Apple says it will shift to its own chips ending a 15year relationship with intel. Saying it is a huge leap in how the Company Powers its products. Apple silicon will bring Amazing Technology and a come your honor architecture across all of our products. Wire card whiplash shares rebound to the top of the stoxx 600 ending three sessions into an on going probe into missing funds. Welcome back you are watching street signs. Weve been closely tracking data first up on france manufacturing and then germany we saw a very strong number in the bounce back delivered less on germany still in the 40s. Weve got the eurozone numbers crossing for the block the market flash manufacturing pmi at 46. 9 versus 39. 4 in may we have improved to that level 47. 5 47. 5 on the composite pmi and climbed to 47. 3 from 30. 5 in may. Clearly the reopening normalization and social distancing on many plant floors has manufacture rear structuring of that number from various Different Countries from france, to spain resuming business and recovering these numbers that said, perhaps the french and german story tells us the unevenness of the data showing us the numbers it is a tough start around the coronavirus where some countries fared particularly bad this Health Crisis now facing another cluster. It looks ahead for these coming months for june, it forces the expectations where we do have the recovery unfolding to pause for some of the economic positives to recognize the downward fall. In terms of the market reaction, it would pause in terms of the market higher. You can see the benchmark index has bounced 1. 3 it is a much firmer position from where we started out on that trading day you can see the individual ones and how they are responding. The german bond market bounced up it has been one of three ways to trade this data. To the building we have seen at. 6 now translated to gain both of those markets. Investors now breaking back over this data. You can see the smi is roughly where it was the French Market up 1. 6 . Also accelerating. Not quite keeping up with the rest having some better data. Stocks in the uk are climbing past that 6,300 mark, which has been some what hard to challenge. That has been spilling across to the uk ive put more green to the board. Now 3. 3 plus . Insurance stocks getting into the mix. Very strong gains there. Health care very much close to the flat line as investors are looking to widen out this recovery trade as you look to some of the sectors theyve been on board with, particularly health care. It is more names investors are willing to break back over we have some news crossing wire card. This Fintech Company with gaping holes in accounts. This relates to the ceo that stepped down on friday the former wire card ceo has been detained. This has just crossed the wires saying he is accused of crossing the Balance Sheet. Just hitting the tape where he has been detained. We have heard very mixed report that there was a money trail that ended in the fill means where they are saying it never arrived in this country and then it went back to saying maybe that money didnt exist at all questions around the third party and where was all of this playing out . Processing the payments around wire card and for germany on the tallied accounts we did see a staunch defense so far, we think the developments and some form of raid that might have transpired to move forward with these charges. Lets get to annetta and those wild oscillations youve seen in the stock price performing today in the deep losses what do you make of all of this detention of the former ceo . Obviously he might have been knowing something which is going on in the company. I think it is a logical step he was at the helm at the Company Since the foundation of wire card since joining in two years after it was created of course as prosecutors need to look at the role they were playing especially as it was handling itself voluntarily. Not that he was trying to escape from his home in munich having shares bounce back and there was clearly signs that they are not willing to go bankrupt to look into the company to see how it was restructured Going Forward without the missing 2 billion euro if you look at the Balance Sheet and deduct everything, also the good will. Not too much left when you liquidate the company and 50 billion would be left from the fintech if you went into bankruptcy right now the big question is whether the lights will stay on and the retailers possessing payments will go away that is the concern now Going Forward it will take some time for how this happened. Whether the money was stolen by someone. It is not clear which role ernst and young were playing because they we they were testifying those statements and never found irregularities and it was highly questionable how that could happen irguess there is so many floating parts of the investigation, they need to see the floating investigation from the prosecutors and the watch dog but in asia where that happened back to you. Thank you for bringing us the latest there elsewhere, a new report predicts near nearly 9 million workers face a high risk of unemployment in 2021 warning these, quote, zombie jobs in quantities will delay the return of precrisis levels due to sanitary conditions and selfimposed social dancing joining us now in conversation, thank you for joining us on the back of this report you posted it feels like a wakeup call