tv Street Signs CNBC May 29, 2018 4:00am-5:00am EDT
. welcome to "street signs." i'm willem marx. these are your headlines rome rattles markets italy drags european stocks lower over fears of a snap election after italy's president names carlo cottarelli as interim prime minister italian government bonds sell off sending the yield on the two-year soaring to the highest level since 2013 and weighing heavily on the euro. and shares in dixons
carphone plunge after a shrinking cshrink ing market is blamed >> if we do not go to the substance of the problem, which is overcapacity itself, rather than fighting only the effects of that, the consequences of that, we will to the make enough progress good morning bringing you numbers in regards to italian consumer and business confidence consumer confidence has fallen to 113.7 down from 117.1 well below the consensus estimate of 116.5. looking at the manufacturing business confidence, that remains flat at 107.7. this is from the high back in march around the time of those
elections in italy where we saw the level of 117 let's look at the italian markets and stocks dragging down the european indices euro/dollar taking a plunge. it's down nearly a half a percent. a serious sea of red a lot of banks taking a pounding unicredit down more than 4%. even fiat chrysler down. intesa sanpaolo is down also some staggering number there's in terms of trade. looking at one of the biggest falls eurozone bank stocks generally at the lowest level
since january of 2017. in terms of the yield knitly, the yield on the two-year hit the highest level since 2013 that's at 1.968 on the two-year. ten-year at 2.25 those are some numbers to watch over the course of the coming days that's because president sergio mat really has appointed carlo cottarelli as an interim prime minister speaking after his appointment, cottarelli said elections would be held in the autumn or early next year and sought to reassure the public and investors about the finances >> a dialogue of europe in defense of our interest is essential and we can do better than before, but it must be a constructive dialogue and as italy is a founding member of the european union, our role in the union remains essential. >> andrea cabrini is in rome
this morning you're outside the bank of italy, the bank's governor is expected to address this crisis, both political and potentially financial. >> the response is one of the key factors that concerns the market today the two parties reacted with a vibrant and vocal opposition to mattarel mattarella they talked of impeachment, which is unprecedented here in italy. the lega is gaining grounds in the polls. they moved from 17% to 27% so one of the big questions is
during the electoral campaigns, in just a few months, will they run together, the to pawo parti or will the lega still run in the middle in general they made no mistake that the electoral campaign will run against the european constraints, and they are already blaming europe, germany and financial markets for the italian economy here and in a few minutes the bank governor will address everyone with a clear message that the country has to press on with its reform agenda. that the reduction of the deficit is a priority of the country and any turning back is risky for the country. there's no space to reduce debt and keep financial counts under
control. carlo cottarelli will go back to the president with his caretaker government >> andrea, thank you very much for that i'm happy to say we're joined on the phone by deborah bergamini will your party run with lega if there's another round of elections? >> we must remember that those who won the election last march is the center right coalition. we presented ourselves to the elections with a common problem and shared candidate and we won elections because we got 37% of the votes of the italian people, whereas the five
star movement by itself got 32% of the italian voters. president mattarella did not take the chance to give to the center right coalition a mandate to go into parliament and look for a majority this incident happen we took this position with respect, but we think he should have given us possibility to try and see if we were able to get a majority in parliament now, what is happening today today there is a lot of tension in italy due to the fact it was not possible to set up a government by five star and lega and unfortunately what has been a great paradox, the fact there
are forces that cry for more national sovereignty for italy, and forces that are more realistic and have a more realistic attitude and say to the people that italy has 2,300 billion euros of public debt, 500 billion euros of this public debt is in the hands of foreign investors. when we think about national sovereignty we must keep into account the fact that due to the officials, there is no national sovereignty anymore for any state in the western world so we must look at that in reality. what mattarella is doing with cottarelli is trying to give a government as soon as possible so they don't have too much and to keep public counts in order and go to elections as soon as possible i think that the center-right
coalition should stay as it is the center right coalition is the winner in next elections the question is in the hands of salvini, the leader of lega. why? he has been trying to set up this government with the five star i think salvini and the leader of five star have gotten along quite well and they attempted to present themselves together at the next election whenever there will be. it's up to salvini to decide whether or not he wants to stick to the coalition of center right or not for us, for forza italia, the five star should stay the best program for the italian situation so far, but we are not any more the major party in the coalition. we are the second force.
