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tv   Street Signs  CNBC  June 28, 2019 4:00am-5:00am EDT

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good morning welcome to "street signs." i'm joumanna bercetche >> i'm willem marx we're in london. nancy hungerford is in osaka these are your headlines >> cnbc confirms the chinese leader is ready to deliver a set of demands to president trump for an eventual trade deal as trump strikes an upbeat tone on the critical meeting with president xi tomorrow. >> i think we have a very good chance we'll see what happens ultimately something will happen a lot of people are talking about it
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it's interesting it's going to come out hopefully well for both countries. ultimately it will work out. >> trump also talks up his relationship with russia as he meets with president putin on the sidelines of the g20 and warns him against further election interference. deutsche bank shares jump after passing the fed's stress test but credit suisse dips as it scrapes through with a conditional pass and merlis shares surge after a 6 billion pound takeover by the lego family in blackstone welcome to the show. in less than 24 hours u.s. president president trump and chinese president xi will sit down for highly anticipated trade talks at the g20 summit in osaka. cnbc confirmed that china will seek a balanced trade deal but
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the u.s. is unwilling to agree to that deal according to cnbc sources xi will seek to end a u.s. ban on huawei products as part of any trade agreement. xi called for the integrity of the global supply chain to be upheld as he addressed g20 leaders in osaka >> translator: we need to foster a fair, just and nondiscriminatory market environment. we need to promote the movement of technology, people, information and other factors, uphold the integrity and dynamism of the global industrial chain build on our strength to promote corporations we cannot develop ourselves behind closed doors, nor should we cause disruptions to the market >> president trump sounded optimistic ahead of the meeting as he told reporters that ultimately it will work out. nancy hungerford is live in
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osaka. has there been detail from beijing about what they're looking for in any eventual deal >> what we have learned from sources speaking to cnbc's kayla tausche is that the terms of an eventual trade deal are what we're getting from chinese officials, that's the story when you talk about huawei. we understand beijing is asking the u.s. to remove the blacklist for u.s. technology companies doing business with huawei that would be considered a separate issue from the 5g infrastructure and the u.s. concern about huawei equipment being used in the 5g infrastructure it seems chinese officials are asking for that to be scrapped as part of an eventual trade deal many here in osaka are not holding out for a landmark agreement on trade and technology issues. they're looking for compromise here, similar to what we saw at the last g20 meeting between
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trump and xi that would avoid additional tariffs on basically all the goods coming in from china to the united states that's the threat that president trump has held out there we understand china is also looking for the u.s. to pare back demands for china to buy u.s. additional goods beyond that 1$1.2 trillion mark and the want the u.s. to mroef aremove e punitive tariffs so that will be a crucial st sticking point as we talk about that long-term trade agreement, and that probably won't be what we get here, but will it be enough to satisfy other g20 members that are so anxious the toll trade tensions are having on global groelt awth and will e enough to satisfy the market listen to what president trump had to say >> i think we have a very good chance we'll see what happens ultimately something will
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happen it will only be good >> do you pekyou expect that pr xi will put an offer on the table? >> we'll see what happens tomorrow it will be an exciting day for a lot of people, including the world. it will be an exciting day a lot of people are talking about it it's very interesting. it's going to come out hopefully well for both countries. ultimately it will work out. >> there you have it the message from president trump himself saying ultimately it will all work out whether or not we get that clarity tomorrow remains the question hanging over the halls here in osaka. when we talk about the u.s. demand that there's a balanced agreement, the push from china they want to see a more balanced agreement, we perceive this to be more of an equal level playing field, where it's not a deal that just punishes china, but from the u.s. side and from representative lighthizer they're saying it can't be
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balanced because of china's past violations on things like intellectual property. they want to make sure those changes are not just made in this deal, but remember when the talks broke down last time around it was believed this was over china's refusal to put those changes into law that's why there's not a whole lot of hope here that we'll see that landmark agreement but many are hoping we'll get enough progress to move forward >> nancy, thanks for that context and clarity there. we're joined by guy miller chief market strategist for zurich insurance we heard from pumresident trump good things will happen what is your best case scenario? >> i think the good thing is that there will be a meeting my own expectations don't go further than that because of some deep rooted issues here that go beyond tariffs and trade. they go to the intellectual
