tv Street Signs CNBC March 4, 2019 4:00am-5:00am EST
♪ welcome to "street signs," i'm julianna tatelbaum. >> i'm willem marx these are your headlines this monday morning from london. >> the shanghai composite crosses the key 3,000 level for the first time since june after a report suggests the u.s. and china are closing in on a trade deal with beijing offering to lower tariffs on certain u.s. goods. basic resources leave europe higher while u.s. futures rise following gains in asia as hopes rise end to a trade war. new lawyer carlos ghosn says
his team will adopt a fresh legal strategy as they defend the auto executive against financial misconduct charges. and china finalizes regulations for technology exchange in shanghai as ride-hailing app lyft kicks off the 2019 ipo race and files to go public ahead of rival uber. ♪ good morning and welcome to "street signs. as you can see behind me, it is pretty much a sea of green for european stocks this morning following asia higher. and this comes after reports that the u.s. and china are closing in on a trade deal washington -- the washington journal reported that the two sides may agree to a formal deal in mar-a-lago as soon as later this month that could see most
or all of u.s. trades lifted as i said, most stocks are trading higher we had a quick look at the sectors momentarily, but the key here is that after last week's gains which saw the stock 600 end 0 .8 higher, we're continuing to see that carry into this week looking at the european markets this morning, we're seeing green across the board in terms of the regional split the best performer of the day, so far the ftse mib up, italy was a strong performer last week. dax and ftse 100 as well look at the sectors, interesting to note, at the top of the leader board we have basic resources and media. media is at the top being pulled up in particular by the daily mail there, but basic resources, this sector very strongly outperforming. this is the most china-sensitive of the bunch and of course we have the npc this week taking focus where the
market will look to get clearer message on what we can expect in terms of policy this year, in terms of fiscal policy, monetary policy and of course around china's approach to those hotly-debated topics that are at the center of the u.s./china debate i say it's interesting because technology and autos not as strong as basic resources. we did see that report from the "wall street journal" come over the weekend, but we're not seeing it pull those autos and tech stocks up to the extent we do on days when we have concrete signs and progress on that u.s./china trade i just thought that was worth noting look at asia markets, as i said, these gains come after a strong handover from asia the shanghai composite up 1.12%. it's key that it crossed over the 3,000 left the first time since june quite strong gains across china. willem >> julianna just mentioned there, "the wall street journal" has reported over the weekend that u.s. and chinese negotiators are close to a trade
deal that president trump and president xi could potentially finalize at a summit before the end of march the newspaper reported part of a deal, china would lower tariffs on u.s. goods and buy more u.s. products the u.s. in return could lift most of the tariffs currently imposed on chinese imports, but sources told the journal the hurdle still remain and both sides may encounter domestic political opposition to any such deal the 13th national people's congress kicks off in beijing this week as ex-president xi jinping looks to reassert his authority as the chinese economy continues to slow. the annual gathering of officials will see xi lay out the plans for the year ahead china looks to secure a trade deal with the united states. our colleague joins us now live from beijing what does president xi have up his sleeve in terms of the economy? >> reporter: well, in terms of the economy, the beijing leadership is expected to acknowledge that the economy is
slowing down so tomorrow when the mpc kicks off, the premier is going to unveil his work report and we're expecting to see the annual growth target. so the annual growth target is likely going to be lowered to between 6 and 6.5% we'll also get an inflation target as soon as a fiscal budget a lot of investors are wondering what it's going to look like because they want to know exactly how the leadership here is going to help manage and stabilize the economy. over the course of the next ten days there will be a lot of interesting briefings from the top brass. but what investors overseas really need to pay attention to is the foreign investment law vote so that is going to happen on march 15th and the reason why it's important is that this is the most -- this is going to be the biggest law to pass this year because it's a way for china to address some of the u.s. demands
