tv Street Signs CNBC November 11, 2016 4:00am-5:01am EST
happy friday. you're now watching "street signs." i'm louisa bojesen. >> i'm carolin roth. these are your headlines. the trump trade propels the dow to an all-time high, led by financial stocks which look to set to post their best week since 2009. lloyd blank find says his presidency will be good for the markets. >> his presidency will be good for the markets, the markets
near-term, how can they not be supportive? the rally fades in europe as individual corporate stories weigh on markets. postnl hits the bottom of the stoxx 600 after rejecting a bid from rival bpost. but the money is back for pimco. it sees net inflows for the first time in three years helping owner allianz post a better than expected net profit in the third quarter and boosting its shares in early trade. chinese consumers splash the cash. alibaba looks on track to blow past last year's record as si singles day sales reach more than $12 billion around the half day mark. i would have loved to be a fly on the wall just before the meeting between trump and obama. >> i would have loved to have been a fly on the wall during the meeting. no one was in there. no one. i don't even think security was in there.
we're all second guessing what they actually talked about. by the looks of things, we have a new bromance going on. >> yeah, for sure. european equity markets this morning opening slightly higher and hanging on to slight gains. looking at the stoxx 600 up 0.2%. mixed markets in asia with a lot of shifting out of european -- out of emerging market assets and back into u.s. assets. we'll talk more about that given what we're seeing in this massive rally. europe slightly mixed. the ftse and and cac slightly lower. autos, utilities up. basic resources and technology off by 0.9%. nasdaq not hanging on to gains in yesterday's session with a lot of people now scratching
their heads about whether or not the -- well, whether or not we'll see immigration held back, whether that will impact silicon valley, the close ties between silicon valley and the obama administration. what that will mean. >> it's also about the tax holiday, the repatriation of billions of dollars of cash coming back. that's weighing on the technology sector. a point, you made during the show yesterday, this rise in yields, at what point will it choke off the rally in equities. i think we're seeing some of that. if you look at the ten-year german bunt yield, that's at the highest level in nine months. that will be a big factor for equities going forward. >> the guest yesterday was saying we still have quite some elasticity to the upside in equities before you see a reversal. it's interesting now, not only are we talking about still the possibility of a fed hike on the table for december, possibly
twice next year, people are looking towards the ecb and talking about how the ecb could be nudged towards hiking as well, which i find phenomenal. >> i would think they'll be pushing back against the tightening in europe. >> i would totally agree. i think at this point, my reading would be it would be speculation to say the ecb would be hiking. >> let's get back to the big story. donald trump made his first trip to washington since winning the election. he and his wife visited the white house to meet with president obama and first lady michelle to discuss the transition to the presidency. president obama urged americans to come together to ensure trump's success. >> i want to emphasize to you, mr. president-elect, that we now are going to want to do everything we can to help you succeed. if you succeed, then the country succeeds. >> trump praised president obama saying he had great respect for
him. >> we really discussed a lot of different situations. some wonderful, some difficulties. i very much look forward to dealing with the president in the future, including counsel. he explained some of the difficulties. some of the high-flying assets, some of the really great things that have been achieved. so, mr. president, it was a great honor being with you. i look forward to being with you many, many more times in the future. >> the goldman sachs ceo lloyd blankfein is not surprised by the financial rally. he spoke to andrew ross sorkin. >> his policies are market supportive. i'm not saying it's good or bad -- you have to draw a different set of conclusions depending on your attitude about
everything else, just as far as asset prices are concerned, how could you not be looking up? >> i woke up extremely bullish on trump, believe it or not. my thinking is as follows, united states is the greatest business in the world. it's been undermanaged for a long period of time. we now have a businessman in the president's -- as the president, and he has power. because republicans control congress, republicans control the senate, he's going to launch a major infrastructure program. he will take corporate taxes down to a sensible level and get rid of loopholes. he's going to get a lot done. >> let's bring in a market voice, alex dryden just joined us around the desk. the trump trade, does it have further to run or are markets
getting ahead of themselves? none of the policies under mr. trump have been enacted. >> we need a bit of clarity from president-elect trump about what he will do when he gets into office. there's been very little detail about actual policies he will implement. the other question is whether or not his policies can make their way through congress. i'm not sure the republicans who are traditionally fiscally ha hawkish conservative will sign off on infrastructure spending and tax cuts. we need details on that. >> so we're taking a wait and see attitude. what about the fed? the fed will make its next interest rate decision come december. predictions are all over the place. some say the fed will be more aggressive because inflation will accelerate.