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property point i think more fundamentally this whole business about the blacklist of tech companies, that's a much deeper and harder issue to resolve within the u.s. congress, it's not just president trump who has a hard line in this, both the democrats and republicans want to take a firm line on this one. >> we were talking about the democratic debates yesterday and we had the second round of debates yesterday. it's interesting that trade has not come up in these discussions simply because the democrats on this topic are aligned or have a similar approach to president trump when it comes to china's policies this is not a short-term issue that will just go away irrespective of who the administration is in the white house. the issues with china your view, do you expect them to linger for years and years to come? >> i think absolutely. this is very deep rooted up until about april or may a lot of people thought this is president trump's decision he can switch this off and switch this off. ultimately he'll pick the right time for his own election
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campaign in 2020 i agree, this goes much deeper than that. i think it is something that will last for many years with huge implications for not only the trade situation but the relationships between technological development in china and that in the united states there will be two camps that develop from this. >> what's interesting is that when you talk about trade war, we're focused on the economic impact on those two countries specifically, the impact on the u.s., the u.s. markets, u.s. companies. china, they have implemented fiscal easing, monetary easing, some countries have stood to benefit from this. we're talking about southeast asian economies. for you as an investor, do you see that as an opportunity to start thinking about alternative sources of supply chain and diverting your attention to other countries that could benefit from this? >> i'm just back from southeast asia you get a different feeling there.
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there's hope that we can have some of the supply chain put back towards vietnam or malaysia from china realistically the danger is if you shift the supply chain, who is to say tariffs won't be applied to these countries the bigger issue is not that there's some winners here, but the whole concept is a bad thing for global growth, for global trade, business investment if you don't know where your supply chain will be or likely to be, you will postpone that business investment. that will slow growth, it will slow investment and productivity that's a bad thing >> you're essentially saying that you think long-term it will be hard to put the genie back in the bottle what does that mean over the longer term for volatility and financial markets? >> i think it's a reminder that there should be volatility in financial markets. i think the trade issue and the technology hubs that may well develop from this, it shows there's a lot more risk out
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there than i think the mark up until now has been pricing having said that, we're back in this environment where the stock market is close to record highs. investors are fixated about what the fed says or what the ecb says we're back to this liquidity driven market, rather than thinking about the fundamentals. right now people are not focusing on that >> does it matter that these tensions are happening so late in the economic cycle? i think in the next couple of weeks the u.s. will become the longest economic cycle ever in the united states in a couple of weeks time does it matter that these tensions are rising so late in this cycle specifically and coming at a time when the central bank community is trying to keep the party going longer by turning dovish? does that not have implications on how severe the next crisis could be given that the new issues have arisen >> absolutely. you said this would be the longest expansion in history in
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the united states. that's true. certainly not the best expansion in history because of democrats and lack of business investment but certainly the longest. when you think about it, we had two years of financial tightening nine rate hikes by the federal reserve, other central banks followed suit. global growth has been slowing the cycle is late. given all of that you add a new element to the mix which is the trade tensions you have seen idiosyncratic factors impact industrial production, manufacturing, think about europe and germany on top of all of that you put this additional layer of uncertainty on it's coming at a bad time. that means the risk to global growth is on the down side the tug of war will be between the central banks and easing and the fundamental ships in terms of the growth dynamic. >> guy, thank you very much for coming in. we appreciate your time. that's guy miller from zurich
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insurance. let's look at how all this uncertainty is playing out in the equity the markets >> that's right. so overnight in asia we had some weakness in asian equities cautiousness prevailing into the g20 summit that we heard from president trump. he's expecting a productive meeting, that happens tomorrow at 11:30 saturday morning japanese time. this is the picture for european equities green on the board, but moderately so. ftse 100, about that 7,400 mark today. a lot of the property developers at the top of the ftse 100 seeing a rebound relative to the under-performance we had the last couple of sessions. xetra dax up about a third of a percentage point one name in particular we're looking at is deutsche bank. that name is close to the top of the stoxx 600, up 4.5% this after not failing the u.s.
