The measure of the ecb were the good one now it is up to the industry to be occur ageous. French finances a massive plan to support the economy amid a resurgence among virus cases siemens at the bottom after unveiling an increase to help fund its deal. A warm welcome to street signs. Lets kick off the show with fresh data just off the wires here the composite Pmis Services have come in at 51. 5. The august composite has come in at 51 dat 9. Almost slightly better than the flash number of 51 dat 6 new business, that has come in at 49. 8. Bang in line with flash estimates weaker than july new business, a little weaker. Overall, we are looking at growth territory for the composite as well as Services Sector within the eurozone mixed picture when you look at the country break down germany stands out as a bright point this morning italy and spain in contraction for the Services Sector. France remaining above the 50 mark for the month of august overall, the economy is slowing a little bit we are seeing parts of the eurozone economy remain resilient and continue to grow pmi is factoring into their trade decisions. We are seeing green across the board. The stoxx 600 extending gains. The benchmark up this morning. A bench mark gained 1. 7 , breaking a fourday losing streak the dax leading the charge lets look at what markets are doing this morning the dax up another 1. 4 . It is the cac 40 leading and the ftse mib is 1. 25 higher another data point for uk traders to watch looking at the sector break down, green across the board yesterday, the banks struggled this morning, banks one of the best performing parts of the market autos performing quite well. Travel and leisure up 2. 3. The two best performing parts of the market form the core of that reopening trade. Investors getting more bullish across the news of that front. Sanofi ahead of the phase one trial. That providing support on the down side, we have basic resources and retail lets push on. German finance minister to drive the next stage of recovery he said governments and Central Banks had done all they could but that it was time for businesses to do more again. Translator supporting companies and selfemployed. The reason for this is that we have provided a lot of risk after this crunch. The measures of the ecb was a good one that was the task to remain well functioning in the Financial Market and a very good real turn of industry to Work Together very well. Annette joins us now with more on the summit what do you make of the comments this morning what do you think his key message was for investors . I guess his key message is now it is time for the banks to lend money and not to be risk averse it is a tricky field because they dont want to see rising apl. The german finance minister is a stake holder a giant loan book. Bottom line is that he wants to say that Fiscal Stimulus Program is what it is. They are not going to expand it. We now need to see Companies Invest in future technologies. This is what has been said also at various occasions by the German Economy ministry who yesterday upgraded the forecast this year for germany even talking about the vshaped recovery take a listen to what he has to say about the outlook for germany. He is not very overly pessimistic. Translator im really convinced due to the fact that we have acted twice and not just in minimum range that we go through the crisis in a good way. If we look at the figures, we can be optimistic, the forecast says in stage at the end of next year or the beginning of 22, there are some diverging respectives about this is not very much in terms of the period that we were recovered in the economy. We have a profound initial economy which is in the position to really cope with such a crisis but at the same time, the state and government can help. This is what we did. So when it comes to the investment behavior, it was quite interesting to hear yesterday from the chief economist from kfw, that was the bank guaranteeing the loans. She was saying that they are seeing an increased demand for longer term maturities when it comes to loans that is signs that the company is turning more optimistic and the money taken to invest projects to capital goods and not only to counter potential worsening of the demand situation. We are seeing in germany, some robust signs that recovery is even better than expected but they could be weakness around again in the Fourth Quarter. We have so much depending on the world economy. If the rest of the world is not doing so well, that all depends on how the crisis is unfolding in other countries especially the united states. And asia whether we see another round of infections or not or another round of lockdowns for now, the recovery seems to be more robust than thought. Interesting to hear these dmomts the day after the financial president was speaking the massive fiscal and monetary support. What are the implications here when it comes to the mix of National Level and Monetary Policy moving forward . That is interesting, they were warning that if we have too much similars, we could risk to face some companies and that i dont know how to say that in english. The creative disruption. Kind of like the baseline for the healthy market open economy will be disrupted. That is the major concern. Also for scholtz that we need to keep the economy free. Some Companies May not make it and thats okay. Other Companies May not make it. Thats their approach when we talk about only too much stimulus this crisis can be not like Healthy Companies will suffer because of that. It is a fine line well see how that whole thing will pan out during