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

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william welcome to street signs. i'm willemmarcs. beijing's top negotiator says a nigh consensus has been reached, and president trump signals an agreement may come in the next month. >> i guess if you think about it the biggest deal ever matd no matter where you look, there can't be a deal like this. this is the granddaddy of them
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all. >> but the man who coined the acronym jim o'neil, the former chairman of goldman sachs asset management tells us investors remain very sensitive to bad news with which could create volatility, and there are potentially reasons for concern. >> if we were to gret get into an environment where inflation was picking up, we might start to talk about a more genuine sustained bear market in bonds i think it could get very messy. so. president donald tusk will offer the u.k. a 12-month brexit extension, but the french finance minister says paris would question the moesh of any british request for a delay. >> the french president has made it clear that we need to understand an extension. >> investors await the u.s. jobs
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report due out later today, hopeful that a strong print could fut put recession fears to bed and keep the fed from cutting rates. not a huge amount of momentum across the european markets this morning as we get close to the end of the week, a lot of are dealers potentially taking profit off the table after a relatively strong run this week. if we look at the markets here in europe, though, you can see where there is some momentum. >> we look at the sectors, and you can see where that momentum remains. it's in basic resources. again, one of those trade sensitive stock sectors that you can see where people react well to some of that news flow around
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the trade discussions between trump and xi, or at least their governments. household goods as well as telecoms well into negative territory. president trump has said he believes that trade talks with china could lead to a deal within the next four weeks. >> well, if we have a deal, i would say we'll know over the next four weeks, but i think that's correct wouldn't you say and i look forward to seeing president xi it will be here, and if we have a deal, then we're going to have -- there's a good chance we have the summit. we've negotiated out some of the
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toughest -- really the tougher points, and but we have some ways to go, and i think we have a very good chance of getting there. >> this morning at the embers at the finance workshop in chen oebl the oecb chief economist told that trade tensions have derailed global growth >> the trade tension between the u.s. and china goes way beyond the exchange of goods and the imbalance is in the trade for goods. it has to do with intellectual property it has to do with the chinese motive of development, which rests on state surprises, and government subsidies it has to do with technology transferance you're not going to sell that in a couple of months that's going to stay with us for long, even if they manage to reach an agreement on some points now then even once we've been done, u.s.-china, the u.s. will turn
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to europe where they have started negotiating. i think by undermining the system on trade, we've just injected a massive dose of uncertainty in the world that would stay with us for a long time >> well, my colleague steve sedgwick conducted that interview. he has another guest with him in chernobyl now. steve. >> yeah. willem, really interesting give a little insight. it's all chatham house rules here i can tell you that my next guest says lawrence boon just gave a presentation to the great and good of amber springing forward. actually, she got a really strong applause for the message she was talking about now. we're not going to detail what she said safe to say, the man who told me that she went down very well here former italian prime minister, of course, and dean of sciences at the university, so thank you very much, indeed, for joining us >> thank you >> the message i got from lawrence boone was there are deep structural issues, there are disparties between the north and the south of the country
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stark as ever. long before the financial crisis and that there are lots of things to worry about as far as it is concerned as well. do you share those concerns. good morning to you. >> yes there's a big problem for italy and the big problem for italy is a lack of investment the deterioration of the public finance situation, so i think it's a warrant situation with no ideas for the future from the present government just redistribution. there's no idea on how to grow, and i think the country will face a second part of the year very, very hard. that is the main problem of the country today. >> i asked him similar questions just earlier we're talking about it being less of a government than a coalition of interests as well when do you think the coalition of interests will erupt and actually perhaps diverge do you think it's going to
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happen on the european parliamentary elections? are we going to get an election this year? >> i think substantially the situation is over. the government agreement stopped. they are just in the initial track because they wait for the elections, the european elections, but it is clear that everything will be happen the day after the european elections, and i expect a collapse of the coalition, and i expect after the european election completely new scenario >> is trea just being a patriot? in the rex tillerson trade, some might call it as well, hanging in for his country despite all the vitreal, the cynicism for what are his colleagues. >> i think the country has to thank him because he is trying to do his job. his job is to safeguard the
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system, the public finance system and not to do silly things i think it's his doing what the finance minister has to do serving his country and not serving the interest of one party or another party >> negotiating between the deputy prime minister or perhaps -- maybe it is him do you think patience with the european commission with what is going on fiscally in this country is wearing very thin, and actually there is going to be another clash coming very soon >> i think it will happen, but you know the european commission is at the end of the mandate, so we have to wait for the new commission after the new elections. this is why this year will be a transition year, but i hope and i think that the prime minister and the minister are trying to do their job, and their job is to present the country