do you think that will be the case? >> i think the fed have to go in december. the markets are pricing in an over 80% chance. we have not seen the market volatility that many expected if trump won the election. so they still have a green light to go into december. the u.s. economy is still in a good place. trump is inheriting a strong economy. u.s. consumer is looking healthy. increased consumption spending, increased retail sales, all of that is a green light for a december rate hike. it's not magically changed in the last few days. the economy is still strong. the question is not when the next interest rate hike will be but what will happen after that into 2017. the fed's guidance back in september cut the interest rate outlook from three hikes next year down to two. the markets are pricing in less than one interest rate hike for 2017. you're looking at inflationary pressure starting to build in the u.s. even before trump came into power, wage growth picked up, oil prices rebound.
now add in some of trump's policies, which are meant to be inflationa inflationary, tax cuts, infrastructure spending, all of that would add to the inflationary pressure. >> you are seeing all of this reflected in the yield curve. the ten-year yield, the highest level in ten months sitting around 2.1%. we were at 1.86% before the actual election a couple days ago. at what point will that rise in yields prevent the equity markets from continuing this bullish stance? >> i think it's going to start having an impact not broadly on the equity market but on the bond proxy sectors, things like utilities and telcos that had a good 2016, now you are starting to see people potentially switching back into bond markets. it will weigh on those sectors. >> a couple weeks back,
technology was favored by everybody. we were talking about the new all time highs in the tech sector, smells like the year 2000, tech bubble. now we're seeing the shine come off but for political reasons. do you think we'll have a much larger divergence between people trading out of nasdaq and trading into s&p 500 or dow? >> i think there will be a tilt to value and it may be a way for the growthier names. i think we need more clarity about what the next three, four years have in store for us before people get bullish on some of the cyclical growth names such as tech. >> alex, thank you. have a fantastic weekend. this week felt like about eight month months. >> let's get back to some earnings. we still have earnings underway in europe. allianz beat expectations in the third quarter posting a 37% rise in net profit. the german insurer saw
improvements across all businesses including pimco, which logged net inflows for the first time in more than three years. allianz shares are down 9% year to date, but trading higher in trade in frankfurt, up by 3.2%. altice posted third quarter profits ahead of expectations boosted by its recently acquired u.s. businesses. altice expects more media and telekoms deals in the u.s. if the at&t/time warner merger goes through. g >> it's been an interesting campaign that donald trump ran. on the one hand it was clearly a populous campaign aimed at placating the population that's sick of corporate greed and the power of corporates, on the other hand it's been business friendly with noise about cutting taxes. with regard about at&t wanting
to take over time warner, trump said in october he would seek to belong the merger. this would be something he can't simply stop in its tracks, he would need to go through a complicated and drawn-out legal process to stop it. however, the question is whether he would have the enthusiasm to do that. this really matters if we do a read through to altice. this is a company trying to follow a strategy, looking at the convergence of the telecom, cable, media sector, bringing them together, looking at vertical integration as it seeks to expand its footprint in the u.s. i asked the ceo yesterday what he thought about donald trump and what he thought this would mean for his company in the u.s. going forward. >> it's still very early days. he has been elected just yesterday. so we have not yet heard anything about what might be policy or the regulatory landscape moving forward from
what we've seen in previous years from republican stance, maybe we might expect a regulatory framework which would be not supportive of cable and consolidation in the industry, but we'll see. again, i'm focused on my execution. we'll see what will be the next regulatory framework and try to take benefit of it. >> i know you don't want to talk politics necessarily, but we are right in a political system. turning to france, one of the first to congratulate trump was mari marine le pen. there's a thinking that we are moving back from globalization. and you are look to globally integrate. is that problematic for your strategy going forward? >> again, i'm not going to do
politics, but our strategy is to be multi local rather than global. we want to operate in all different countries and to be a strong player and follow the rules of these different countries. so what we are expecting is business friendly regulation in different countries in which we do operate. we have some differences in terms of regulation compared to the u.s. i expect moving forward in europe, maybe to have a more business friendly regulation. >> altice in both key markets in europe and the u.s. followed a clear strategy where it's done acquisitions using a lot of debt, cut costs and step three is to go ahead and try to expand the footprint through cons consolidati consolidation, so the regulatory environment is very important even if he does not want to
speak too much about politics. back to you. >> thank you. good job trying to get as much out of him as possible even though none of the ceos we talk to like to talk politics. >> rwe is trading lower as innogy posted a decline. the german firm spun off and listed a stake in innogy last month as shares have sunk 9% since the ipo. and postnl shares are trading at the bottom of the stoxx 600 after the board rejected an increased takeover offer from belgian competitor bpost. the bit was called not sufficiently compelling for shareholders and questioning the terms of the deal. it remains confident in its strategy as a stand-alone operator. barry writes in this morning on e-mail and says trump will fund his infrastructure spending by cutting taxes, question mark? even the republican senate may
have problems swallowing that one as we try to balance the budget. treasuries are already seeming to lose their attraction. get in touch. let us know what you think. firstname.lastname@example.org. we are live on twitter, find us directly at @louisabojesen or t at @carolincnbc. single and sad? good news today as china's shopping bonanza singles day. we'll bring you a report live from shenzhen later in the show.