the remainder of this year annette, thank you for your coverage this morning and yesterday from that summit capgemini reported a profit of 311 Million Euros thank you for being with us on the back of these results. Summarize for me how the quart went i know you have insight in the sectors given the diversity and the type of firms you service. Good morning. Thank you for having me on the program. We have quite results in the Second Quarter we have a number of events happening at the same time we had the big acquisition coming in that would project us to be a leader in the industry other people with the pandemic and the same event overall, weave shown great resilience revenue is down. Our margin resisted quite well only down 60 basis point they have increased by that acquisition. It is quite contrasted depending on the sectors and the business lines. Engineering and other sources performed quite well driven by Industries Like automotive and aero space. That overall, i say the gee graphic footprint of the business line and sector will help us to resist quite well during this pandemic those sectors there come as no surprise. Aerospace, auto continue to be under pressure when do you see them coming back it is quite different what we see on auto, we do a lot of engineering and r d work. We are heavily involved in some of these trends including 5g that we are offering end to end in the next few weeks. On the other side, i think aero spaaero aerospace will be depressed for a long time. Its dependent on the sales of Aircraft Service especially continental. I think that will be two to three years before it recovers lets get into the geographic split. France stands out as a key weak point. Organic growth was the hardest hit. Give us detail why france is the hardest hit of your group. First, i think the business mix is unfavorable in france we have the heavy exposure overall, i say from the mix, it is more on that part our portion of engineering and Management Consulting in france being higher i believe beyond that, there is some aspect that process in france is overall on one side. I believe that is the aspect regarding the breakdown. What is the outlook and when do you expect that region to recover . It is improving we expect to be back some time next year. Well see improvement in the Third Quarter and a target in the Fourth Quarter to be met we trust those investments are well positioned. Because of the rarchd d program or helping to digitize companies. Companies will start to beef up investment to take advantage of some. Looking at the bright points. North america grew and margins grew 4. 9 from the first half of last year. That transaction will have contributed on the revenue side. Give us some color do you expect margins to hold at these levels in the coming months to provide more focus and more alignment in terms of what we are trying to achieve in the market this is trying to payoff i do believe we are now on track in terms of the improvement in north america and we should continue to see further improvement there. We are quite positive. Overall, if i look at the perspective, we see definitely clients coming back and looking for cross formation programs in the coming months to address issues on the pandemic model beyond that, our positioning around cloud and digital is very important. The pandemic has shown that the company has underinvestment in these areas in the relationship with the client have suffered more than those that have great interaction with their clients this will launch a new investment cycle to the cloud form companies and we are wellpositioned for that it looked for a while in the middle of spring and early summer that people were welcoming working from home across Different Industries and were happy to continue working from home in the future. Now weve adjusted to this new normal, a lot of people are eager to get back to the office. What is your take on where things will shake out through the pandemic in terms of working from home versus working in the office is. There is a famous british staying, never loose a crisis. I do believe there is a fundamental change in the evolution of work from home. There is more remote work. We are still at 90 . We have moved to a new normal. We are not staying at 90 . That is still too high we are still operating hiring, training them with 90 work from home can we continue to work this way . Yes. Can we continue this way for a long time . No the rotation of people between the physical and remote location it is to remain fully engaged. So we have worked for our company on what we call the new normal when we look at delivery, operation and finance. Depending on the experience of the person and role of the person, what is the percentage of work from home that we should target we have a design place today we should start experimenting we have the truth once we get on the pandemic and everybody is free to come into the office i can tell you definitely coming back to the model, everybody coming back to the clients site will not happen. Well not be at 75 work from home but we will not be as far as 25 we may be in the middle. Im pretty bullish around the fact that we enable that it has a lot of positive advantage. The work from home and remote work will enable us to deploy and well have the highly skilled person in automotive in germany supporting a person in sweden, which is something we wouldnt have before it will create a lot of diversity. Some places we lose women because after they have children, they cannot manage the ability to work away from home four or more days a week for the weeks. So we gain that and the ability to expand our business in this new model which beyond work from home is about remote work. You talk about the opportunities that lies ahead for cap gemini laying out the funding for the agenda now that youve got the transaction behind you, are you going to look beyond the business to expand and position yourselves in a bigger way to take advantage of these bigger opportunities . We have already made a big acquisition. It is important to leverage it as you know, all the area of 4. 