in the middle of the u.s./china trade dispute. some of the good stuff from what i understand in the foreign investment law is that it's going to end three joint venture laws, no more jvs, bar forced technology transfers, prevents the state from illegally in quotes setting and it will allow foreign firms to help set product standards and procurement. and that is a point that a lot of foreign companies have been fighting for for quite some time now the catch, of course there's always a catch, is that there are a lot of people who are wondering what the implementation is going to be like because, for example, no more jvs but foreign firms are still going to be regulated by the negatives list there will still be restrictions on foreign companies also, there's concern about one term about national security there's a national security review and it's still unclear
what that actually means and finally, there's a lot of questions about the status of the current jvs because a lot of foreign companies, as you know, have been required over years to be forced into joint ventures in order to operate in this country. and so once this law goes into effect, it essentially wipes out the current laws that involve these jvs. there's apparently a five-year transition period but a lot of the jvs have been established over many, many years. there's still a lot of questions has to how exactly that will work itself out. all in all, though, the way that one american business association official described it to me was that it's not negative so at least it's a move in the positive direction based on what he said. >> eunice, thank you very much for that preview now willem and i are joined around the desk by jeffrey yu. i want to pick up on what eunice was flagging around the draft
law protecting intellectual property of foreign investors and the moves that we are expecting to see from china in terms of their approach to foreign investment has china accelerated plans that were already in place around foreign investment to try to appease the u.s. in terms of what they're pushing on the foreign investment front >> another way to ask that question is if we hadn't had this trade dispute going on with this initiative, most cynics would say probably not this time around we know the u.s. side means something enforceable. if enforceable through bilateral frame work or international arbitration is not enough, something that's written into law in china is probably the next best thing. so, yes, this clearly is a stop to international pressure. >> focus of this year's npc, listening to eunice there, it will be around the economy and also their specific approach to tech how is this npc going to be
different than past years? >> two things. when a preliminary budget number was announced 2.8%, actually that was surprising on the downside given the state of the chinese economy, that was actually seen as not doing enough so now with the augmented budget, on the monetary side, clearly there's a push there the second you mentioned domestic tech, everything that can benefit domestic growth outside of trade, china is moving away from that part of economic growth. china is moving up the value chain, so i thinkpolicies designed to incubate and promote domestic tech, domestic consumers all of that is going to be the priority. >> let's talk about monetary and fiscal measures that might come out this week. can you give us any sense as to what would be helpful for the chinese economy domestically. >> helpful would be coordination that's something that's been missing other the last two or three years especially during the last tenure of the former
governor and the prior finance minister they were openly at logger heads. july this year, july last year again you saw pboc saying the fiscal side needs to do more the budget deficit, the augmented deficit, those numbers are enough on the monetary side they've announced stuff similar to targeted lick quidity inject. i don't think so i think trade, again, china is moving away from the trade side of it. trade sa big contributor to employment, in terms of gdp value add it's always been low china would cheer a trade deficit as long as it's driven by imports if it's driven by a sign that domestic consumers are willing to spend again, car sales we saw last year's numbers down 6% those numbers need to recover.