the gridlock over national policy. that's according to james bullard, the st. louis fed president said the possibility of regulatory reforms along with infrastructure spending could boost growth and far outweigh concern over market volatility. he added the fed's plans remain on track following the election results. mike collins is a senior investment officer. good morning. >> good morning. happy friday. >> happy friday to you. it's been a long and eventful week. do you think the fed's plans do remain on track? is it a given we will see a hike in december? >> we're been saying all along that there's a high likelihood there will be a hike in december. the bond market already elevated and i think they should follow the path and continue to hike. it would send a bad signal if they don't move in december. >> the rise in yields, we are just a couple days after the election. you would assume quite a bit might be technical initially as
well. do you think that people are now thinking long-term inflation is going to happen? are we thinking we'll see a change in economic strategy and have to see more repositioning or see a trading back into the bond markets? >> clearly the trump win was a surprise to the markets. you've seen a huge reaction to the bond and stock markets. clearly more business friendly policies. they call it trumpflation. the moves we've seen are significant, not only in u.s. rates but in yields and in some emerging markets we traced almost half the selloff we had during the taper tantrum 3 1/2 years ago. markets have priced in a lot of the growth policies that trump and the republican congress are going to implement. they have priced in probably higher inflation.
the question is how much is already priced in? does the bond market kind of crest here? it feels like a lot of the selloff has happened. 3%, 30-year yield to us is getting towards the high end of what we think is a reasonable range. >> in other words, you wouldn't think that trump can take credit for ending the bull market in bonds. that's what a lot of people are talking about now. he's actually the tipping point when it comes to that selloff and the past buying in bonds. >> the policies that he's likely to implement with the republican congress are going to be pro growth. they're good for corporate earnings. corporate tax cuts. should increase s&p 500 earnings. the repatriation of foreign profits is likely to boost spending or at least boost stock buy backs and debt buy backs, which would be a good thing for the bond market. but there's a limit on how much they can actually bolster spending. you may get a boost to gdp in
the short-term or a boost to inflation in the short-term, over the long run, the potential gdp of a country is determined by the growth rate of the labor force and productivity. unless there's a productivity boosting enhancement made, we think the long run growth rate is still kind of muted. so i think that leads to a limit on how high rates can go. >> the budget deficit is invariably going to rise to 4%, 5% of gdp. who will buy all these bonds? who will support that budget deficit? >> absolutely. there's a concept called ricardian equivalents. 200 years ago, david ricardo said if everybody knows the government will spend more money it shouldn't necessarily boost growth because people will see through that and means in the long-term higher taxes or lower benefits for retir benefits for retirees and they'll spend more.
i believe that's true. >> they say you could be looking at a fiscal deficit gap on the wrong side of 10 trillion and it leads to question whether or not he can leave social security untouched as he promised if you have that $10 trillion gap. >> you can't do it all. the bulk of the republican party in congress is very fiscally conservative. so they're going to -- he's going to have a hard time pushing through a lot of the tax cuts combined with spending increases. it's an untenable situation. >> where do you see the most opportunity in fixed income? >> on the rate side, arguably we have gotten more negative. there's uncertainty, inflation will probably pick up more than decline from here. on the credit side, this is good, right? this is really good for corporate bonds, for high yield bonds, for a variety of different asset-backed securities. not so much possibly for emerging market debt. even though the selloff has been sharp already.