this is why we hope salvini will speak to the original coalition for the best of the government the five star does not guarantee enough for the maintenance of our public accounts. >> ms. bergamini, thank you very much for that. if you look back to the last time that italy had a democratically elected prime minister, he was rushed out because of crisis, the number on bonds and the cost of borrowing. do you think mr. mattarella's action foil the democratic will as mr. salvini and mr. dimaio have suggested >> this is a good question i don't think we have an answer that's easy to give. i remember when berlusconi was
in the government back in 2011 that was totally different we had pressure from the markets for mr. berlusconi to resign my experience as a politician, as an mp is that the thing was that berlusconi was defending too much the national interest of italy and was being strong at the european level we don't have this snacenario right now. berlusconi has never been anti-european politician never. never said we should go out of the euro he said we should change something because otherwise some countries like italy will be too much penalized with respect to others that's perfectly true. what's happened today is different. it's the first time in the western democracy where two populist parties are trying to be aligned together and set up a government
this is something that never happened before. i can understand the tension on the back of the markets because both parties have been strongly anti-euro and anti-european union. this is the point. this is why i think that we should very much be careful for what is happening in italy now what is at stake is on one hand a populist approach, not realistic things, but catching the feeling of a big number of public opinion that are against euro and want to have more perspective. on the other hand, the struggle with other political forces is more realistic, more moderate and say we cannot get back from the european union architecture, from the euro, there are some things to change but within the framework of the european union. this is a less popular attitude and less popular message, but
this is what we're trying to send out >> let me ask you then about that euro skepticism and possible changes to italy's role in europe and the way italy interacts with europe. if you look at public spending versus the tax take in italy, you end up with a budget surplus if you take out the amount of money taken out paid on interest and debt clearly there's a need to reform italian debt the question is will europe allow that to happen is that a better solution than exiting the eurozone >> i think if we are not able to buy back our public debt, we will always be living in a situation like this one we're living we're not free to put into reality the democratic vote. this is very dangerous this is why i was saying that we must be careful to what is happening in italy this can be an example of par
dox -- paradox to other countries if we say to other people their vote counts more than any other thing, they believe it they go to work, and they want their vote to become reality we also must say that italy is tasked with one of the highest public debts in the world. then it is not purely free country. so here the principle of democracy, the principle of finance are struggling one against the other. i think that as long as italy has such a huge debt, of course the problem will always come back so we need to buy back our public debt, and we need european institutions to understand that having a country like italy, 61 million people, so important one of the founders of the european union in certain situations with this huge public debt is not healthy for anything this is our main issue
and we want to resolve it. but we cannot resolve is -- it like this. reducing public debt is possible unfortunately we've had the left, the government of the country in the last few years that believes very much in public spending. so the debt has been increasing and increasing >> i'm sorry, i'm going to have to stop you there. i would say you do sound like mr. cottarelli in terms of being enslaved as a nation to public debt that's something we heard from mr. salvini and mr. dimaio thank you very much. if you have views on this, please feel free to get in touch on twitte twittertwitter, @streetsignscnb. coming up, tariffs are not the answer we hear from the secretary-general of the oecb first on cnbc as u.s. and
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welcome back to "street signs. it's not a pretty picture across europe looking at the stoxx 600, it's down a sea of red for the majority of those stocks looking at individual indices, all four in the red. the ftse 100 down almost 1%. the xetra dax down 1.5%. the cac 40 down 1.63%. the ftse mib is down nearly 3% at this stage. that has hit a new ten month low as bank stocks in particular bring that index down. in terms of the individual sectors across europe, let's look at those banks. you can see it, they are not looking pretty down more than 3% at this stage. insurance firms as well seemingly struggling with today's trade, down 2.3%.
malmstrom will meet with lighthizer and ross this week trying to settle disagreements over steel and aluminum tariffs. the eu repeatedly demanded that europe be permanently exempt from the tariffs and threatened retaliatory measures if not removed. u.s. president donald trump continues to accuse the block of unfair trade practices. the u.s. says the eu failed to alter its loans to airbus in order to comply with the world trade organization ruling. the wto said the eu improperly supported airbus in support of its a 350 and a-380 jets the europeans say they have similar legal claims that focus on washington's financial support for boeing.