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stress test. that was taken as a stamp of approval for that bank in particular that has been plagued by multiple bad stories over the last year. today it is a good day top of the dax there cac 40 relative underperformer then we have the italian index around flat. so no major moves today at an index level. let's talk about the sector breakdowns let's see where the under-performance is coming from oil and gas. no surprise there. the spot price of oil is trading about a half percentage point weaker today that is in anticipation of the upcoming opec meeting and whether or not those production cuts will be extended. the sector as a whole is trading weak today down 0.6%. telecoms down about a quarter percentage point a few developments there the french telecom holder orange has sold the rest of its stake in bt. as a consequence bt is trading weaker we have other defenses at the
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bottom banks also down after those stress test results. at the top, technology 0.9% firmer. we had a better session for the nasdaq yesterday that's playing into tech in europe chipmakers have been in focus. we are seeing relief rally there. there's one stock in particular that is getting a lot of attention today in europe. that's merlin. up 14% shares have soared after it confirmed a takeover bid spearheaded by lego founders, the kirby family and private equity firm blackstone the deal values the entertainment group at around 6 billion pounds, that includes debt the acquisition will close by the fourth quarter of this year. and the consortium leading the acquisition includes canadian pension fund cppip
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huge jump in those shares. merlin up 14% in today's session. coming up, a sigh of relief for deutsche bank after it passes the federal reserve's second round of stress tests we'll be live from frank fofurt when we come back. the first survivor of alzheimer's disease is out there. and the alzheimer's association is going to make it happen. but we won't get there without you.
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ceo james gorman has said he thinks the fed will slash rates in july. but given the strong u.s. economy he called for caution over rate cuts >> the fed is in a tough place the fed's job is safety and soundness and overall monetary stability. you know, when uncertainties rise to a big enough level it does affect how consumers behave it does affect how corporate ceos invest behind companies when that is going on with this level of uncertainty, if you see it slowing the question for the fed is when do i preempt my personal view is you're
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aggressive on the way up in raising rates so that you're stopping what could be an asset bubble at some point i would be more concerned about cutting rates. you don't want to use your fire power too early. they got a bit of fire power, not much they know they have to use some. the market is pricing in a rate cut next month they have to be careful here the economy is not weak yet. the uncertainties hovering over the economy are profound that's the tension the u.s. division of credit suisse was the only bank entity to receive a conditional nonobjection to its capital plans in the second round of stress tests the lender has been told to resolve some limited weaknesses before october but it's european rival, deutsche bank, did pass the stress test despite several concerns about its wall street investment arm annette is in frankfurt this morning.
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annette, i have to ask you about deutsche bank, is this a break through moment for them? >> actually, what we probably probably can say is it's a very good result for the management team because they promised to fix the u.s. business when it comes to the approval from the fed because another bad result would be not only a bad blow but a bad blow for investors it's good that they passed the stress test and not just passed it but among the best performers in that stress test for the u.s. brand. so it's quite something that they achieved from last year's big failure to this year being quite a good sort of bank in the united states. clearly this is not a break through for the bank itself.
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we're waiting for a strategy update most likely we'll get serious cuts to the u.s. investment bank moving forward that's what investors are calling for. there are not a lot of options left they need to turn around the fortunes of that bank and the share price needs to convince investors that there's a reason to buy back into the shares. what i'm hearing now, is that we're getting a strategy update somewhere between now and the 2 fourth of july when deutsche bank is going to publish their second quarter results most likely they do it earlier than the 2 fourth of july. there's a lot at stake for the lender, not only the business outlook but also the management team could see serious changes at deutsche bank with that, back to you >> excellent indeed a story that you've been
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following closely and so has the market somewhat of a surprise to see deutsche bank close to the top of the stoxx 600 today all right. let's bring in guy miller from zurich insurance again great to have you with us. talking about the stress test results. what was interesting is a lot of u.s. banks announced share buybacks after the announcement yesterday. bank of america says they will buy back $31 million worth of stock almost jpmorgan $29 billion. that's more than twice the market cap of deutsche bank as an entire entity, right? so as an investor -- you see these types of numbers, do you think obviously the opportunity is attractive for me as an investor from a dividend perspective, from a buyback perspective to be invested in u.s. banks and not european banks? >> yes i think the u.s. banks are in much better shape than european