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a couple of deputy prime ministers that it's clear that they are in the permanent electoral campaign >> we can't look at italy in isolation. we can't look at brexit in isolation. what's going on in hungary i see a lot of problems. is it one common cause >> yes i think there are two common causes two common causes was the mismanagement and the last ten years in europe of the financial crisis on the one hand with all the social consequences. mostly for the southern part of europe and, second, the mismanagement of the migration crisis with the big consequences, i think the migration crisis at consequences brexit, too. i think the migration issue was decisive for some parts of the electorate, but it was decided for -- decisive for italy, too
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i think at the end of the day both mismanagement of these two crisis are there to show that european union needs to reform itself, herself, to be able to manage crisis like this one. if not, the consequences will be as the one that we are facing. >> i don't see where that reform is going to come from. i see a macron plan. i see a merkel plan. they don't look very similar i see the dutch are buying more stake in air france because they're worried about the french stake. i see france and italy having various territorial battles as well i see industrial policies rising europe is often going forward. >> yes, it is, and i think the key point now is the result of the european elections why i say that, because there are big expectations of a big result of populist parties i'm sure that the result at the end of the day would be the
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opposite populist parties would be divided, and would be not so influenced in the next european parliament if people will vote in the direction of supporting the parties in the parliament, social democrats, or it evp, then these parties will have, i would say, a window of opportunity after the elections to try to overcome these problems and to present some solutions. >> what if the other happens what if the populist parties, and goodness knows we know that the first sign i got of it was the dutch elections. fraying menned across the board. may has put a government together what if we see more fragmentation? what if we see more left and right parties, and the center doesn't have it? >> it's clear that a victory of pole list parties will bring one after the other, 28 brexit
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that is in the long-term >> the day after brexit, if you take now the cause of la pen, salvini, these people were happy with brexit, and they were saying to their countries, look at the british they took the right decision we have to do the same take the quotes of salvini and demaro on italy. they were saying that we need to have a referendum, too we have to decide on the same way, so my point is that i'm sure that populist won't win the next european election there will be marginalized by the vote because they are divided, and european parliament is a parliament where if you are in the minority, you have only nothing more i'm sure that the next european parliament would be under
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leadership of these four parties. liberal greens, epp, and socialism democrat in the case -- in the unlikely case of a victory of populists, i think the future of europe will be brexit plus future >> i was going to talk to you about trade, but i think our time has been taken up in that stunning scenario. albeit, not your base looiline well we'll put that on-line so people can read your comments we appreciate you taking time to speak to us here speaking as a former italian prime minister, current dean of sciences at po as well if the populists get victory, which is not the most base case scenario, but they get victory in the european parliamentary elections, a former igsian prime minister thinks we could have 28 brexits. back to you both in studio >> thank you so much well, the u.k. prime minister theresa may has written to the e.u. counsel president donald tusk to request a second extension to brexit until june 30th in her letter to tuvg, may said
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that if british lawmakers can ratify the withdrawal deal before then, the extension should be ended earlier. may also said the u.k. will make preparations to hold e.u. parliamentary elections, but an e.u. source has in the past hour confirmed to cnbc that european side will offer a 12-month extension to the u.k we're joined by the manager at pinebridge investments he is here with me here in the london studio. just react to that, if you don't mind in terms of the uncertainty around when brexit will happen, whether it will happen, how long it will take, what does that mean for investors looking at the u.k. >> well, it extends the period before we could see a real lift-off in asset prices potentially for the u.k., and flows coming into the country in terms of fdi i think the direction of travel is, believe it or not, relatively positive still. with a lot of risks that we can get sidetracked and pulled into
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unexpected outcomes like a general election, which would make things even more complicated, but the direction of travel seems to be a way from no deal and probability of that seems to be declining to us. >> that's one global risk, let's say. another one we've heard a lot about is trade, and we played some comments from president trump just now talking about the possibility of things being resolved within the next four weeks. do you think investors should take his comments at face value based on the delays we've seen in the past? >> you know, i think the specific timing of it, whether it's four weeks, six weeks, or a bit longer, i think it's less important. i think what really matters, again, is this direction of travel we have been saying that at the end of all of this we're going to actually end up with more trade rather than less trade it's been a very painful journey to get there some would argue a very necessary one. at the end of it, i think you will end up with more open