>> and i want to just ask you about some of the data we saw on friday we had the manufacturing pmis come out and there's a little bit of divergence in terms of the official index the official index, which tracks larger state-run institutions was worse. what do you make of the divergence in terms of what we're seeing from the larger state run manufacturing companies and the smaller private ones >> i think that really is a surprise given the larger state run companies, they would be the ones with easier access to credit but having said that, you know, that is also an indictment on the lack of let's just say credit supply to areas which is needed to advance china's growth if all these policies announced over the last few months or so is targeted to the private sector, maybe it's a sign that it's stabilizing >> one final question you mentioned there auto sales and the impact on consumers in terms of an assessment of what they're doing in china, what else should investors be looking at besides auto sales to get a sense of
whether that consumer demand is picking up >> consumption tax receipts last year november and october number was down 75% annualized and that tax is actually directly linked to luxury good sales that's a sign of discretionary consumption but you also saw many domestic firms who target normal consumer spending, staples announcing job layoffs, things like that so reduction in investment so if these companiesstart to say, we're happy about the chinese consumer, we're going to start to invest again, it will be a sign sentiment has turned around. >> stay with us geoffry. what do the u.s. and china need to strike a deal? golden sacks believes it lies in a three-step approach. head to cnbc.com meanwhile, huawei is preparing to file a lawsuit against the u.s. government for banning agencies from using the firm's products. that's according to "the new york times." the lawsuit is expected to be filed later this week. it comes as huawei's cfo sues
the canadian government claiming she was illegally held and interrogated by authorities in vancouver. she was arrested in canada on december 1st at the request of the u.s. for allegedly violating american sanctions on iran lawyers for mange claim sher constitutional rights were violated when she was detained, searched and interrogated by canadian authorities remember f you want to weigh in on the conversation, follow us on twitter and tweet us directly coming up on this show, president trump throws shade at fed chair jerome powell yet again. find out what he said in a nearly two-hour speech at the conservative political action conference coming up next. we'll take a look at the u.s. futures ahead of the market open there, all three of the major indexes look to be opening higher with a few hours to go of course on trading on that side of the atlantic begins can be. tremfya® is for adults with moderate to severe plaque psoriasis.
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trading lower on a tv report that will apparently reveal allegations of money laundering. reuters reports the bank has made no immediate comment. >> shares in the daily mail and trust has risen to the top of the stock 600. the money come from the stake in the euro institutions combined with 200 million pounds in access cash. the announcement would result in a much cleaner structure insurance company aviva appointed a new ceo. he replaces former ceo mark wilson who stepped down last year british rolls-royce says it is scaling back efforts to build new fighter jets following dispute with turkey's group. the two sides planned to set up
a joint venture after the uk and turkey signed a defense deal in 2017 but after they argued about ip sharing, rolls-royce abandoned attempts to bid for the new fighter aircraft carlos ghosn's new lawyer says he's pursuing a different strategy to the former nissan chairman's previous legal team speaking at a press conference, claimed ghosn's prosecution may raise constitutional issues as they defend him against financial misconduct issues. ghosn overhauled his legal team in february and denies any wrong doing. president trump renewed his criticism of the fed over the weekend. trump said of fed chair jerome powell, we have a dollar who likes a strong dollar in the fed. he likes a strong dollar but not coming at the expense of u.s. competitiveness. a new nbc news "wall street
journal" survey shows trump trailing a democratic rival. according to the poll, 48% of americans plan to vote for the democratic candidate opposing trump compared with 41% who support the president. now trump's overall approval rating has ticked up to 46% since the end of the government shutdown geoffry, i want to bring you back into the conversation focussing in on those comments from president trump over the weekend on jerome powell, is there anything really new in what we're hearing in terms of the president's critique of jerome powell. >> no, not really. i think any central banker with any self respect would say i don't mind a strong currency as long as it doesn't mean a start to import deflation, right especially if the countries don't export that much so i think markets actually not taking this too much into account. >> the fed is on a much, much less hawkish footing
is that the right stance >> the u.s. economy still on course for expansion this year, compared to where the labor market is, still be fears of implicit tightening up ahead from wages, of course you can't really afford to head into an outright dovish, that is still very important. in terms of market reaction, if we look at since christmas eve the three major indexes in the u.s. are up incredibly strongly, dow up, s&p and nasdaq up, is the economic picture strong enough to justify this performance? >> so, on a forward-looking basis, we would say valuations right now given the performance came off a relatively low base probably as close to reflecting where the u.s. economy was any way. this is a reaction to the end of last year, pricing too negative u.s. economy i think current juncture of the u.s. economy plus the fed