so we're actually on the margin more positive on the credit markets given his pro business, pro corporate policies. >> mike, thank you very much for that. really appreciate it. mike collins, senior investment officer at pgim fixed income. china is celebrating singles day, an event which started as an anti-valentine's day holiday but morphed into a multibillion dollar shopping bonanza. about a laugh day inhalf day in, alibaba looking to set records. sherry kang is tracking the action. we're breaking all kinds of records here. >> exactly. we are about to break last year's record of 14.3 billion u.s. dollars. i think it's jt a matter of minutes now. we are standing at 14.12. the last time i checked. but, y alibaba certainly owns
this single day event with steep discounts. there are some questions about how sustainable this turbo charged growth of its singles day sales figure is. there are some questions about whether this sales figure really shows the real consumption power of young chinese. because some consumers are known to wait for days, weeks or months in some cases to make purchases. yes. so the u.s. s.e.c. is also curious about how much returns alibaba will have after today's discount, after today's singles day sales as well. so there are some questions to keep track of, but this is a chance for alibaba to show off its prowess as an e-giant of china and an ecosystem putting on fashion shows and gala events with global names.
and really say -- call itself as a front-runner in the future of retail. guys? >> sherry, thank you very much for that. now, the japanese electronics maker, toshiba corp tripled its net profit, rebounding following a massive accounting scandal. it's been an eventful week and the story continues with toshiba. >> yes, it's upward looking because toshiba reported and said operating profit climbed back into the black. sales of memory chips had been stronger than expected, and hard drive discs used in computers and game consoles had been up. business was brisk in other core areas such as power generation plants. toshiba has been going through drastic restructuring after a
massive accounting scandal came to light last year and it's been shifting operations to focus on growth areas such as semiconductors and power plants. it sold off its consumer electronics arm to a chinese company which contributed to hiking profits this year. toshiba has revised up its annual forecast by 50% earlier this week saying it now expects $1.3 billion in profit, which is a turnaround from a $4.3 billion loss the previous year. investors were buoyed by the good news and toshiba shares finished nearly 1% higher today hitting a one-year high. so, that's from the nikkei. back to you. >> thank you very much. have a lovely weekend. world markets live is our blog. it runs all day long. we'll be back on the other side of the break talking gold and also talking about tourism in the uae.
welcome. you're still watching "street signs." i'm carolin roth. >> i'm louisa bojesen. these are your headlines. >> the trump trade sends the dow to an all time high led by financials which are set to post their best week since 2009 as lloyd blankfein tells cnbc the presidency will be friendly for markets. >> his policies are market supportive. i'm not saying it's good or bad -- you have to draw a different set of conclusions depending on your attitude about everything else, just as far as asset prices are concerned in the near-term, how can they not be supportive? the rally fades in europe as individual corporate stories weigh on markets. postnl hits the bottom of the stoxx 600 after rejecting a bid from rival bpost. but the money is back for pimco. it sees net inflows for the first time in three years helping owner allianz post a
better than expected net profit in the third quarter and boosting its shares in early trade. chinese consumers splash the cash. alibaba looks on track to blow past last year's record as singles day sales reach more than $12 billion around the half day mark. >> hi everybody. good morning. welcome back to this friday version of "street signs." we made it. it's been a long week. we have some data for you. the uk construction output data, which should hit the wires right about now. -- >> up 0.3% month on month.