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markets and an increase in the volumes of trade that you see going forward, and that's going to reverse a lot of the drags on growth that we've seen a lot of global growth slowdown. this can be an important catalyst that actually can help to reverse some of that. >> even more specific than a global growth, let's talk about china. how quickly do you think china can put the impact on its economy from its trade disruption, all the association problems with that behind it and move on if there is a resolution to this dispute? >> i think it's already hang in terms of what's actually going on the ground, we think that corner has already been turned we'll still see the lag data show weakness, and it's going to be a noisy bottoming process, but as you have seen from chinese equities, which we've positioned into from the end of last year, the market is starting to recognize already that the stimulus itself is
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working, and the trade situation is actually only going to help to relieve the pressure. >> you predict there more trade flow between the u.s. and china once this is resolved. i want to just press you for a bit more detail. what are the implications of this being resolved in terms of that bilateral trade, do you think? >> i think there's going to be -- as part of this overall agreement, there is going to be some specific products and something to do with ag culture, some technology where there's going to be an agreed level of trade that is required to be done, but more importantly, china is now going to be agreeing to safeguarding of intellectual property and opening up of markets to specific sectors to investment to come in that combined effect is not just going to benefit the u.s i think that the benefit overall is going to be global opening up
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a huge market to several countries to benefit from, although it seems like there's going to be some winners and losers if they're going to specifically direct u.s. products to china that there may be losers such as brazil, from, you know, soy beans, for example, if they miss out of that >> don't go anywhere please do stay with us he is going to be with us for the later part of the show, but coming up, a question of confidence italy's former finance minister and the president of germany's efo institute weigh in on european growth worries. we'll have more highlights after this break the latest innovation from xfinity
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a get your questions answered by awesome experts store. it's a now there's one store that connects your life like never before store. the xfinity store is here. and it's simple, easy, awesome. welcome back to "street signs. the italian government has rejected proposals from its own finance minister over the new payment of savings lost in previous bank collapses. deputy prime minister says he has lost patience with the delayed government process to reimburse italians
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this was one of several emergency measures proposed to drive the country's growth bloomberg reported yesterday that the government in rome would revise its gdp forecast down from 1% to 0.1% this could push italy's deficit target above the level agreed with the european commission last year. the former italian finance minister -- rome had contributed to a loss of confidence. >> we witnessed in the second half of last year what is usually witnessed in the economy. it's a sudden stop of investment, which also was accompanied by a quick rising spread of the bund, signaling that the country was waiting for new things to happen, and the new things that were announced, including the possibility of leaving the euro simply
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disappointed them. >> they report estimates that the gdp will grow by 0.8% in 2019 and cited global trade tensions and the struggle at several major indexes, including the auto sector. clem ebt west, the president of the german efo institute, and he told my colleague that external factors have impacted the country's exporters. >> at the moment it's a divided economy. we have a strong wage growth employment is growing. at the same time we have a weak industrial sector, which is unusual for germany. we have a weak export sector, and that is coming mostly from the outside. we have a weakening world economy. we have the ongoing brexit uncertainty. there are still fears about u.s. trade war and all of that is weighing on german exporters
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>> a lot of this is thanks to the construction sector. if you exclude the facts that that -- and you look at the weaker industrial manufacturing data from germany in particular, how much of that do you ascribe to the external factors we just hearted about there? >> i think the core of the slowdown is coming from the external challenge, and it is primarily eminating out of china. in contrast to that, the industrial -- we see core employment really holding up, and it really does take a lot to really knock that off course we still hear firms talking about shortage of skilled labor. it's really unlikely that we would see that weakness spill into, you know, rising
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unemployment the recovery start to take hold, benefitting also from the resolution of trade. we start to see the demand from exports coming there are two sources of the -- other than china have been from turkey and from russia, and we see some stabilization there it's unlikely, again, to see the same degree of weakness to continue to drag down. it was a bit of a perfect storm really for germany and for european exporters i think we'll see improvement. >> we've heard from quite a few high profile former italian ministers if the growth rate in italy is as disappointing as many economy is, including seemingly some said the government are predicting for this year, do you see that as an
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italian problem or specifically an italian problem or a european problem. >> it's a european problem it's the ecb's problem i think that whatever the rest of europe does in terms of seeing stabilization in growth and improvement, italy will continue to lag and it's that dynamic that's going to continue to be very problematic, and it's going to interfere with and limit the pace at which the ecb will be able to normalize rates. it's about leading to a negative rate of very low interest rate environment and that's very corrosive for the banking sector that's unlikely to be changed in a dramatic way any time soon >> we really appreciate your
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time multi-asset portfolio manager at pinebridge investments coming up on this program, we'll discuss the latest brexit developments with gerrard lions, the co-founder of economists for brexit
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♪lean on me, when you're not strong.♪ ♪and i'll be your friend.♪ ♪i'll help you carry on.♪ ♪lean on me.