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banks and have more solid footing. the u.s. banks trading typically at price to book value of 1.2 compared to 0.5. there are reasons for that reason is that the business position is in a much better shape. the banks as a percentage of gdp, about 300% of european gdp here they're in a better position to grow that business despite the flat yield curve they have been buying the stock back >> it's an interesting statistic. you said 300% of european gdp is the size of the european banking system, that's why it's so important for our friends at the ecb. this latest announcement, what do you make of it? >> disappointing >> why >> i think one, the size of the banks are huge, they're impacted by the negative rates. i think replacing the previous tltr2 with tltr3 which is smaller in scope and the
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duration is smaller as well is a negative impact for the banks. it was a great opportunity to surprise the market and make things easier, but we think it's an aggressive rather than positive step. >> would tiering help if they introduce tiering at one of the next meetings? >> i think tiering would help because it needs to happen we're in a perilleess situations far as rates the ecb tries to do the right thing, but they tend to be late and underwhelm and it makes it harder for them because the market doesn't buy into this, it doesn't give them the platform to do more and have the market reward them for them >> you talked about the divergence between the u.s. and european banks over the last decade there's been different actions from policymakers, lawmakers, central bankers and the suites
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at the various banks that led to the situation whi which of those groups needs to take action immediately if the europeans are to move ahead of their american counterparts? >> what we need to see is a combination of things happen but certainly we need to find a way that these banks can be supported in the short-term. they need to have the tiering system they need access to funds and long-term money. this is one issue with the bridge between the tr3 and 2 that they're still in position that they have to raise more funds. all of these things need to happen but there's a vulnerability. you speak about the levels and multiples they're at so many weak banks still exist you talk about the stress tests for the big banks, there's so many weak banks and they have exposure to each other and government debt. that creates a vulnerability, particularly when the next
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downturn comes mpls have come in but they'll go back out again and banks will find it difficult to cope with >> guy miller, chief market strategist and head of macro economics at zurich insurance. coming up, united nations data indicates that iran is within days of breaching the nuclear agreement. we'll be live from tehran with the latest the first survivor of alzheimer's disease
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is out there. and the alzheimer's association is going to make it happen. but we won't get there without you. visit alz.org to join the fight.
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welcome to "street signs." i'm willem marx. >> i'm joumanna bercetche, these are your headlines >> cnbc confirms the chinese leader is ready to deliver a set of demands to president trump for an eventual trade deal as trump strikes an upbeat tone on their upcoming meeting >> i think we have a very good chance we'll see what happens ultimately something will happen a lot of people are talking about it it's interesting it's going to come out hopefully well for both countries. ultimately it will work out. deutsche bank shares jum after passing the fed's stress test but credit suisse dips as
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it scrapes through with a conditional pass merlin shares surge after entertaining a 6 billion pound takeover by the family behind lego and blackstone. and apple falls in extended trade after the man credited with designing the brand's most iconic products, jony ive, says he plans to leave the company. just seeing live pictures of prime minister theresa may and russian president vladimir putin. they just started a meeting there in osaka we lost the signal on that clearly a long anticipated meeting between the two leaders. a huge amount for them to talk about, even though theresa may is about to leave.
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>> her swang son song. >> an important moment to try to address some difficulties the two countries have faced >> speaking of the uk, we got tate data from the uk the q1 final print is 0.5% quarter on quarter, 1.8% year-on-year the biggest jump from q3 2017. we've been talking about the big jump in q1 data in the uk because of stockpiling effects the data tracking for q2 has not been so strong last week the bank of england downgraded their growth to about zero percent on the year it's looking as though the first quarter strength is sort of running out of steam >> yet currency traders not necessarily jumping on that news sterling slightly stronger
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against the dollar >> that's the picture for currencies today euro has been holding in at around that level for the last couple of sessions very tight, tight corridor for euro/dollar between 113 and 114 there. trading a little bit firmer today to the tune of 0.2 percentage points. yen seeing a rally, 0.10% firmer there was weakness overnight in asian equities cable around flattish. confirmation of that gdp print and safe haven flows into the swiss franc as well. switching to european markets. it was a weaker session for asian equities a lot of cautiousness into the g20 meeting. the picture for europe is more positive dax is up 0.50%. one name is leading the gains there, deutsche bank at the top, up more than 4% on not failing