setting all of that is consistent with current valuations up ahead, we'll see how corporates do. >> what about from the u.s. perspective? >> i think for the u.s. perspective, noting that lighthizer is talking about japan already, we need to separate what's happening on the economic front versus what's happening on the political front. it continues to score wins politically. there's important for the administration but again u.s. is actually creating manufacturing jobs. so if trade generates stronger manufacturing jobs, lifts wages in that sector and for the fed looks at that and says, okay, inflation is coming in areas we didn't expect in the past, right, then they probably need to adjust that accordingly but ultimately for the u.s. economy it really comes down to the consumer the consumer is optimistic then we can still expect surprises for u.s. economy. >> looking at other sectors you mentioned manufacturing and if you look at agriculture n ideas of trade, the u.s. trump
boasting u.s. may buy more soy beans. >> agriculture is a very small part of the economy. in terms of its impact disproportionally on the political side that's been well established, not just u.s. but japan. politically that does matter it's about the consumer where the wages go that's 70% of the u.s. economy. >> if the u.s. does slow, does the rest of the world necessarily follow >> i would say the rest of the world should not be overoptimistic so this convergence, divergence, we get these stories every four, five years but i think after 2008, after 2014, 2015 it's all been proven there is no decoupling between the u.s the important thing is does the u.s. slow risk aversion and the dollar strengthen at the same time, that was devastating for emerging markets last year so i think we're looking for this year if the u.s. economy trudges along in a range as long as the dollar doesn't accelerate in the same way it did last
year, then em should be okay. >> we've been asking about the u.s. and china your focus tends to be the uk. i want to ask you about brexit so sorry to do this to you on a monday morning, ahead of the march 29th deadline, what should people be watching most closely, do you think >> so firstly, not too keen to adding to sterling longs these levels that reflects sterling was underowned second, many scenarios are still possible, so these are educated guesses at best, but still i would say don't rule out that they will be signed, delivered by march 29th. too much talk of extension >> thanks for giving us your time on brexit as well appreciate that geoffrey yu. ♪
shares in dortmund are lower after the team suffered a shock defeat on friday night they have now blown what was a nine-point lead at the top of the table from back in december. routine win for bayern munich on saturday saw the bavarian team pull level on points with dortmund with 24 games played this season. our sports reporter adam reed joins us with more detail on this top of the table struggle in germany. >> absolutely, willem. yeah, it's a strange one this because it does seem to be directly correlated to what's happened in the pitch this drop in share price they've continued to go that way this morning as well overall, dortmund shares are up by about a third, but these results in the past few weeks have done little to sort of make the share price more appealing, let's say. they're currently in a lot of trouble in the champions league as well. they're losing 3-0 after the first leg against hotspur and
play the second leg in dortmund tomorrow evening as well so lots of problems for this team they were going to well earlier this season. this will be a huge opportunity for them with ten games to go to try to get one over on their big rivals bayern munich you can see here, a big lead at the top of the table for dortmund but fast forward that to today and it's a very different picture indeed, level on point at the top of the table. the bayern munich, the strongest team in germany are chasing you, then you have a lot of problems. and this is why dortmund has essentially seen its share price drop as well as its lead at the bund et cetera lee ga cut. >> they weren't expecting to be doing so well back in december and now reality is catching up to them based on the recent results. >> there's a lot of good noises coming out of dortmund the new coach has done incredibly well. there's been the emergence of
english talent in germany, young english talent, the top assist maker. just in november, dortmund reported four-year revenue of over 630 million euros everything was going well. a large portion of that was because they had sold one of their key assets to chelsea, but he's since been loaned back for the remainder of the season. a lot of toing and froing in dortmund this is a huge opportunity for dortmund to get something done in the bundesliga. this might be the big opportunity for dortmund which they could miss out on before bayern munich go back into the transfer market big time over next summer. >> adam, thank you for that update adam reed talking about the german league. coming up on the show, uk prime minister theresa may looks to win backing for her brexit deal as she unveils a fund designed to boost economic growth (client's voice) remember that degree you got in taxation?