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wack back. these are your headlines this friday morning.
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>> he told cnbc that there are reasons for concern. >> if we were to get into an environment where the inflation was picking up, we might start to talk about a more genuine sustained bear market in bonds i think it could get very messy. >> u.k. prime minister theresa may writes to the e.u. and requests a second brexit extension until the end of june, but french finance minister bruno tells cnbc that paris would question the reason for another delay. >> the french president has made it very clear that we need to understand an extension, what for? >> investors await the u.s. jobs report due out later today some are hopeful that a strong print could put recession fears to bed and keep the fed from cutting rates. there's been a largely positive start for the day amongst the major european
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markets. the dax in germany below the flat line there. it's trading down around .1% after a relatively positive day in germany yesterday for equities in terms of the ftse 100, it's very slightly higher so far this morning. a similar story in paris with the cac and in milan, the ftse mib is the winner as of this morning. trading around a quarter of a percent higher in northern italy. it's dollar is slightly stronger you can see cable there trading around .1 % stronger no doubt, helped by some relatively positive news on brexit this morning in terms of an extension request from the u.k. you can see the dollar is stronger against the yen and the swiss franc. speaking of the u.s., let's take a look at the futures on that side of the atlantic the s&p 500 dow jones and nasdaq all looking to open higher a six-day winning streak for the
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s&p 500 for the first time in quite some while you can see it looks like that may well continue today based on those implied numbers. the e.u. council president donald tusk requests a second extension for brexit until june the 30th in her rert to mr. tusk if british lawmakers can ratify the withdrawal deal before that date, the extension should be ended early. may also said the u.k. will make preparations to hold e.u. parliamentary elections just in case, but an e.u. source has in the past hour or so confirmed to cnbc that the european side was prepared to offer a 12-month extension to the u.k the former commercial secretary jim o'neil told steve sedgwick about the prospect of a labour government handling brexit negotiations >> i think in the broadest sense
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of some specific public policy issues, it's the current government that's a bit to sleep. they don't understand how the mood of the population is shifting however, and this is the big thing and please don't edit this out, what i really worry about is there's no fiscal framework whatsoever for corbin and his guys the neverending stuff that they come out that they're going to do, i mean, they wouldn't have five minutes chance of doing it, because the markets probably would freak out about that because the kind of underlying fiscal cost from doing all these things they don't really put a framework on would not really be logistic -- >> everything. >> that would give, in my opinion, probably a risk premier to u.k. assets, including -- >> no deal brexit. a very real prospect as well there are some economists. i think we saw one who you think actually it wouldn't be such a bad thing as well.