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the u.s. stress test ftse 100 up a quarter percentage point. similar moves for the italian index. u.s. futures, as we get ahead and right into the swing of the g20 meetings, dow is seen opening up about 100 points higher nasdaq about 20 points higher. in terms of data, you want to watch out for some key data that comes out today in the u.s., particularly on the personal spending and the income front. let's not forget about the data. it's not just about the g20 bilateral summits that are taking place but also the data in the u.s. is something to watch for. >> another topic that invests will be watching for is around iran france, germany and the uk are reportedly set to announce that a payments channel designed to bolter entertainment with iran is operational the mechanism was announced earlier this year as part of an effort to maintain trade
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relationships between europe and iranian companies. data from u.n. inspector indicates that tehran is about to exceed the amount of enriched uranium it can accumulate under the agreement. our colleague, ali arouzi joins us live from tehran. how much attention is being paid in tehran to this idea of exceeding those permitted levels >> a lot of attention. this has become a very important point in iran right now as they feel they're not getting any benefits from the nuclear deal they feel the europeans are unwilling or unable to protect them from u.s. sanctions so iran has put an ultimatum to world powers they say if by the 7th of july you can't protect our economy from u.s. sanctions, then we'll
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ramp up our nuclear program. their first step was meant to happen yesterday they were meant to exceed those 300 kilograms of enriched uranium that you mentioned their stockpiles are supposed to be capped at 300 anything beyond that is supposed to be shipped out of the country or sold. iran stepped back from exceeding those limits today i guess to see what happens in those talks in vienna. they're set to go over that this weekend if they can't reach a resolution with european powers. it doesn't look like it will happen firstly the iranians have been critical of the mechanism saying it's a very modest investment, and it's not going to salvage the iranian economy. the second problem they're he having is the europeans are having problems convincing companies to sign up for fear of
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falling afoul of the treasury's extra territorial sanctions. it's a big risk to do business with iran. so that's putting a lot of people off getting involved with this that's frustrating the iranians. they say they're running out of patience with this as a result they've going to ramp up their nuclear program. the key date is the 7th of july. that's when iran said if they can't get any relief, they are going to take their nuclear program to the next level and seriously roll back their commitments to the jcpoa if iran then starts enriching at 20% purity their uranium which puts them very close to the fuel needed for a nuclear bomb, then it's very, very hard to see the europeans continued support for the jcpoa and we will then be in
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an unpredictable situation >> ali, thank you very much for laying that out for us we're joined by charles hollis thank you very much for being with us. it strikes me as quite difficult to understand, if the problem is iran's economy and the fact that the europeans have not supported their economy as promised, why does ramping up your nuclear capabilities help your economy >> i don't think it does help the economy. it's trying to bring to -- to force the europeans to take seriously their declared statements of mitigating the withdrawal of the u.s. from the sanctions. today in svienna there's the
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meeting uk, france, germany, russia, china to discuss the jcpoa, the 2015 deal negotiated by the last administration and these powers for iran, and to see what the future is i think part of that meeting is the europeans are likely to announce today the details of the new mechanism. the kind of money being talked about is in the millions of euros rather than tens of millions of euros. >> as far as europe is concerned this is optical mediation, but in reality european companies are not really operating in iran the size of the program is likely to be in the millions rather than the billions a drop in the ocean when it comes to business transaction levels for iran, at the end of the day the issue is with the united states and europe are just bystanders here trying to mediate but not having enough influence to influence what the iranians decide to do going
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forward. >> i think that's true i know president macron has said yesterday, i think, that he would try to talk to the americans, try to persuade them to remove or alleviate some sanctions. but realistically, you know, i'm not sure president trump is going to be amenable to that so the europeans really are in a bind particularly as ali said, that if over the weekend the 300 kilogram limit is breached and we start moving to enhanced enrichment, the european also have to go to the side where they stand >> was this ever going to work there are specific demands on the iranians, we're talking about granular levels of detail, when it comes to the requirem t requirements on europe and the u.s. in terms of economic support, they can announce a mechanism that includes millions of euros, and it's not just a way of holding the europeans feet to the fire as to specific
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requirements for economic support. >> i think this is partly why these threats have been made it's perhaps the only lever they have pre-sanctions, european trade was 20 billion euros any offer amount here is tiny. the main point is that it remains the fact in you're a major international corporation, whether you're american or european, and you're forced to choose between the u.s. market and the iranian market, what will you choose? >> so we've talked a lot about the fact that the iranian economy is almost 90% sanctioned i read that number a couple days ago. and people are saying that the u.s. are running out of tools if they wanted to go ahead and apply more pressure on iran. people also forget that iran have an extensive network within the region it's not just within the iranian economy, they have a presence in syria and lebanon. they have infrastructure in surrounding countries.