are your headlines. the shanghai composite crosses the key 3,000 level for the first time since june after a newspaper report suggests the u.s. and china are close to a trade deal with beijing offering to lower tariffs on certain u.s. goods. basic resources leave europe higher while u.s. futures rise following gains in asia as hopes rise about an end to the trade war. china finalizes regulations for a technology exchange in shanghai as ride hailing app lyft kicks off the 2019 ipo race and files to go public ahead of rival uber. >> plus, activist rose mcgou wen tells cnbc the metoo campaign is making progress as we kick off a week of coverage leading up to women's day. >> we now have left tolerance for power abuse on any level who should be allowed to make others feel small and scared
nobody ♪ and i just want to bring you fresh data that just hit the tape we have uk february construction pmis in. it has come in at 49.5 versus 50.6 in january. so, not only a worsening from january but it has also slipped into contraction nar territory this is the lowest level since march 2018 and also worse than expectations reuters poll was looking for 50.3, came in at 49.5, yet again. and let's have a quick look at how sterling is reacting to this news so far sterling still holding on to those early gains up 0.3% at the 1.32 level so massive reaction there, but slightly worse than expected. let's get a look at the broaderx markets and see how things are shaping up this morning. the euro is trading down versus the dollar at 1.134.
as i just showed you there, the pound is holding steady at that 1.32 mark, plenty more than just this construction data factoring into investor movement today no doubt. let's look at european markets and see how the equity markets are shaping up we are looking at a sea of green. this comes after reports that u.s. and china are closing in on a trade deal as willem just mentioned "wall street journal" reported that we may be looking at a formal agreement at the end of this month in mar-a-lago could see most if not all u.s. tariffs lifted as long as china delivers on their pledges. let's have a quick look at u.s. futures still afew hours away from the open there but we're looking at a positive start to trade, the s&p, dow and nasdaq all pointing to a higher start the british government says theresa may will announce a 1.6 billion pound fund to boos economic growth in regions of the country that voted for brexit the stronger town's fund would
be targeted at areas in the uk that had not, quote, shared the proceeds of growth critics said this is a bid to win support from labor mps for may's brexit deal. elsewhere, irish prime minister has said that brexit is likely to be delayed, according to ireland sunday independent. the newspaper reports that he told cabinet colleagues that postponing the date until june was, quote, very likely. meanwhile, britain's international trade secretary told the bbc that the uk could still leave the block as scheduled but hinted that an extension may be required in order to deliver a smoother exit now he warned that any delay would not likely be long due to the upcoming european elections. of course it's entirely possible that we will do so if the house of commons votes for the prime minister's deal. >> if we extend article 50, we
would be going back on the promise that we made that is now what you're proposing. >> well, i hope we can avoid that because i voted to leave the european union i always wanted to leave at the end of the article 50 on the 29th of march, it's up to the mps to honor the referendum to do the honorable thing and voter for the prime minister's agreement and leave on the 29th of march >> british businesses reported their weakest growth in almost six years in part because of fears about a no deal brexit the lobbying group says private sector activity dropped to its lower level since april 2013 the cbi adds that businesses are predicting similar for the next quarter. are you seeing organizations inside the city facing that same kind of weakness >> good morning. what we are seeing is a great deal of concern about the
possibility of no brexit we really hoping we'll see some pragmatism and transition period agreed >> why is no deal bad for the city we've seen why it might impact a whole range of sectors why sit particularly bad in your view for the financial sector and some of the law firms and services firms who operate here? >> although firms made arrangements they can to carry on serving customers post brex sit, there are a number of cliff edge issues that need to be addressed. the eu have started dealing with some of these. that's good. but we're still seeing issues about cross border data flows, continuity of contracts. these are issues which could impact on ordinary customers and businesses both sides of the channel. >> now, a lot of financial institutions are based here in part because a lot of their clients are based here so what are you hearing in terms of client preparations for a no-deal scenario and how is that affecting the city institutions? >> well, we are seeing the larger and regulated institutions making the
arrangements that they can make. that means moving a certain number of functions and people to other parts of the eu in order to face -- to deal with the eu business. what i'm worried about is that some of the smaller businesses may not yet be ready because they haven't had the capacity to prepare themselves that is a concern. >> is there anything specifically that you've seen over the last few weeks that has changed your baseline scenario for the 29th of march? >> well, i think there's an increasing recognition that there may be a need for an extension. i think even the prime minister admitting that she will put that to the vote. that's promising because we can't see how even if a deal is approved, we can get through the parliamentary processes in time. >> so just to be very explicit, though, you're saying you don't expect brexit to happen march 29th at that stage sfl. >> it's very hard to see how that would happen. the cliff edge issues which can't be dealt with in time.