the u.s. and china have locked talks over technology practices. the u.s. claims firms have been forced to transfer business to chinese entities to continue practicing joumanna bercetche is at the oecb forum it sounds like they're positive on the global economy, but did you get the concern they are concerned about trade tensions >> yes, exactly. as you rightly point out, they are positive on the global economy growing very close to 4%, around 3.9 now a couple years ago global growth was at 3.1%. the world has made some good strides when it comes to that growth then you ask the question and you say where is that growth coming from? what i was told is that a lot of it is on the back of continuing accommodative monetary policy,
interest rates are generally low, even though the fed has started tightening, but the fact that fiscal policy provided much of an impulse in the later stages of the cycle. if you dig deeper, a lot of the strength comes from investment but also trade so i asked whether or not some of the discussions going on about potential trade disputes or indeed extra tariffs being applied on certain products between the u.s. and europe and u.s. and china will have an impact on the global environment. let's listen >> so far there's been a number of instances in which there's been announcements that were deferred because they detonated dialogue they detonated a conversation. they detonated a negotiation i'll give you an example of types of alternatives that we would like to see. there was created the global forum to deal with steel excess
capacity the oecb wd was asked to facilit that dialogue to deal with the real reduction of ka pass tisca rather than fighting the consequences which only get you back every five years or seven years, whatever it is, because you have not solved the problem. if you still have overcapacity, you still have the pressures then there was this global forum we started to work on. it was validated by the new administration of the united states in hamburg at the g20, and we've been working on it we believe this is the multilateral way in which we can actually address the reduction rather than detonating tariffs which would then be a retaliation and then a build up. >> so you don't think the tariffs themselves will address overcapacity this is more of a
deal making mechanism being put forward? >> i believe strongly if we do not go to the substance of the problem, which is overcapacity itself, rather than fighting only the effects of that, the consequences of that, then we will not make enough progress. >> interesting choice of word there. he used the word detonate in regards to the discussions that are going on between the u.s. and the u.n. u.s. and the rest of the world speaking of the eu specifically, as you may well know, june 1st is the deadline for the u.s. to announce whether or not they'll extend exemptions on steel and aluminum tariffs for the eu. that decision will come up this friday eu are watching that closely i also had the chance to catch up with the ceo of the international trade union. i asked her thoughts on the u.s.'s approach to dealing with trade issues and whether or not
they're intending to deal with overcapacity issues or whether it was a bid to negotiate a better deal. >> it's a bit of a short cut to address fundamentally a structural issue this is a structural issue on steel and aluminum in the 21st century the big question that every economy in the world will have to ask is how does one treat trade and technology the options again are that we see in the market that we go about this as structural issues. on a deal space basis, so you deal with this on a unilateral basis, on a case by case basis, a bit of pork here, a bit of aluminum there, or you go at it from a structural point of view, which i think is what is needed today. you look at the reasons for the overcapacity of steel and lo aluminum and you take it at the
root you sit people around the table and you decide what is the level of subsidies to research and development. what is the role of state-owned enterprises. what rules do we want for cybersecurity? what rules do we want for data protection these are the real issues that countries need to face to make their economies and trade strong in the 21st century. >> that was mrs. gonzalez saying that you can't really just put plasters over these issues yes, you can try to deal with them one-on-one, a bit of pork tariffs there, steel tariffs there, but ultimately the issues need to be dealt with on a structural level, deep to the root causes of overcapacity and that means all sides sitting at the table and having a discussion and i should caveat by saying that she did work at the wto for a big part of her career therefore she is a big believer
in following this multilateral approach back to you. >> thank you very much for that. as we head to break, we learned that french billionaire ser serge dassault has died at the age of 93. he was listed as one of france's richest men. france's defense minister said dassault will continue to play a strategic role for the french military - i love my grandma. - anncr: as you grow older, your brain naturally begins to change which may cause trouble with recall. - learning from him is great... when i can keep up! - anncr: thankfully, prevagen helps your brain and improves memory. - dad's got all the answers. - anncr: prevagen is now the number-one-selling brain health supplement in drug stores nationwide. - she outsmarts me every single time. - checkmate!
welcome to "street signs." i'm willem marx. these are your headlines rome rattles markets italy drags european stocks lower over fears of a snap election after italy's president names carlo cottarelli as interim prime minister italian government bonds sell off sending the yield on the two-year soaring to the highest level since 2013 and
weighing heavily on the euro. the trump administration reportedly ready to level fresh sanctions on north korea but could hold off as summit discussions continue amid a report that one of kim jong-un's key aids is heading to the u.s. and european and american trade officials meet this week as a temporary waiver from u.s. steel tariffs is expected to expire >> if we do not go to the substance of the problem, which is overcapacity itself, rather than fighting only the effects of that, the consequences of that, we will to the make enough progress straight to the european markets this morning a birth int into the trading da lot of red there xetra dax is down 1.87%.