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do you think the next leg of this would be to go after their proxies? >> i think to some extent they've done that. they've been declared a terrorist organization, for instance so other proxies have already decision been declared that. and they're not really providing an economic support network to iran i don't think that's an economic way out. clearly there is some oil still flowing despite the removal of waivers. there was reports yesterday of tankers offloading in china. you know, a year ago iran was exporting 2.8 million barrels a day, it's down to 500,000. that's for a country where oil revenues are not a major source of exports, that's an incredible amount of belt tightening required >> we'll see what comes out of this meeting in vienna, not just
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as it pertains to iran but also opec charles hollis, thank you. a fresh group of democratic candidates hit out at donald trump and each other in the second night of televised debates. ten hopefuls were featured including joe biden as well as bernie sanders and kamala harris jay gray filed this report >> the first shots in round two. >> donald trump thinks he built america. ordinary middle class americans built america. >> reporter: questions were clearly aimed -- >> where was that question when the republicans and donald trump passed the tax bill that benefits the top 1%? >> reporter: -- at the man currently in the white house >> trump is a phony. that trump is a pathological liar and a racist. >> reporter: and for the lesser known candidates, the front runners were also a target >> i was 6 years old when the presidential candidate came to
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the california democratic convention and said, it's time to pass the torch to a new generation of americans. that candidate was then senator joe biden. >> i'm still holding onto that torch. >> reporter: the group ignoring the rules. [ multiple voices >> reporter: the discourse spinning into a free-for-all >> guys, america does not want to witness a food fight. they want to know how we're going to put food on their table. >> reporter: much of the early talk focused on health care and immigration, both issues at the center of the key moment in the debate >> raise your hand if your government plan would provide coverage for undocumented immigrants [ cheers and applause >> reporter: president trump quickly responding on twitter saying, in part, how about taking care of american citizens first? that's the end of that race. but the back and forth through the two hours would suggest the race is far from over.
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>> it was hurtful to hear you talk about the reputations of two united state senators who built their reputations and career on the segregation of race. >> that is a mischaracterization of my position across the board. i did not praise racists that's not true. >> reporter: with the high profile candidates constantly in the crossfire. >> we beat them. we won back the senate >> chuck, the -- >> 30 seconds, go ahead. >> sometimes you do have to beat them, but the deal he talked about with mitch mcconnell was a complete victory for the tea party. >> reporter: the first debates here framing what looks to be a long and at times fiery campaign season jay gray, nbc news, miami. let's take you to some live images of g20 leaders who are arriving for the summit cultural events and gala dinner
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this caps off the first day of these osaka meetings we've been looking at various images of what we just saw, the uk prime minister, theresa may, meeting with vladimir putin. and this is obviously one of the last meetings she will be doing as a head of state we are just about to get some pictures of the managing director of the imf, christine lagarde, who should also be arriving for this dinner as well this caps the first day of these g20 meetings where right at the top of the agenda are the tensions between the u.s. and china and also geopolitical tensions between the u.s. and iran no doubt that will feature in the discussions happening over the next couple of days. all eye on the president xi/trump meeting happening tomorrow. apple shares dropped in after-hours trade after the chief designer, jony ive, said
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he would leave the firm. he worked closely with steve jobs and designed the look of major apple products including the iphone and the mac computer. ive said he will start his own design company that will continue to work on apple products but as an independent operator for more on this departure, head to cnbc.com. switching to the telecom sector, orange has sold its remaining 2.5% stake in bt for 486 million pounds orange gained a stake in 2016 when bt bought ee. you can see that bt shares are down 1.2% today in trading orange flat on that news. mateo salvini says he holds no prejudice or grudge against the infrastructure group atlantia as it seeks to get a stake in the troubled air carrier, air italia. his comments appeared in contrast with his fellow deputy
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prime minister, luis dimaio. he said that would not an desirable investment partner atlantia never expressed interests in air italia but it could rescue the carrier in a bid to amend relations with the italian government almost a year later after that tragedy, and finally the last few elements of that bridge being taken apart by the engineers. moving on to casino, which is trading lower after goldman sachs cut its stake in the company. rallye and casino both down.