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>> i certainly don't think the u.k. being in and out of the e.u. is anywhere close to being the most important issue facing britain's economic future. stuff that i've spent a lot of time on the past few years northern powerhouse, productivity, and such inequality these things are way more important than whether we're in or out of the e.u. however, the closer you get to haireder brexit, the worst all of those challenges will become. let's just get out and ignore all these established rules from 50 years because they're all easily manageable. it's kind of mad i can imagine it gives people a platform to talk about, and, yes, if you have some romantic vision of the u.k. of 300 years ago and you are shaping the state of the world framework, yeah, but that's not the reality
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in which we live in. you see it already in the auto industry the most sensitive, probably single industry of the u.k.'s positioning, global markets, and it's already being decimated because of just the fear i think it's a craziy idea >> that conversation with my colleague steve sedgwick took place yesterday, and steve joins the show again from the finance workshop in northern italy with that very same economist that you and jim neil were discussing >> yeah, absolutely. let's get to jared lions, who is co-founder of economist for brexit, and also chief economic strategist at net wealth good morning to you. >> good morning where. >> how do you feel about a no deal brexit? >> there's too much fear about a no deal brexit even though no one is -- the reality of the situation is that no deal will be better than the alternatives now being proposed by the prime minister. the key thing is no deal is misnamed no deal is really a succession of deals, and as the government of the bank of england pointed
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out last week, 80% of firms surveyed by the bank of england are now prepared the challenge with no deal is the lack of confidence because no one has explained it, and it's very opaque as to how much preparation has been done by the u.k., by the e.u., or by firms clearly, some sectors will be impacted autos, chemicals, the farming sector we know from the financial sector, the city of london preparings have been put in place since as early as april 2017 really we want a free trade deal with the e.u that was proposed by the e.u. beginning of last year jim o'neil just said to me last night, he said i don't know where people like jared lions get off not worrying about hard brexit or no deal brexit a lot of damage has been done by what's happening in the auto sector because they have concerns about it. he says real issues affecting the u.k., as well as the
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northern powerhouse will be made so much worse by no deal brexit as well. you're right to reply. >> well, interesting to people making those comments directly liam and i wrote --co wrote a book each last week called dreen e clean brexit it outlined exactly the problem we would be in if we went down the path that the government has taken us we suggest that the clear path that should have been taken, it was quite clear if the government went down the path the prime minister has taken us, all these problems would emerge. it's quite clear no deal has not been anyone's central policy, and the point i made in that book and liam agreed with me is how imbalanced the u.k. economy is. the u.k. is imbalanced not just london versus -- cities veshsz skilled or unskilled. if we look at the e.u., the yourp even commission does a report every three years off the 263 subregions of the european union. three of the top five in competitiveness are in the southeast of england four of the top ten are in the
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southeast of england the u.k. is in a competitive position we're now discussing a customs union. what people have pointed out, both in brussels as well as economies you look at this from london, the one area that has not grown since we've been in customs union relative to other areas is goods exports to the e.u. the customs union has not helped the u.k. we look at the single markets. only 6% of u.k. firms sell into the single market. they account for 12% of the economy. what you find is that the base in the u.k. is not really as balanced as it should be every economic debate has argued one side versus the other. 90% of gloenl growth is expected to come from outside the e.u coming back to your question, we need to get brexit right you need to get three things our domestic economic agenda, a relationship with the e.u., and our positioning with the rest of the world. those people who just focused on the relationship with the e.u. missed the fact that we need to start addressing our nestic
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agenda and position ourselves globally >> you have done far more work than i have on bilateral versus multi-lateral. the one thing i do know is the big nation normally wins out and gets what it wants as well the deals we want are with china. well, let's -- >> i just -- >> let me finish my question you get a full answer after that the big deal, the big countries normally get exactly what they want from bilateral deals and multi-lateral is designed to help a lot of smaller nations. we're going to need a smaller nation in a lot of these negotiations >> let's deal with reality i have just flown in here from korea. it accounts for 3.2% of global exports. if you look at many countries, smaller than the u.k. and science, they cut bigger and better trade deals than the european union south korea, where i have just flown in from, is one. singapore is nor chile is another these countries are not only smaller than the u.k., but they have less diplomatic clout than the u.k. there's no evidence in global trade that the big guy always
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wins what you actually find if one looks at the e.u. and i have been to brussels many times both in the unofficial capacity as well as in the private capacity. when it comes to trade deals, there's 28 countries competing ag culture is always put number one. french pharma and german carmakers and -- no. the u.k. demands are usually down the list. remember when we're talking about the e.u., and here we're in italy where, remember, incomes are lower than they were in the year 2000 when it comes to the e.u., services are a british export that we really focus on. we are very different from european countries when it comes to e.u. trade deals, they're never made with the u.k.'s interest central in place. >> let me get to a couple of quick q and a sayss. i is a man who is priding himself on saying the multi-lateral system is dead this is defunct as well.