0 digital is the beginning of the new era. We want to grow it fast. Well continue to look at acquisition. We continue to look at capabilities acquisition that help us strengthen the foot print around the specific talent we are not in the process of looking at the acquisition it is something well consider thank you so much for taking the time to speak with us. The ceo at cap gemini. Coming up. The french government announces another round of stimulus spending we are more tethbrk. Afr e ea what if you could have the perspective to see more . At morgan stanley, a global collective of thought leaders offers investors a broader view. We see companies protecting the bottom line by putting people first. We see a bright future, still hungry for the ingenuity of those ready for the next challenge. Today, we are translating decades of experience into strategies for the road ahead. We are morgan stanley. If i could, baby id how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Welcome back to the program, the french government has unveiled the stimulus plan the package equates to 4 of gdp. Lets get out to charlotte for more it looks like some of these funds have been earmarked to be more friendly and support the jobs market. What do you think is the overall strategy and what can we skpoekt is the official presentation this morning after we had step one which was support of the state of the shock of the covid19 crisis, 427 billion euros put in furlough scheme. This is step two, all about recovery 100 billion euros recovery package to be presented this morning. The things we know about this is 4 gdp there will be no tax increase. About 4 billion will come from the recovery fund. The tax cuts that have been promised for businesses will be maintained that is a supply plan and one to support to make sure companies will invest and higher the wave of job cuts coming into the autumn this plan is hoping be a sort of confidence shock for the french economy. The second part of the plan is to transform the french economy. One is supply, one is to transform and make sure as the y more innovative. About 30 billion of this package will go to the green transition and to make the economy more green in that sense. A question of sovereignty and reshoring about 15 billion will go to the recess of reshoring the activities into france this package was crucial and they said they were hoping this package will help create about 160,000 jobs by the end of 2021. Bringing in this new Prime Minister to deliver this plan partnering with the plooim he had since he was elected what he calls now the 600day government to pave the way for the economy and to force the election in 2022 this is very much at stake here. The economic recovery and potential reelection for macron. Well have the plan unveiled this morning with the other ministers in the morning thank you for keeping us up to speed with the latest one of the corporate stories for today. Siemens healthineers will raise 7. 5 Million Euros. They agreed to acquire varian in a deal that could make them a leader in cancer diagnostics dhl warns twth able to acce. Current cold storage is only capable of delivering a faf frozen vaccine to 2. 5 billion people and are discussing rapidly contracting extra cold Storage Capacity sanofi with first results due on vaccine testing due in september. They are using a wellestablished technique relative to other vaccine candidates being produced. A lot of hope pinned on this vaccine. I want to take you back to the macro data weve got the uk pmi crossing the wires now. The final services coming in at 58. 8 that is a very strong number not as strong as the flash number of 60. 1 still firmly in expansion territory. That means the final composite pmi comes in slightly below the flash. Extremely strong numbers when you look at the absolute levels there. The uk economy continues to recover in august. Coming up, indiachina tensions ramp up as new delhi bans more chinese apps well have more after the break. Welcome back to street signs. Im Julianna Tatelbaum these are your headlines the Eurozone Services slips into contraction in august. European equities continue and stay in growth territory the Prime Minister says Central Banks and governments have said it is up to businesses to play their part translator we have provided a lot of risk provisions after the financial crunch the ecb and others were the good ones now it is the central task to be courageous combatting a massive spending plan to support the euros amid a resurgence in virus cases. Shares in German Health ineers with an increase to help fund its varian deal lets get a check on how markets are trading this morning. Overall muted start to trade for wall street. This comes again after we saw the u. S. Market hit fresh record highs. Now on pace for the sixth positive week in a row we did get a check into the u. S. Employment picture showing the u. S. Private sector added 228,000 jobs in august that sharply missed expectations. European markets are off to a strong start bidding on yesterdays gains. The mib up 1. 