in paris, the cac 40 is down 2%. the ftse mib is down 3.45% the italian banks responsible for that number there. intesa sanpaolo down more than 6 6-pound 6.31%. unicredit also down 5% mediobanca is down 3.75% the bond on the two-year italian is now at 2.22 the ten-year is at 3.136 a bit of a selloff going on there. no sign of that ending looking at currenciy ies genera, across the board, the euro is weaker against the dollar.
the dollar weaker against the yen. the pound itself is weaker against the u.s. dollar. the dollar weaker against the swiss. both the pound and euro faring poorly the governor of the bank of italy is speaking amid this latest political crisis in his country which sparked a renewed selloff. he's speaking in roam aftme aftr carlo cottarelli was named interim prime minister a lot to watch for there once we get details from that meeting. confidence among italian consumers has dropped to the lowest level in nine months. the index was driven down after concern about the italian economy. annette is in frankfurt. what can you tell us
>> thank you very much here on the ground, despite this conference being about regulation, a lot of people are talking about italy. we know the banking industry has a lot of linkages between the different countries. and that if the italian banks get in a troublesome situation, also other lenders will be affected there will be such a thing as contagion and that's what people are afraid of on the ground. i spoke about that topic with the head of the watchdog group, bafin. he told me the following >> italy is a very important country. we have a high interest on italy being a stable country, a stable member of the eurozone both german banks, even french banks have high exposure to
italy both through the corporate sector and public sector so it couldn't matter more than italy being a safe country >> what is to be done? when you look at the political environment, it seems highly likely that a new election again will yield unstiable considerations >> well, it looks like that but our italian friends are not unlike germans in finding new government i wish them the best in finding stable political situations. >> let's look at the state of the european banks clearly the linkages between the banks in the eurozone have been diminished since the financial crisis is there still a risk of contagion? >> a contagion between -- >> italian banks and -- >> there's always a risk of
contagion between all banks. this is independent of any current crisis or government or anything like that that's why financial stability matters so much. micro and macro requirements that's a continuous effort >> let us talk about the european banks they could compete with the bigger banks of the united states how likely do you think we are going to see cross-border consolidation? >> well, it will happen. i'm sure about that. let's be clear of one thing, it's the markets that have to make decisions like that, not supervisors, governments
in fact, if possibly not cross-border all the time, but consolidation is a fact of life. it's happening almost every day in my country. we are taking 30 to 50 banks in one single year by means like this so it is happening >> of course being here in germany the big elephant in the room is whether we will see some sort of consolidation inside the german banking scene meaning a tie-up of commerzbank and deutsche bank. some investors are putting their money on that, like having a stake in both banks. but the bigger version is having cross-border consolidation, but that may be a long time to go. i'm hearing on the ground that first of all we need more european integration, perhaps a
deposit scheme as was just talked about or deeper capital market unions. so before we see huge cross border consolidation we have to see more mergers and acquisition in the individual markets to grow those lenders another topic will be brexit on the ground and what bafin means for euro clearing, the multibillion dollar business to say whether this will or can stay in london after the uk is leaving the european union or whether parts of it has to migrate to the eurozone. with that, back to you >> annette, thank you very much. i want to bring you comments from the central bank governor in italy he is saying italy must press on with reforms italy must be a respected voice on debate in redesigning eu regulations. there are no short cuts for
cutting debt he says italy is only constrained by eu logic, not eu rules. and we are only a few short steps away from losing trust he says growth is increasingly self-sustained, and as italians we cannot disregard constitutional constraints in asia i want to bring you news about -- some details here, about ant financial. it closed its late st funding round. the fund-raising values the operator of ali pay at 1$150 billion. apple is reportedly planning to use high-end technology on screens for its 2019 iphone models the tech giant will use oled panels which makes smartphone screens sharper and brighter
currently only the iphone x uses the oled screens the report moves stocks of some key apple suppliers with japan display falling more than 20% at one point. a drastic profit warning from dixons carphone the retailer says profit will fall 21% this financial year thanks to a shrinking uk market for electronics. they plan to close 92 stand-alone stores as they attempt to streamline operations and improve margins. they reported a 3% rise in full-year revenue thanks to a strong performance in greece. and standard life aberdeen plans to return up to 1.75 billion pounds to shareholders after the sale of its uk and european insurance business. earlier this year they agreed to seat belt b sell the business for 2.9 billion pounds
the digital divide is splitting this country. we have parents who are trying to get their kids off of too much social media and computers, and then we have parents who would only hope their children have access. middle school is a really key transition point, right. the stakes start changing. students begin to really start thinking about their futures. what i like about verizon's approach is that it's not limited to just giving kids new tools, it's really about empowering educators to teach in different ways, and exposing kids to more active forms of learning. giving technology is not a total solution. teaching technology, now that is.