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>> you just told me multi-lateralism is the way forward, and bilateral necessarily. bilateral is the way forward and has all kinds of issues. >> you have made lots of leaps without going through the in between. if we look at the world trade organization it's done incredibly well. it's there right for change and innovation when we come to president trump, people look at the person, the personality, the policy is key now, in terms of areas such as nato and countries paying more, he has the policy right. when it comes to trades, he actually, i think, has taken the wrong approach his idea about having free and fair trade, which is the same that xi jing ping has talked about. what you need to look at is the proof of the putting the european union, when you hear across the globe is often viewed as being very protectionist because, remember, the e.u. has high tariff barriers, and that's why the e.u. has underperformed relative to other regions of the world economy. when we look at trade, you need to actually start looking at the detail, and it's not just this
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is always bad. this is always good. the u.k. would be better served by cutting deals itself with others >> quick word on the extension to june 30th, which mrs. may has in the last hour asked for as well how do you feel about that >> well, i think that when one looks at any economy, the outlook depends on -- the policy stance being taken by the government leaves a lot to be desired, but confidence is a key factor as i correctly was talking about before the referendum, i call it a nike swoosh. confidence will be hit by uncertainty. what's clear when you talk to business is they want clarity and certainty. not just the end date when we move to the next part of the process, but clarity and certainty about what that next part of the process will be. the u.k. clearly needs to have a trade deal with the e.u. it needs to be positioning itself globally, and it essential needs to be addressing domestic economic issues i think we should be far more
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positive, but, unfortunately, raw politics means that we're in a very uncertain situation, and i think the prime minister has taken us down the path that's not good in the near term for the economy. >> we have to leave it there really great conversation. let's carry on at some stage nice to he so you. jared lions is economist for brexit, and also chief economist, chief economic strategi strategist back to you in the studio. >> thanks so much, steve my colleague silvio is live in bukarest no doubt, sylvia, you have also been forcing them to field your questions on brexit as well. >> absolutely. brexit is the main focus for the european union at this stage we just learned that prime minister theresa may has asked for a second extension earlier this morning we heard as well from the european council saying that president donald tusk will suggest a 12-month flexible extension you know very well, willem, in the midst of all of this, the big question is really how the
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27 european capitals will react, and earlier this morning i asked the german finance minister olive schultz about how he feels about the ongoing delays to the brexit departure let's listen in. >> i helped that the british parliament will be able to take a decision and that the government and the british parliament will have is something to present to the european union hopefully in the end we will have an agreement because this outcome for all things which will go. >> the french president has made it very clear that we need to understa understand, an extension, what for? if we are not able to understand the reason why the u.k. is asking for an extension, we can't give a positive answer, so that's why we are asking to have a reason why the u.k. and -- is asking for an extension.
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it's up to the british government to give an answer that's the key question. bruno is making it clear that london has to have a good reason behind that sect request let's see how all of this is going to play out ahead of the summit on wednesday. if the 27 european countries will indeed grant another extension to the u.k i'll be bringing you two exclusive interviews, i should say, in about a half hour. i'll be asking about brexit to the dutch and the austrian finance minister in the meantime, i'll hand it back to you in the studio. >> thank you so much for that interview there. also, u.s. nonfarm payrolls are due out later today according to estimates from dow jones the labor market is expected to have added 175,000 jobs in march after adding just 20,000 back in february the unemployment rate is forecast to remain at 3.8% while
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average hourly earnings growth is expected to fall to 0.3%. at least on a monthly basis. coming up, who runs the world? beyonce strikes out into the world of sport inking a deal with adidas. details on that and another big sports apparel deal coming up next (danny) let me get this straight. after a long day of hard work... have to do more work? every day you're nearly fried to a crisp, professionally! can someone turn on the ac?! no? oh right... ...'cause there isn't any. here- (vo) automatically sort your expenses and save over 40 hours a month. without you, we wouldn't have electricity. our hobby would be going to bed early. (vo) you earned it, we're here to make sure you get it. (danny) it's time to get yours! (vo) quickbooks. backing you.