to investors in economies and data suggest there is reason to be up beat if there is an axe handing over these jobs. This is a huge problem yet to hit. The purpose of this report was to identify the important economic second wave a lot of people are still happy and rejoicing about the things we have seen it is going well in manufacturing and maybe less in Service Sector we want to highlight the risk of policy mistake down the road especially when we transition out some of these policies because we believe some of the companies are now in a situation where after three months of socalled turnover or revenue stream, will they get out of the situation. They want us to think about the late bloomer sector saying, look, it is great that you put these on hold but maybe some of these companies will not emerge out of the crisis. We wanted to show the trade off and protecting destruction, which we think is happening in europe some of the critics believe no companies are allowed to fail at this point. Do you think they will weigh in where the Central Banks will think enough is enough that the travel and tourism will mention that track is still requiring . I believe that this was a good policy to do especially in the emergency situation. We believe you have to compliment this. If you determine being on partial unemployment schemes this is not enough for boosting the mobility for the year which is much more productive and up beat be careful about regitifying the labor market for those sectors actually on life support right now then policymakers have to budget it to the end of 2021. This is a very high bill to foot julianna here you alludes to the difference between u. S. System and the fact that the u. S. Has gone with this protective destruction approach. Does this mean the u. S. Will end up in a better place because people have freed up these jobs. In europe, you tried to avoid any kind of social up heelheaval you have the option. You dont protect jobs, you protect workers by innocent advising them to paying jobs in this crisis that is very peculiar and the better one of the two schemes. The european scheme is the best one even though we have 60 million workers now on some type of subsidies it is costly but i think it is a better one if you phase it out and identify to make sure some of these dont stay stuck making sure you reinnocent advise job recreation and you avoid the vicious circle and some of the Companies Keep their people to keep the cash flow or because there is no other thing to do. Those people become very distance from their jobs and less employable. I dont have an answer on which is better but which scheme is better in the medium term to unleash the capital to the economy. How do you factor in the european recovery . In parts of the sectors where europe wants to get better in green jobs and others . I think the speed with which the funds will be dispursed. Constraints and windows. The problem we can see is we have some resist tense from the world famous frugal four my concern is there is a lot of money out there. Im concerned about the horizontal horizontal policy. This is the french way as opposed to the europe way of doing business i like the fact that they chose some of these sectors. My second concern is what are you doing about attractiveness and harmonization . What we are seeing in france is in the rebound phase of this crisis, we need to simplify and build back leaner. Germany is the same. A lot has been focusing on the simplifying the environment and making this better we are saying okay, what are we doing to ensure that it is attractive the socall Structural Reforms we appreciate you bringing us the context of this report with us, chief economist coming up, the acquisition of refinitiv runs into trouble with al antitrust probe into the de well talk about that when we return [narrator] the shark vacmop combines powerful suction with spray mopping to lock away debris and absorb wet messes, all in one disposable pad. Just vacuum, spray mop, and toss. The shark vacmop, a complete clean all in one pad. Bbut what if you couldg do better than that . Like adapt. Discover. Deliver, in new ways, to new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back, but bounce forward. And now, with one of our best offers ever, were committed to helping you do just that. Get a powerful and reliable internet and voice solution for only 29. 95 a month for three months. Call or go online today. The European Commission has opened an antitrust probe into the data group refinitiv saying the eu fears the deal could limit trading of government bonds at rival platforms as well as restrict access to market data. A huge concern when you think about what is at stake here. One of the largest markets, clearing houses trading mass quantities of data effectively in 2020 fixed assets rely on this data from the lse and data if you hold the data, you hold the chips and you can decide what speed your clients receive that data. You see how important the systems are particularly in this crisis looking at the consolidation story. Back in the history a little bit where they were trying to buy the lse and in the press conference all the time from how long we were looking at the story and better off with the bigger group 10 years later selling out to the London Stock Exchange making it pretty vulnerable because they didnt manage to acquire the stock market at times. In the recent