>> and in terms of an extension, we just were mentioning there a few eu officials weighing in on the length of exthat he thinks is likely in terms of the city, what length would be ideal and what length would be most damaging in terms of an extension. >> what would be most damaging would be a no deal exit. what we want to see is a legally binding transition period agreed and i think as i say we probably need even if the agreement is improved in principle in parliament we need some time to get through the processes to cement that. >> has all the political wrangling been damaging for london's reputation, for the uk's reputation but london specifically as a place to do business, do you think >> absolutely. i think it will take us time to get over this. what i will say is that our fundamental strengths remain we're getting some conflicting signals so that we're seeing some people moving jobs to deal with their eu facing business, we're also seeing significant and continued growth in other areas such as tech
so there's fundamentals are strong but we can see from the uk's growth figures yes there's been damage to our reputation and that's going to take time to recover from >> the financial industry is notorious for attracting an international group of workers n. in terms of policy toward immigration and work permits for the skilled workers, do you expect the home office to play an increasingly important role in trying to attract that talent to london post brexit? >> you're absolutely right we depend on a very international talent pool. this is a global financial center serving global markets. we've been pressing for migration policy which will allow firms to recruit, retain and move the talent that they need as well as obviously developing local skills, but the process will also be important so we've been pressing the home office to improve the processes as well so that they are much simpler for people to navigate.
>> one final question. we heard about money being directed towards regions of the country that have supported the idea of brexit and that have not shared in the growth that we've seen elsewhere in the uk i wonder from your perspective, from the city's perspective, does the government's focus on brexit ignore some of the other structural issues that need to be resolved, especially when it comes to investing in london as a city >> so the time and effort that brexit has involved has distracted attention, i think, from some of those other issues whether inequalities across the country or some of the challenge which london itself has, we have higher levels of poverty in london which may surprise people than across the rest of the country. that's not detracting from the issues which there are in other places and it's right that we focus on regional inequalities >> katherine, thank you so much for your time there. katherine mcginnis at the city of london corporation.
shifting gears to china, they're launching a nasdaq style technology board to position shanghai as a capital raising competitor to new york. >> they will make a home for the country's most valuable startups to raise money, effectively upping the antiwith hong kong has a fundraising hub to lure back china's tech champions alibaba and bidu last year they landed in new york and hong kong here are some of the new rheums to take effect now listing on the new board will be done according to a registration system which will limit the control of timing of ipos so when they come to market. the ipos will be priced through interactions with eligible offline investors to remove limits currently capped at 23 times projected earnings no daily trading limits in the first five days of debut typically stocks can trade up and down 10% on daily sis.
buying and selling stocks on the same day will be banned to help deter speculation and variable interest entdties which means founders can have voting rights even if they don't own majority of shares. preprofit companies will be eligible to list but must have an estimated value of 1 1/2 billion dollars in an annual revenue of more than $7.4 billion. i'm emily tan in hong kong back to you. lyft revealed healthy growth be no profit they posted a full year loss of $911 million on revenues of $2.1 billion. however the company has gained market share against rival uber, claiming 39% of the u.s. market by the end of last year. now, last week you might remember that karen chow spoke with the founder and ceo who made a $3 million investment in lyft in 2015 he said the ride hailing firm is now ready to go public
>> i can tell you is we helped lyft a long, long time ago and when they were trying to survive to be honest now i think company became really mature and it is very honest company we like the management and so we are very happy to enjoy being there with the course of their development and growth >> now as willem just rightly pointed out i accidentally said 3 million it was a 300 million investment that they made in lyft in 2015 at a point when lyft was really struggling and needing to prove itself there are three points that are quite interesting about this lyft announcement, one, it's the fact that they are showing healthy growth but it's coming at a massive cost. revenues doubled in the past year, costs rose by 77%.