the september construction output up 0.2% year on year, that's significantly better than the forecast of a negative 0.4% print. and we are seeing the uk construction figures implying no change to third quarter gdp growth to single decimal point. >> why does your computer get it? >> mine is really good. i'm sitting on the right side of the desk. >> let's have a quick look at u.s. futures. the trump rally continued in yesterday's trading session for a second day. today it it looks more shaky. the s&p 500 off by 1.5 points. the dow jones seen up by 43 points. the nasdaq set to shed 31 points. want to show you the european markets after we saw that bumper reaction the day after the
election. yesterday, actually, again, more cautious. we fell back from the two-week highs that we had right after the election. we did see some steam coming out of some of the utilities, bond proxies, today the xetra dax is up by 0.5%. more mixed picture. the cac 40 eking out a modest loss, 0.07%. the dollar is pulling back from some of its recent strength. euro/dollar at 1.0881. dollar y dollar/yen has been up. i want to draw your attention to the sterling pairs. we are seeing the cable 1.2633. the highest level since before the flash crash, some
positioning of the record short positioning being unwound. as investors they ponder the economic outlook after donald trump's success. gold remained volatile in asian tre. it's been a tumultuous week for this precious medal as gold prices fell to more than a three-week low. michael vidma is a metal specialist from merrill lynch. gold, when looking over the course of the past year, we went from 1,000 to 1,200 in june. topped out at almost 1,400 in july. now back in the region of 1,257. how much is priced in of a trump victory by now into the gold trade? >> i think the headwinds that we're seeing at the moment are -- the last few days are almost driven by trump. i think the market is pricing in the upside or the potential
upside to economic growth. it does make it more difficult. having said that, what the market has discounted almost entirely is a whole lot of risk factors that may come about. >> you think it's more a growth trade as opposed to a hedging or safe haven trade? >> when you look across markets, you showed u.s. equity, it seems to be more about growth at the moment. potential fiscal stimulus in the u.s., rather than anything else. look at copper, copper is up over 10% in the past few days. it is a cyclical risk-on trade. gold does face difficulties in this moment. >> we always thought china was the swing nation when it comes to demand for some of these base metals. do you think that role could be
passed on to the u.s.? >> if china is strong, that certainly does help the metals. the issue that we had in the past few years really is we've hardly seen demand growth. even though the sector is up, some of the metals are up 50%, we could have had a much stronger rally if china had done better. the u.s. maybe spending a bit more on infrastructure, that would be positive. we've had a strong rally the last few days, maybe it's -- >> time to take some profits? >> i think 2017 could look quite good for metals. >> what about the supply picture? you point out it's not just the demand picture driving up the prices, it might be the supply side of the equation. what's happening there? >> it's very straightforward. we've had five years of falling
prices before late last year. producers were under pressure and had cutbacks. beyond some of the legacy projects, there is not a lot in the pipeline. when you look at nickel, that's one of the commodities where we see declines in supply. copper is seeing slowdowns in supply growth. so that's stacking up. on the supply side i'm not concerned about us having hit the bottom. i think there is . >> you have the actual trading market for gold and then the physical market. at what point do people stop buying in the physical market because the price goes too high? >> you see that in the traditional countries. depends which country you're looking at. india is inversely correlated. you can have cautious buying in a rally. china, they like it. if you have a sustained rally, the chinese normally come into the market.
they expend that extended rally. so what we've seen over the past few days is that in neither of those places was demand particularly strong. i think this is holding back the market as well a bit. >> thank you very much for that. donald trump has made his first trip to washington since winning the election. he and his wife, melania, visited the white house to meet with president obama and first lady michelle to discuss the transition to the presidency. president obama urged americans to come together to ensure trump's success. >> i want to emphasize to you, mr. president-elect, that we now are going to want to do everything we can to help you succeed. if you succeed, then the country succeeds. >> trump praised president obama saying he had great respect for him.
>> we really discussed a lot of different situations. some wonderful, some difficulties. i very much look forward to dealing with the president in the future, including counsel. he explained some of the difficulties. some of the high-flying assets, some of the really great things that have been achieved. so, mr. president, it was a great honor being with you. i look forward to being with you many, many more times in the future. >> the president-elect also toured capitol hill meeting with speaker of the house, paul ryan and senate majority leader mitch mcconnell. both phrased trump for his victory and said they look forward to working with him. trump said his top priority as he assumes office will be immigration, healthcare and "big league jobs." keeping in mind speaker ryan
criticized him throughout the campaign. >> and he didn't want to campaign with him and disinvited him from some of the campaigning. >> trump shot back on twitter saying focus on doing your job instead of criticizing me. now he's fully supportive. >> well, does he have a choice? two most important men in washington now. though have to get along. >> most senior republican, speaker ryan. >> trump received a less friendly reception from elizabeth warren. she said fighting bigotry will be the first priority for democrats after the election. speaking at the afl-cio labor federation, the democratic senator also said she will fight all attempts to loosen financial regulation every step of the way. edward lawrence joins us from washington. is it going to be that easy of a ride for donald trump given there's a lot of opposition from the democrats? >> carolin, this is not going to be easy on donald trump.