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welcome back to "stroet signs. samsung has said it expects first quarter earnings to fall by 60% that represents an even more severe drop than the company had indicated in last week's surprise profit warning. the world's largest chipmaker said an over supply of chips, slowing panel sales, and rising smartphone competition prompted this weakness. the company insisted its earnings should recover in the second half. the earnings on april 24th and the ceo of amazon jeff bezos has finalized the biggest divorce settlement in history with his now ex-wife mckenzie. miguel filed this report
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>> reporter: jeff and mckenzie bezos were the world's richest couple, married 25 years, parents and partners in business >> even before she could say what's the internet, she's so great, let's go. >> but today they finalized their divorce making mckenzie the fourth richest woman in the world. she's walking away with 25% of their amazon stock, valued at nearly $36 billion >> by far it's the biggest divorce settlement in history. she was eligible by law to get somewhere between $75 billion and $80 billion. >> reporter: still, mckenzie says she's happy to be giving jeff 75% of their company shares along with her interest in the washington post and blue, the aerospace company planning to take tourists into outer space i'm grateful for her support and for her kindness, writes jeff. grateful for the past as i look forward to what comes next, says mckenzie the ammicable ending leaving her with a lucrative future. for jeff even with the $35 billion loss, he remains the
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richest man in the world miguel, nbc news >> adidas and beyonce have announced a partnership to relaunch the singer's ivy park active wear program. they said e they said it would create other -- in a bid to attract more female customers. they've not disclosed the financial details of the agreement. meanwhile, wrestle mania is one of the world's most popular and powerful sports brands, and it's the show piece of the wwe calendar that heads to the metlife stadium in new jersey this weekend that's where history is set to be made. my colleague adam reed joins us in the studio to explain why adam >> willem, yes, that history you were talking about is because for the first time at wrestle mania, an all female main event will be taking place
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the first time it err happened rhonda rousey, the former ufc champion, charlotte flare, and becky lynch will be taking part in that historic match just last wwe had its first all female pay-per-view event, but arguably you could say it has gone one step further by adding that to a wrestle mania billing. that's because they really started to empower female sports athletes in the past couple of years, and in the build-up to wrestle mania this week cnbc caught up with wwe superstar and former wrestle mania eadliner. the big show to get his views on this year's event. >> from the way the sports changed in the 1980s, the 1990s, we have the attitude era the product had to evolve, and now we're getting such incredible athletes on both sides. in our weapon's division and men's division, and quite frankly, it's neck and neck, and
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this year our women's division has stepped up way above and beyond i think anyone's expectations except for me. i want you to know i called this main event, particular main event, months ago because i saw the talent that's available, and becky and charlotte and rhonda and sasha. there's so many -- bailey. there's so many talented women superstars, and they're so competitive in their division, and they started getting main events on raw. they started getting main events on smackdown they main evented their own pay-per-view their entire women only pay-per-view they did fantastic wrestle mania was just a writing on the wall waiting to happen, and i guarantee this is going to be one of the best wrestle manias ever. the one thing i've learned about being in the wwe for 20 years, anything and everything can and will happen at any given moment. i have never said never with this company i have no doubts in my mind that wrestle mania will be taken abroad at one point. >> interesting, though not ruling out wrestle mania one day leaving the u.s. and
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being taken around the world, and what a popular brand it is in one of the -- it's one of the world's most valuable sporting brands worth over $200 million the company itself at wwe is worth ten times. some estimates say 20 times more as well. they've seen huge amounts of revenue growth in the last quarter. nearly 30% up, 7% up from its wwe network subscribers as well. interesting, though, it's not been all completely played for the wwe. controversy has followed it around they've decided to go ahead with their crown jewel event in saudi arabia at the end of last year that coming just after the assassination of the u.s.-based journalist jamal kosh gi they faced when their workers' rights, the rights of wwe wrestlers were called into question, whether or not they were being looked after well enough as well those are the allegations that the wwe have since obviously denied wrestle mania will be available
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in 800 million homes around the world, willem. a very exciting event regardless of your standpoint and your enjoyment of wrestling >> there she is. a spectacular show regard it is of what you see of the wrestling. we're going to take a look at the u.s. futures before we go. you can see it's a relatively positive start for the three major indexes on the other side of the atlantic. s&p 500 has seen a six-day winning streak ending yesterday. we'll see if that continues again today. it's looking to open up just four points at the moment. dow jones looking to open 42 points higher. nasdaq 12 points higher at this stage of the morning that's it for street signs i'll willem marcs. worldwide exchange coming up
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is there 999 headed to the f.e.d. who president trump wants to see on the trump board we are just a few hours away from the monthly jobs number we'll tell you the magic number that wall street wants to see. kicking the can. british prime minister theresa may just asked for another wreks it delay will she get it? samsung out with another maj


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