested looks like it's not grasping the net. we still have business investment at the u.k. falling we have productivity growth much more we're in a very bad situation economically by many, many assessments of this. we have the prospect of a new
deal coming. that was the huge elephant in the room around a lot of this. of course, government is still chancing its hand signal we could end up crashing out of the eu we would like a deal that's gambling with our country's economy. >> you've been quite vocal on it as well. do you back the idea, i know you do, that there should be a general election if there is a flawed deal or no deal you think there should be a general election sooner rather than later that will put mr. corbin in a tough position we would be in a very, very different situation. >> how would it be a different situation snnchts very clearly it's -- no, no fmpt because we said last general election, we said we wore have a customs
union. a quite dogmatic, ideological reason they don't need the division. >> some of this has to be designed for the government to fail. >> it's been designed on what the government said it would get and accountability is important. >> if the prime minister and chancellor get their way, customs relationship and there is a backstop and a closer relationship going forward, you would back that, isn't it? that's a softer form of brexit. >> it has to be assessed against the six tests. we're already seeing it in terms of the impact of manufacturing in particular. >> we're having a good chat here very quickly, have you been scare mongering about those jobs for bmw? they're still there and the economy is still growing and
they're producing fantastic vehicles out of your constituency people at that plant were saying to me for a very long time and in particularville a u.k some high schools talking about playing politics they're talking about engineers, not partisan, no political perspective. they're advocating for the impact on their companies. >> it's a beautiful day but it is a bit nippy. >> it is chilly. >> shadow treasury minister just chatting away about the various issues about the budget and brexit back to you in the studio. >> lovely, robust conversation, steve. ibm makes the largest acquisition. more details on it next.
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ibm is acquiring red hat in a deal valued at around $34 billion. it's ibm's largest ever acquisition and the third biggest in u.s. tech $190 per chair in cash for the u.s. software company. the offer represents a 63% premium to red hat's friday closing price. begin y ginny rometty's big bet. a plane with 190 people crashed into indonesia they're believed to have sunk. rescuers have found wreckage and debris where the boeing aircraft is thought to have gone down indonesia's air navigational control says the plane requested to come back to base. leicesterster city has confirmed that owner was killed
after his helicopter spun out of control and crashed on saturday evening. the four other people on board including the pilot have also been confirmed dead. the thai billionaire bought the club in 2010 winning the premier league in 2016 police say an investigation into the cause of the crash will now take some time adam has rejoined us with more on the story adam, just give us a sense of the reaction we're now seeing at the club >> yeah, the outpouring of emotion here is i'd say unprecedented in football terms from what i've seen. almost every player from the leicesterer city squad has paid a tribute on social media as well as several other football clubs, not just in england but all around the world other owners have also paid tribute. tony fernandez, the air asia owner, a friend of this show as well has paid tribute. he's lost a friend
#theboss is trending this morning on social media as people continue to pay tribute to him these are the scenes of reasons why. he was instrumental in turning leicesterster city from 5,000 to 1 outsiders to the premier league title just a couple of years ago. they bought the club in 2010 they were in the third tier. they gained two promotions he's donated millions of pounds to the local communities, children hospitals they just had a new training ground approved. he was going plow another 100 million pounds into the club so often they would celebrate milestones with free little things that made the big difference whether it was free drink, free donuts, free scarves. free tickets when he turned 60 years old. he gave away 60 season tickets to fans just because he did nice things for the club
and the club clearly loved him for it as a mark of respects they decided to cancel the game against hampton. for that space there where flowers and tributes have been laid is going to be expanded there's just not enough room for them because that's how much this chairman meant to this football club. >> thank you very much let's just wrap up our program this morning with shaun corrigan and a change of gears, shaun. i wanted to finish on perhaps what the u.k. chancellor is going to deliver for us. we've been talking about it all morning. it's going to be a political budget, isn't it >> yeah, he's going to find a few give aways, make some headlines to try to regain credibility and impetus for the somewhat inefficient way to do
it and taxes. they're going to fall on the self-reliant, the pensioners, the private sector pensioners. not the public section pensioners hopefully not on businesses. get good news out of it. he'll get a couple of good news cycles out of it whether it does anything to change the life and prosperity, i would doubt it very much. >> shaun, thank you for joining us. >> thank you. the chancellor set to give his budget later on this the morning and we will have continuous coverage here tuesday's guest host, henry dixon, an asset manager man glg. thank you for tuning in. "street signs" up after this my mom washes the dishes... ...before she puts them in the dishwasher. so what does the dishwasher do? cascade platinum does the work for you, prewashing and removing stuck-on foods, the first time. wow, that's clean!
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