that was a day you saw a smooth transition, they wanted to show the world we could make a smooth transition. donald trump started to work forward towards his policy agendas, saying his day in washington, d.c. was just fantastic. you saw that remarkable image of the president and president-elect shaking hands. there were bitter comments between each other. white house spokesperson josh earnest echoed that respect saying the meeting was less awkward than they thought it might be, still josh earnest holding to the fact that the president stands by his words that he said throughout the campaign that donald trump is unfit to be president here. there's a lot of contention with all of this the president-elect went on to meet with senate majority leader mitch mcconnell and house speaker paul ryan. he also toured the area where he's actually going to be sworn in. this among a lot of protests, for a third night in cities across the united states. donald trump this time tweeting out that these are professional
protesters, incited by the media for protesting, and it's unfair. so this is going to be a contentious time for him going forward as well as a time to try and heal the country. back to you. >> he has roughly 70 days left to present his cabinet and until he takes office. who do we know is on the short list? >> we've heard a couple names. he said there are three to five names for several positions. at this point, newt gingrich has been mentioned, possibly secretary of state, maybe chief of staff. we've heard some other names, some names floated, a finance director from texas. he holds an elected position in texas. he possibly could be on that list. ben carson could be on the list. also jamie dimon has been mentioned, but he said he does not want to work as treasury secretary. rudy giuliani possibly on that
list. also chris christie has been mentioned. chris christie is the chairman of the transition team. we could possibly see in an advisory role some of trump's relatives also. >> edward, thank you. anti-trump protests continued across the united states on thursday as thousands of people expressed concerned over the president-elect's proposed policies. keeping in mind, it wasn't all that long ago either that he tweeted back in 2012, we can't let this happen. we should march on washington and stop this travesty. our nation is totally divided. >> yes. i think president obama, he has been calling for unity. hillary clinton has called for unity. she said we need to give donald trump a chance. so there have been many conciliatory remarks. it's important that voters
understand that. >> it's also interesting because one of the first things donald trump said after he gave his initial speech is that we need to come together, stop this divide. you have to wonder if there is any part of him who looks at this and thinks this is maybe my fault, some of the things i said, some of the things i did, some of the insults i made to various groups of people, mine that has to do with part of the uprising. >> i'm not sure his line of thinking works that way. after spending the day on capitol hill, donald trump took to twitter to address the protesters. he tweeted just had an open and successful presidential election, now professional protesters incited by the media are protesting. very unfair. did he really take to twitter again? didn't he go quiet for five days or so after his children or members of the staff, his campaign took over his twitter account? >> i don't know how long he'll be allowed to tweet like this. maybe that's part of his communication with the people.
ironic he's saying very unfair that there are these supposedly professional protesters out there, and back in 2012 he was saying you can't let this happen. you have to get out and protest. >> i think all his tweets end with the words unfair. the dow closing at a new all time high on thursday as investors continue to embrace the trump trade. is the rally built to last? bob pisani took a closer look. >> it's been a wild week for the markets. stocks are flying on what's call the reflation trade, buying into sectors that won't be affected by regulation. even as sectors rally, there's been some debate on how trump supporters would feel about the form this rally is taking. drug stocks are trading like the companies will have a free hand to raise prices. bank stocks are trading as if much of the regulatory burdens imposed on them since the financial crisis are going to go
away en masse. clean energy stocks are down, oil and coal stocks are up. that's where the debate begins. how far does this go? do trump supporters support the potential for higher drug prices? do they support removing bank regulation put in place to protect them? are they really hostile to clean energy? once you get past the rhetoric of arguin arguing -- >> i think some good points are there. also mr. hahn, the ceo of a large oil and gas company, also saying mr. trump has been looking at him for the energy a
sector. >> maybe that wouldn't be so bad. >> or maybe he has vested interest, no environment care taking along the way. shale gas -- shale has seen a massive growth during the obama administration, but they've always been upset so much red tape was put on the industry. you have to find that balance, i would assume, between keeping the land intact and also letting companies make money. for more market impact of president-elect trump, head to cnbc where one investor says he is worried about something else other than a u.s. recession. leonard cohen, singer songwriter, has died at age 82. a posting on his website gave no other details but said a memorial would be held in los angeles at a later date. i was lucky enough to see him at the 02 here, two, three years ago. i didn't really know him before i knew some of his songs, but didn't know what a legend he was.
you could hear a pin drop. gorgeous the music. i advise all of you go to watch "100 kisses deep" if you can online today. beautiful. nbc's erica edwards has more on the life of the canadian born musician and author. >> we love sad songs. >> reporter: the first time many of you were introduced to leonard cohen, you didn't even know it. ♪ ♪ i heard there was a secret court that david played and it pleased the lord ♪ ♪ but you don't really care for music do you ♪ >> that's leonard cohen. a canadian singer songwriter who became one ochne of the most influential songwriters of his time. he didn't start out as a musician. >> out of montreal came a singular talent. >> reporter: he was a poet and novelest. >> his eyes through my eyes shine blighter than love.