period, being more successful David Schwimmer now trying to make it more strong in these areas. The threat used to be each other, now the threat is the equitiesation. You dont see the same volumes anymore. It is incredibly 21st century. So buying that data is key from the commissions point of view, totally understandable why they are looking at this and the doj looking at this. By concentrating that data, you do get yourself in an incredibly strong position and then controlling the pricing. A lot of customers are incredibly concerned about it. Julianna steve, its important to look back at how the industry evolved these companies tried to do megamergers with their peers and so many failed now really precedent setting in terms of how this is handled especially here in europe. The question is how they will define these markets the new deal they are looking to expand and will no doubt be scrutinized because it will be the future of the industry looking at the players involved blackstone, having a seat at the table counting down to the deadline in october. Thank you for weighing in on this merger activity there well squeeze in a quick break and one of the big stories around the data surprises where both have beaten on the data can they make it a hat trick seeing it a strong level on the dax. Well bring you all the data that crosses after the break welcome back to street signs. Im Julianna Tatelbaum here are your headlines. Wire cards former ceo is detained by police accused of detailing the Balance Sheet and revenues of the german fintech Firm European rallies and futures after white house chief is forced to backtrack on his statement that the u. S. china trade deal is off. Manufacturing is off and bouncing back. Also topping expectations. Apple says it will switch to its own chips for macs ending a 15year deal with intel. A huge leap in how the Company Powers its products. Apple silicon will bring Amazing Technology and common architecture across all our products weve been digesting a lot of data on the health of the european economies the latest print crossing for the uk and number back towards the 50 handles. The manufacturing pmi is a big step up in may getting back into territory still contracting and well off the 29 level we posted back in may. A strong bounce we are seeing for the composite data watching all of the reopening for the economy. We are not quite reopen here this date su a strong given we are not back to normal im very rarely speechless. Im staggered by the strength of these numbers. Going to expansion territory this is at a time youve got the best part of 9 Million People on furlough and the 3. 9 where they may have a handle on it at a time they are talking about a surge in cuts where we saw 100 billion pounds worth taking us into the best part of 100 billion pounds youve got the financial support, fiscal support. Vast number of blue chip jobs cutting. The pmi have shot through the roof you compare where we were on the composite figure a month ago, weve now put on twothirds extra just shy of 50 karen, im staggered, how about you . Is. Seeing this in the uk and france and most of the services in the uk. We cant get a hair cut still. Bars and restaurants havent resumed. You can only think what will happen in july weve had a comment where hes weighed in we need to be cautious but what are we cautious around hes pointed out the data that fewer people are answering the surveys. Effectively, youve got accurate numbers where they are not accessing. Perhaps the caveat where we are getting skewed data. In the meantime, i mentioned about july the british Prime Minister is expected to announce museums could reopen also to set out how and when other places can open. We are keen to see what is has been happening behind you this morning. I told you to go somewhere in kent once. This town is dotted with history. Simon when he fought the king, he fought here in lewis. Tom payne, the rights of man hugely indicated in the independence it all happened here in lewis as well a stunning part of the country, my home area my favorite thing in the world apart from my family and home and my dog is the harvey brewery. I can mention it and tout it to the world. Look at the smoke there and the seem coming out of the brewery, that is very exciting for those of us who know brewing beer takes a few weeks to get going they had to know that july 4 is Independence Day when pubs get back, hospitality gets back saying they will be back open on july 4 as well places of worship. Just a stones throw and places of worship as well one of our investors said she booked a holiday if he gets this wrong, scientists could be lessening this and allowing people to get their best beer intopubs and with mitigating circumstances, are they going ahead of the science that is the billion dollar question the infections figures and hospital admissions figures were the best weve seen since the middle of march. There were 15 fatalities thats the lowest figure weve seen since the 15th of march karen, im going to step out one more time and show you one of the most magnificent places in the world. Whenever you come to britain, come to lewis. It looks stunning we should probably tell the audience about the running joke when you sent me down to royal cumbridge with the toddler our wires were crossed and you took a left when you were supposed to take a right i appreciate it i hope mike has a bit of room to fill up on beer to take back is this your last one for a while . Im going to come off the road for a little while. 