the second is on the timing of this if lyft has a successful ipo would put them at the first publicly listed car booking company ahead of uber which is much bigger and posting much greater losses but would put them ahead of uber the third point coming off of that clip that we just showed, both lyft and uber their largest shareholders are japanese billionaires, so uber's biggest shareholder japan's softbank and lyft rakutan which we just showed there go to cnbc.com to find out how that race is pitting two japanese billionaires against one another. if you've got any views about lyft versus uber get on touch on twitter or tweet us directly and coming up on the show, ahead of international women's
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♪ welcome back to "street signs. president trump faces another week of challenges in washington the house judiciary committee says it will launch investigations into the president's possible obstruction of justice as well as a possible abuse of power nbc news jennifer johnson filed this report from washington, d.c. >> reporter: president trump looking at another politically damaging week. the house judiciary committee monday will request documents from more than 60 people within the president's administration, family, including donald trump jr. and business >> to present the case to the american people about obstruction of justice, corruption and abuse of power. >> reporter: republicans firing back. >> i think congressman nadler decided to impeach the president
the day the president won the election. >> reporter: the house oversight committee demanded the white house turn over documents by monday as it investigates whether the president interceded to get son-in-law jared kushner top security clearance and the man who raised eyebrows last week -- >> he is a racist -- >> reporter: michael cohen will be back before the house intelligence committee behind closed doors wednesday as it investigates possible trump campaign ties to russia. >> we are certainly looking deep into the set of issues around moscow trump tower we're also looking at persistent allegations that the russians have been laundering money through the trump organization i don't know that that's true. >> reporter: the president using expletives to defend himself as a conservative conference saturday. >> they're trying to take you out with [ bleep ], okay with [ bleep ] >> reporter: calling himself an innocent man on twitter. but the investigations will continue ahead of the release of special counsel robert mueller's
report ♪ in the run-up to international women's day on friday, this week we'll be speaking with women about gender equality and female representation today, we'll be looking at the metoo movement and its progress over the last year writer, director and activist rose mcgowan has told cnbc that the campaign has made society less tolerant of power abuse our colleague joins us with more detail from that interview good morning >> good morning, julianna. good morning, willem yes, that's right. so i sat down with rose mcgowan who of course is one of the leading voices to come out in 2017 with alleged allegations against harvey weinstein and of course the metoo movement then went viral in 2017. although it had been started earlier. so i asked her if she felt that the movement has had any impact. >> i'm always confused a little bit when the media calls it a
movement because it made it -- i think it was a media thing that scared people, that made it seem like there's thousands of women in the street with pitch forks running after men, but that's really not the case. i have not seen any women in the streets with pitch forks recently, you know and for me it was just metoo is simply a shorthand to discuss something that was previously not able to really be publicly discussed. did this happen to you me, too. that's literally all sit the rest of it is just pressing a button on societal reset, which i think we definitely need to do and have done. and that's where i see it going. people ask me where do you see me there too going, as if again it's all these women in the street with pitch forks and now they're going to take a different street no we've done it. and it will continue to reverberate. it's just that we now have less tolerance for power abuse on any
level, you know? who should be allowed to make others feel small and scared nobody >> she obviously has very strong voice on those matters and i asked her if she ever thought about going into politics >> i think politics might be a smart move for me. i'm also considering going to school, going back to school and maybe i would be a political major. although i've kind of already done some lobbying in d.c. and things like that because i wanted to walk the halls of power to see if i would feel comfortable there. i think i would be okay fighting that good fight. >> as a democrat or independent? >> i don't really like the democrats. >> i just assume that you might want to be a republican. would you run as a republican? >> i know. i almost kind of want to run as a republican because people would think it was so bizarre and maybe you can infiltrate that way i think i truly am an independent being but i don't know if i would run as an independent.