welcome back truck drivers in brazil went on strike yesterday for the eighth consecutive day over the price of fuel. the walkouts disrupted the entire country and led to the closure of schools and the widespread cancellation of flights. many supermarkets in brazil look like they have a lot of empty shelves. let's look at how brazilian assets fared yesterday the bovespa was down 4.5%. petrobras down 14.5%
not having much of an impact on the currency let's look at oil prices now brent currently trading at a little bit under $75.26. wti down at $66.50 a barrel. we're joined by jason gammel from jeffries. why such a big spread between wti and brent at the moment? >> i think the issue is there's a lot of incremental production coming online in the permian basin that goes into the wti key hub. there's not enough transportation capacity to get that oil down to the gulf coast to be exported >> when we look at the prices generally, they're not really going down do you see $100 a barrel as a realistic prospect down the line >> i think there's a prospect for it, but that would mean a situation where the u.s. imposes
sanctions on iran that takes a million barrels a day offline, where venezuela slides, and demand stays strong. >> how worried should people be about the situation in venezuela and their production capacity. could you see that slipping to almost zero? >> it's possible it's hard to say zero but venezuela is losing 50,000 barrels per day per month and it's going down in a straight line there's a lot of incremental potential issues venezuela needs to buy light crude to blend with heavy crude, if they don't have the financial capability do that, we could see a further drop >> we hear from the saudis they like the current level, it suits them do you suspect they would see prices higher and be happy about that >> i think they and their russian partners are having a lot of discussions around price. i think it's a situation where
opec when they meet on june 22nd will have to discuss the pricing levels and the fact they achieved a lot of their objectives i would expect we would get a statement out of the saudis along the lines of we will step in to replace iranian production that is a result of the sanctions. >> talking about permian basin and production in the u.s., is that something you would see increasing >> certainly it will continue to increase this is a place where oil can be produced in the low 40s. but there's not enough pipeline capacity to get that crude to the market so in the near-term, u.s. production may be disappointing, but over the longer term trend it may continue to move. >> so long-term, what are you seeing as the price for brent? >> i would say the market is
tight. i would say the market will continue to push up from here. we could see $100 oil on the back half of the year if everything converges, but i think 80 is a price we'll see again in the near-term >> if you're looking at data the next couple of weeks what should people be looking for? >> the biggest point is the june 22nd opec meeting. in terms of incremental data points, economic activity is highly important you guys talked about brazil right before we came to my segment. any interruption in demand is important. but also the u.s. inventory data i think as we move into peak demand season, which basically started this week, we'll probably see some steep poulls o inventory. >> in the past, iranians have sold their product to countries not particularly aligned with the u.s. when it comes to sanctions. we heard the idea that the
europeans won't support the u.s. efforts. do you think that will have a negligible impact on iranian sales? >> i think companies that are transacting with iranians may not be able to access the u.s. financial system that will be a no go for most companies. i think iran will continue to export they'll continue to export to china, i would imagine but we will see some significant decrease in their exports if sanctions are put in place >> thank you very much for joining us jason gammel from jeffries he was talking about schiffing from the gulf of mexico. the first-named storm of the season has made landfall on the gulf coast of the united states. storm alberto weakened into a subtropical depression it's not the only severe weather to leave its mark on the region.