13th of march. That is 64 mike, can you get yourself in front of the camera for the last one . Hes so shy that would be the first big toast on terrific coverage in what has been an incredible turn of events look forward to seeing you in person, steve. Lets push on to a corporate story. The former wire card ceo has been detained by Police Monday evening. Prosecutors have accused him of inflating the Balance Sheet as they try to find the missing 1. 9 billion euros it might actually be the case as wire card was announcing what is happening now. The former ceo was detained on the return he was saying in his role where he was responsible for stating on the revenues from that business and by that whether he has miss guided investors and clients to make the company more attractive that is according to the press release from the prosecutors where they just got out 30 or 40 minutes ago. Now all the stake holders is looking into what their role was and how that could go wrong. There needs to be a thorough investigation into the role of ernst and young. That revenue is not a new thing. It has been inflated for quite some years the thirdparty business especially in asia this story is developing he may not be the only manager that will be questioned. Not only questioned but probably also detained by the prosecutors. Back to you. Thank you very much taking you back to the european market. A stunning day playing out here. Being digested by the investors. The dax would express. The rally two plus percent on the gains, spain and italy both playing catch up. As you see that data catching up in the bounce given a lot of these economies have opened in the way social distancing has gone on. You can see the French Market in 1. 5 in green. The uk stock market and with switzerland this morning looking at the oil trade brent above 43 tracking just over half a percent and closing up on the handle looking at how quickly weve rallied 73 higher the darby oil company has announced a 20. 7 billion deal with plans to invest in the gas pipeline saying that they hope the deal will Spare Investment in abu dhabi. We invite all those who share our values to consider the uae your home for sustainable and longterm investment i wanted to ask you when you think about what is going to happen over the next 12 to 18 months, what do you see as the greatest challenge to the markets . Are we talking geopoll sicks, the u. S. china trade spat . We will continue to stay laser focused on the demand profill and well continue to stay focused on the markets opening up and tightening and will continue to build bridges with companies and governments around the world whereby we continue to play our responsible road as reliable and for the supplier of energy coming up, apple says goodbye to intel as it decides to put its own chips within the core of his machines the latest when we retn. Ur the tempurpedic breeze makes sleep. Feel. Cool. Because the tempurbreeze transfers heat away from your body. So you feel cool. Night after night. During the tempurpedic summer of sleep, save 500 on all tempurbreeze mattresses. During the tempurpedic summer of sleep, bbut what if you couldg do better than that . Like adapt. Discover. Deliver, in new ways, to new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back, but bounce forward. And now, with one of our best offers ever, were committed to helping you do just that. Get a powerful and reliable internet and voice solution for only 29. 95 a month for three months. Call or go online today. The white house has walked back comments from top trade advisor navarro that the u. S. china trade was over. Quickly overruled by the president. The widely known china hawk went on to say his comments were taken out of comment Peter Navarro has clarified that the trade deal with china was over but he has cleared things up in a statement to cnbc, he said my comments have been taken wildly out of context. They had nothing to do with the phase one trade deal which continues to be in place i was speaking to the lack of trust we have with the Chinese Communist party about the original begin of the coronavirus. U. S. President tweeted the comments saying the u. S. china trade deal is fully in tact. As navarro suggested there, there are still issues with china over the origin of the virus and beijings transparency around the outbreak and trump says there is still issues of trust around the phase one trade agreement. The u. S. Trade representative lighthizer said he was confident china would live up to its commitments and its end of the bargain. Also comes after the first facetoface highlevel meeting with the u. S. And china when u. S. Secretary of state mike pompeo met with his chinese counter part in hawaii in what was widely seen as easing tensions between the two world leading economies. Soft bank plans to sell off 21 billion worth of tmobile stock. Looking to free up cash after several investments were affected by the pandemic hit by the failure of the big bet on wework and the failure to go public. Ditching in on the basis of its design and soft bank own chip maker apple said it will start transitioning later this year. Also announced a slew of new Software Including ios 14. Arjun also looking into details of the announcement. How different do you think the experience will