>> reporter: poetry didn't pay the bills, in the late '60s cohen moved to the united states to pursue a recording career in folk music. his song writing was widely admired by professional musician and his songs were recorded by other musical stars. most notably by judy collins. ♪ she's wearing rags and feathers from salvation army counters ♪ >> some people cut hedges. some people are plumbers. some people are doctors and nurses. leonard cohen, you feel, is a songwriter. >> reporter: in 1995, cohen was honored with a tribute album called "tower of song." ♪ she comes to you light as the breeze ♪ >> he was inducted into the rock 'n roll hall of fame in 2008. leonard cohen, a poet who picked up a guitar. erica edwards, nbc news.
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disney says it expects modest earnings growth next year and an even more robust rise in 2018 sending the stock up in after hours trade, up 2.5%. this came after the company reported weaker than expected earnings in the quarter. bob iger sounded a positive note about the outlook for the sports network. >> we feel really good about espn. we're dealing with near-term issues on the sub side. eyes wide open on that. not trying to hide anything. but we think long-term prospects for espn are just fine. when most people think of tourism in the uae, the millionaires playground of dubai
springs to mind with luxury hotels and endless shopping malls. however, is it all about dubai and could we soon see a shift away from dubai? the lesser known emirate is fast becoming a destination in the gulf state. we have the ceo of ras a ras al khaimah tourism development. you continue north, you go through another town and come to ras al khaimah. >> you know the area quite well. it's a 45-minute drive from dubai to ras al khaimah, and people can find many new things to do when they arrive as opposed to dubai. dubai is a great city escape, great leisure, luxury shopping,
the tallest tower in the world, we have managed to preserve authenticity. there's more nature to experience. we have the highest mountains in the uae at 1,009 meters high. and the stunning desert and sea are within proximity. you have to think about you could zip line in the mountains, dive in the sea, and actually do a desert safari all over one day. >> why not go to somewhere that is more known, such as dubai and just drive a half hour and find the same? there are other developments where you don't have to go quite as far. >> you find the difference in ras al khaimah, you could do adventure, visit the historical sites. we have history that goes back to 7,000 years. we have forts what were built in the 16th century. also, as i mentioned before it's the most populous in the
emirates. 35% of the population actually see the people of the uae, you interact with those people. they're humble, hospitable and very, very warm. the appreciation in going to ras al khaimah is connecting with the history and learning about the culture. i mentioned the adventure part. you do so much adventure activity with nature and nat ralt environme ural environments. >> what does the trump presidency mean for tourism in the uae? one could think tourism is going to feel a pinch. >> we have seen 20% growth from the u.s. market tourism to ras al khaimah. these are tourists who make their way from dubai. the market has been extremely
valuable to us in the uae, dubai and the rest of the emirates. we see this growth going forward as we continue to welcome u.s. tourists into ras al khaimah and the uae. it's been a welcoming destination for americans, and also americans enjoy the authenticity. they connect with the days of aladdin. 1001 nights, ras al khaimah promotes that. >> you are still attracting uk visitors despite the plunge in the sterling? >> we've seen a 20% growth from the uk market. uk travelers are loyal, resilient, through good times and bad times they continue to travel. we see them as sun-seekers, they seek great beach resorts, we have an abundance of those. we have great value for money.
great beach resorts, five-star product priced at four-star. >> thank you very much. that is it for today's show. just a glance at the u.s. futures to show you how we're shaping up for trade this afternoon. slightly mixed market on the implied open. have a fantastic weekend. i'm louisa bojesen. >> i'm carolin roth. have a great weekend.
good morning. the trump rally, the dow cli climbing to an all-time high. >> and it's singles day in china. a live report coming up. >> and disney's results falling short, but ceo bob iger still feels bullish. it's november 11, 2016, veterans day. "worldwide exchange" begins right now. good morning. welcome to "worldwide exchange" on cnbc. i'm