i think maybe i would run as a republican just not -- because i do agree with abraham lincoln, the original republican party,less government in your life, less government taxes. it was -- i believe in the foundation of republicanism, but not so much what it's become so maybe if there's a way to take the party back to what it originally was, maybe that's a good place to start, you know. right now, maybe not such a good look, but if you can infiltrate and changes minds and hearts from the inside, maybe that's the way to go. >> tawnya, thank you for bringing that really interesting interview, as always i thought her comments around the metoo movement and the fact that people are calling it a movement quite interesting that it's not women in the street marching with pitch forks. it kind of corroborates the message of this year's international women's day that it's about people acting all the time, everywhere to make a difference. >> yes i think that's right we are international women's day on friday, we're doing
international women's week but of course there's an argument which rose is saying, hang on a second, it should be everyday. this, of course, highlights and we talk about it and there's awareness going on and international women's day are coming out with a hashtag balance of power it's put into the public aee narks but i think what rose mcgowan is trying to say, actually it shouldn't be called a movement this should be going on and infiltrating the whole time. now, of course, it started in hollywood, but it's reverberated through different industries and of course the feeling is that men have to be part of the conversation as well. >> interesting i saw one of the headlines this morning the ceo of ted baker resigning amid allegations of misconduct. we've seen this reverberate to many different companies there's a story coming out of harvard, one of the law professors there has agreed to represent harvey weinstein when you talk about the pitch forks, this is interesting
context for this, he has faced huge amount of criticism amongst students at harvard, calling for him to be demoted as dean of faculty in charge of dorm room there at harvard it's interesting that she doesn't like this concept of people in the streets with pitch forks. she thinks it should be an everyday thing. >> yeah. >> and we are seeing this incredible backlash to people who are just as a lawyer, as a law professor, representing a man who is let's be honest still innocent until proven guilty that's not necessarily to defend harvey weinstein it's interesting how it's changed that presumption when it comes to the legal test around some of these cases. so i'm very intrigued to hear her say we shouldn't be marching with pitch forks. >> i think that's right, willem. this is part of a cnbc conversation which is coming later. and i did ask her about social media and things like that where people, allegations are being made against them or if people don't agree with certain behavior like the professor saying i'm going to take on
weinstein's case i said is it fair for people to be trialed by social media first. she did agree with that. but her point is that her and the other alleged survivors because as you say it's all alleged at the moment, they need to be heard. that's the key whatever happens with weinstein, whatever happens with the ted baker ceo, the seismic shift has happened women no longer have to feel that they can't speak up when they're being abused by someone in power >> tawnytawnya, thank you so muo joining us don't miss her full interview coming soon on cnbc. let's take a quick look at european markets and see how those stocks are fairing now nearly two hours into the first session of the week. we're seeing green across the board. let's get a look at 4x markets as well and see how things are shaping up there
the pound holding very steady versus the dollar at 1.32. all this trade soaping on the back of reports that u.s. and china are closing in on a deal according "the wall street journal" in terms of those sectors. basic resources has been the strongest performer of the day so far so we'll have to see how that holds up as the day progresses and now let's take a look at u.s. futures a few hours away from the wall street open looking at gains across the board, not quite as strong as we were looking at earlier on in the session, so keep an eye on that later on in the week the nonpharm payrolls report. "worldwide exchange" is coming up right now. rebekkah: opioids has taken everything and everyone i've ever loved away from me. everything. i blew my ankle out and i got prescribed pain pills by my doctor.
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♪ it is 5:00 a.m. and here is your top five at 5 major trade news, china and the u.s. reportedly close to striking a big new trade deal. what are the two sides willing to give? and what are they trying to get? details ahead. markets everywhere rallying on the back of that news snow on the ground here. but plenty of green on your screen president trump taking another pot shot at the fed, this time about the dollar fire up the lawyers. chinese telecom giant huawei reportedly planning to sue the united states government and flight delays are mounting up and down the east coast. last night's storm snarling commutes and flights we'll