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if you have any views on the u.s./china trade discussions, on the situation in iran or any of the european corporate stories, get in touch on twitte twitter, @streetsignscnbc. you can also tweet us directly cnbcjou a cnbcjou. >> a sneak preview of the latest episode of "cnbc meets" thwi novak djokovic and the alzheimer's association is going to make it happen. but we won't get there without you. visit alz.org to join the fight.
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i've been playing a lot of tennis eventually because the weather finally improved here in the uk that's just as womeell. >> i'm playing tomorrow. >> traditionally whim whim as a tournament ur wimbledon as a tournament doesn't receive a lot of sunshine for monday the forecast is sunny. tanya caught up with one of the favorites, novak djokovic, she
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asked him about his work off the court. >> back in 2007, it was to help, give back. in 2011 with my wife we realized that in order to help in a best possible way and see how that help manifests itself and brings joy and brings results, we need to focus we need to find what our direction is what our mission is there's no better way to change the community or change the world or save the world than through children >> you can catch the full interview with novak djokovic on the latest episode of "cnbc meets" which premieres tonight at 11:00 major league baseball brings its first series of games to the uk two of the biggest franchises, the new york yankees and boston red sox will play two games at
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the london stadium this weekend. adam reid is there i watched one baseball game ever, it entailed a lot of drinking of bud light, eating nuts, i didn't watch a lot of baseball though. how will that be different in london >> i'm not sure about your viewing habits for this one, joumanna, but there's going to be plenty around for fans of baseball and people curious to see what this sport is like in the flesh. it's not often you see baseball at prime time in the uk given the time difference from the united states. so it's going to be a whole different occasion there's been loads of preparation going on today around me already. lots of watering, building of the whole artificial surface that has been put in place here at the olympic stadium, home of west ham united and the 2012 olympic games. one thing that mlb are keen to investigate when on their time over here is how the premiere
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league, the biggest sports league in the world, the famous soccer league, what they've done to try to globalize their brand and i sat down with the commissioner of major league baseball yesterday and he told me just how everyone is looking to the premiere league because of how they've done such a good job globally >> well, it's an unbelievable success story. if you run another sport, you have to aspire to that level of success. i think i've had an opportunity to get to know the former ceo. richard scudamore, a lot of successes have been learned from epl. we hope we achieve some of that success. >> has it been something you've seen as the benchmark from an organization overseas about where to take the organization >> it's a tremendous success story in terms of generating
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significant amounts of revenue by internationalizing the game that's why all sports are talking about efforts of internationalization >> i can tell you're sensing an opportunity. how well equipped is baseball to take on that mantle in its own way? >> we do believe we're well equipped question have a lot of content we have a lot of experience exploiting that content over different media platforms. we have some strong spots that we can build out for in the far east, japan, taiwan, korea, there's developed baseball cultures from which we can build out. >> both teams will be here later on today for final practice and get a feel for the stadium ahead of the two-game series tomorrow. lots of pageantry going on as well going to be ahead of the game. the first pitch of the game will
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be thrown out by prince harry, as a partnership with his invictus games and mlb he will be throwing out the first pitch tomorrow lots going on here for this unique occasion. >> adam, enough. >> royal pitch >> royal pitch volkswagen's truck and bus unit traton made their debut of the london stock exchange. we'll hear from the c osheo in e minutes time a quick look at u.s. futures. s&p, dow, nasdaq all seen to open in the green. i'm joumanna bercetche >> i'm willem marx "worldwide exchange" coming up in just a moment
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the first survivor of alzheimer's disease is out there. and the alzheimer's association is going to make it happen. but we won't get there without you. visit alz.org to join the fight.
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it is 5:00 a.m. at cnbc. 2:00 in the morning in cupertino, california where we have a big announcement, chief designer jony ive is leaving the company after 20 years the stock losing and then bouncing back slightly full analysis coming up. at a minimum it will be productive president trump previewing his face-to-face with china's xi jinping. what you can expect from that sit-down ahead. let's party like it's 1998 wall street looking to close out the best first half of the year since that year. can we keep this party

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