be for iphone and mac users with respect to the software what it is doing is bringing this in line with the rest of its product. Weve seen apple move to its own chip for other products. Thats the whole point here to bring the experience into this one eco system that they can control on the Software Side and hardware side that has been key to apples success listening to the ceo talking about the move to apples own design chip. We are announcing that the mac is transitioning to our own apple silicon. When we make bold changes, it is for one simple, yet powerful reason so we can make much better products when we look ahead, we look at transitioning to our own silicon to bring them to life. In terms of experience, apple says this will give it better p err form ans the other thing to consider is apple is no longer beholden to intels release cycle. Meaning they can upgrade when and how they want. The upgrade to hardware and software is key to apple we saw that there when you mentioned the upgrades to ios 14 that is possible because of the Close Network between apple chip sets, hardware and ios software. Upgrades to siri which does rely on machine learning. We saw upgrades to air pod software, ios and car play being able to unlock cars. With this process, giving these upgrades gives current consumers excitement for those who may not have bought air pods or an apple watch will want to produce those. All about the stickiness keeping people plugged inside not just the hardware but software but more importantly the Services Sector which raked in 40 billion last fiscal year. Very important Going Forward certainly the market liked what they saw trading higher in the u. S. Now back to you. Arjun, apple has taken fire for the amount of revenue it has raked in the payment for the apps goes into the coffers at the cooper continue owe giant apple doesnt give a lot of these app developer, creators much choice, does it when you look at apple, the app store is the only way to get on to the suite of products. Youve seen a recent backlash about this cut the idea that apple has too much control. Some dubbed this cut as an apple tax, which shows you the kind of feeling. While tim cook and co did not address the backlash of developers at the conference, they did release a block post which said developers will be able to appeal the decisions if they violated the guidelines and will directly appeal some of those. You are seeing attempts being made by developers who knows if some will dwell the anger theyll see and this will rumble on the next few months. Back to you. Thank you for that detail the World Health Organization has urged many to defeat coronavirus. After reporting the highest increase of infections earlier this week. The majority came avid states relaxed restrictions more than 9 million had been infected the w. H. O. s director warned on a coordinated response President Trump has suspended visas to the end of the year and a pause on certain green cards restrictions should help more americans get jobs amid the Coronavirus CrisisBusiness Leaders have slammed the suspension which also cover highly skilled workers as the president plans to travel to yuma, arizona today one of the nations hot spots for coronavirus cases. Joining us live from washington, d. C. With more this is a big issue in terms of jobs lost. Im sure putting a freeze on visas does play well to his base. An economic issue for the reasons you mentioned. Certainly a health issue as hospital i hospitalizations have hit a record in arizona. Traditionally a state that had been a republican strong hold. This is the background as President Trump heads to yuma to see a section of the border wall being built and to phoenix for what he hopes will be another large rally. This will be the second rally in a few days the one over the weekend not as big as the president wanted. There are reports he was furious about that this one held in a large church where they say theyve installed a system to kill 99 of the coronavirus. President trump said he was joking when he said he told staff to slow down on testing. Although he said in interviews, the more testing you do, the more cases you find. Democrats are questioning 14 billion set aside for testing and Contact Tracing that hasnt been spent thank you for the update. Well be watching the rally closely today. A quick look on how u. S. Futures are purged some comments by Peter Navarro and walked back by President Trump. Very strong trade on wall street this morning more than 200 plus points on Dow Jones Futures at this stage. In the wake of gains yesterday, the dow roughly up thank you for joining me Worldwide Exchange is up next. Businesses are starting to bounce back. But what if you could do better than that . Like adapt. Discover. Deliver, in new ways, to new customers. What if you could come back stronger . Faster. Better. At comcast business, we want to help you not just bounce back, but bounce forward. And now, with one of our best offers ever, were committed to helping you do just that. Get a powerful and reliable internet and voice solution for only 29. 95 a month for three months. Call or go online today. It is 5 00 in new york your top five 5. Peter navarro backtracks on trade comments and Apple Unveils highly anticipated updates to product lineup trouble in texas as hospitalization rates surge. The governor out with a stark warning. And the big v, the outlook for th