>> reporter: severe weather has poundedinundated parts of the country. in western north korcarolina a journalist and a photojournalist were killed after doing an interview. >> i had done an interview about ten minutes before we got the call he talked about how he wanted us to stay safe and how we want him to stay safe >> reporter: in maryland a frantic search for edison herman, an air force vet he was having lunch sunday when a flash flood surged through the city's downtown. he tried to help find a woman's missing cat. >> he along with some other folks went back to assist her. unfortunately during that effort they saw him go under the water and not surface. >> oh, my god. >> reporter: sunday's flood so
powerful it ripped a stone cottage from its foundation. further south alberto made landfall in the florida panhandle. florida, alabama and mississippi all under states of emergency. >> i tell you what, i don't think i'll have to have -- oh! oh >> it's gotten rough the waves are running over the streets. >> reporter: there are concerns the slow-moving storm could trigger inland flooding as it moves further north. >>. sticking with the u.s., the trump administration is reportedly ready to impose new sanctions on north korea as soon as tuesday but may hold off on the measures as the two countries aim to save a summit between president trump and kim jong-un. according to the "wall street journal," the u.s. treasury department has sanctions ready to roll that would target three dozen entities including russian and chinese players.
a senior north korean official is heading to the u.s. after stopping in beijing. as a key aide to kim jong-un, he has been closely involved in talks with south korea and his trip could mean preparations for the trump/kim sum mumit are on track. susan mcginness joins us what is the likelihood of this summit indeed going ahead? >> there's lots of optimistic signs pointing to this summit happening. the u.s., if that report is true, holding back on those sanctions is optimistic preparation. there's no telling if the summit is going to go forward, but if it doesn't it won't be for lack of effort. a u.s. delegation has spent the weekend in north korea they are still there ironing out the details. another u.s. delegation meeting with north koreans in singapore, the site of the actual summit to be on june 12th. they are under compressed
timetable but looking to get this done on june 12th president trump tweeted over the weekend that it will happen. so some optimism there the sanctions being on hold is another thing. the reason there's no guarantee of the success here is because the sticking points keeping these two leaders apart still exists how much will kim jong-un be willing to give up his nuclear weapons, his nuclear arsenal, fully give up. what will the u.s. offer in return and what is the timetable for this a lot of pre-summit preparations but no guarantees >> what about the question in terms of conversations going on between trump and shinzo abe yesterday. what can you tell us about that? >> shinzo abe will want reassurances from president trump that he will take a hard line, that the talks move forward. japan has shared goals with the u.s., they want the denuclearization of the peninsula, ballistic missiles and biological weapons out of
north korea. it's possible that shinzo abe makes a trip to the united states before heading to canada for the june 8th and 9th g7 summit >> thank you very much, susan. just to give you a quick recap on our top story this morning, so far this week, president sergio mattarella appointed carlo cottarelli as interim prime minister that is the man known as mr. scissors for his us a terry measures in the past, back in 2013 he led a spending review in italy under the former prime minister that won his plaudits from economists but has not helped his popularity with lega and five star. speaking after his appointment he said elections would be held in the autumn or early next year he sought to reassure the public and investors about italy's finances and its commitment to
the european yune runion. let's look at the italian banking sector intesa sanpaolo down 5.5%. as is bank ko bshco bpm bper banca down 5.83%. mediobanca down 3.35%. the yield on the two-year hit the highest level since 2013 you can see that the ten-year yield is now at 3.208. just to give you a bit of a recap on comments this morning from the central bank governor of italy, he's been talking about the fact that economic realities are the major constraints on spending. it has nothing to do with european rules he's been talking in rome.
also talking about the fact that politics should have no role in these decisions when it comes to european membership. as bank governor himself, he says the italian economy is recovering, growth is increasingly self-sustained. he said we are only ever a few short steps away from the serious risk of losing trust a quick look at u.s. futures ahead of the market open on the other side of the atlantic, looks like a negative start to the day with the s&p 500, dow jones and nasdaq looking to close down that's it for today's show i'm willem marx in london. "worldwide exchange" is coming up next. crohn's disease. you're more than just a bathroom disease. you're a life of unpredictable symptoms. crohn's, you've tried to own us. but now it's our turn to take control with stelara® stelara® works differently for adults with moderately to severely active crohn's disease. studies showed relief and remission,
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it is 5:00 a.m here are your top five at 5:00 italian stocks plunge, yields soar and that's impacting our money. teams from the u.s. and north korea are in singapore trying to salvage talks between president trump and kim jong-un. the food takeover by ja holdings continues nissan reportedly planning to slash north american production by 20% to cope with falling car sales. and solo goes it