1 . Green across the board dax and cac out in front following the gains for the stoxx 600 yesterday breaking the fourday losing streak lets push on and talk about one company that has come into focus in recent weeks. Announcing plans to begin trading on the London Stock Exchange in addition to its listings in new york and toronto. We are joined now by the executive chairman of that company. Talk us through the rational yamana wants to relist in london after they left in 2013. Why now . I would say there are sefrlg several reasons. They are a great fit that require the financial performances paying dividends in return for investors in exchange of the change from london in our size and scale, more than 100 million ounces of americas focus. We are also a Different Company when we declined our listing or when we delisted in 2013 and the market has changed one would focus mostly on resource type investors. Today, there is a plethera being looi looking at the interest. I think it is in the interest to go where the money is. We should be looking for a listing on that exchange i want to get more detail of how you are thinking about the dividend the Investment Case and opportunity at yamana gold for investors. It is a really important part of the equity story how are you looking at the dividend in the quarter and the years ahead. Since we first declared a dividend we are not an old company. We are young by many standards i took the Company Public in 2003 we began to generate cash flow in late 2006, 2007 we created our first dividend in late 2006. Weve paid over 9 million in dividends. Comparing that to other companies in our industry, that is a big number. We fared really well that is based on cash flows. Weve done more to policy, we kaed ka indicated that dividend would be looked at and those shares of yield price and cash flow, our industry is measure in almost every respect on that basis. Looking at it on that perspective, what is the cost per ounce we are willing to pay . We indicated that before the runup in gold price. The rings we look at are 50 to 100 an ounce, we have increased in the last year alone just as importantly as the size of the dividend and i believe there is room to go up to the 100 per ounce from where we are today. More important is the sustainability we are in a place where we are price takers, not price makers weve said in order to provide a proxy for sustainability for a period of at least three years, well maintain a dividend return fund on our Balance Sheet that is preserved for the payment of our dividend gold should be around 1,300 to 1,400 per ounce. When we increase that is not only seen as increasing cash flows but increasing cash balance that would make sure we can pay it at least a threeyear period. When analysts look at your stock and story, the main question is whether you can get that cost down in the range from a moment ago what is it going to take for you to get your cost down per ounce of gold . We are impacted some what by the aftermath and the adjustments well have to make as a result of the covid19 pandemic it is not only the costs of having to protect the health and safety of our employees. That is important. In that period of time of the first and Second Quarters, two of the operations of the five were on care and maintenance as they rightly tried figure out what to do with the pandemic since then, mining has been declared an essential service. We are back up and running ramping up the operations. We expect to be generating every ounce of gold with the allin basis. We comply with the world gold counsel with sustaining costs, overall costs. We are below 1,000 per ounce in the range of 980 per ounce. That would put us in a very good position with gold price above that that would provide us with exceptional margins and the cash flows which i have referred. With regard to the gold price current currently trading at 93 an ounce. What is your outlook for the price of gold . Last year in the last run up, i was asked a similar question i was asked for the prediction of up to 1,500 an ounce i made the prediction of a year. Do i believe gold prices will go higher the answer is yes. I will have to equivocate a little in the time frame i will say we are in a perfect storm for precious metal prices going to higher levels the height of gold price is what occurred in 1980 i believe it was 820 an ounce it sounds inconsistent in adjusted dollars that puts the gold price at 2,700 to 2,800 an ounce. I certainly think the gold price has not reached its peak and will reach the adjusted height of 1980. Two final questions for you to what extend will the gold price be core related to the fed policy Going Forward and what happens to the gold price if and when we get a vaccine . First of all, the when we get a vaccine is important but in addition to that is the implementation we are talking billions of people in the world. This will take time. Independently to that, it seems the cake is already baked in many respects. We have unprecedented levels of fiscal and monetary stimulus this is sort of like a drug. Once one is on it, it is very difficult to get off it. Given that level of stimulus it seems to me we are in a period of continuing stimulus fiscal and monetary. We are in the world of high government debt. Debt to gdp is at alltime highs. Gdp still struggles to find its footing. To that context, i think we are in a world whereat least for several years, we should see strong sustainable levels and likely significantly increasing precious metal prices with the accommodative fed policy looking at Interest Rates and the recent announcements relating to inflation, that seems to further corroborate the view to generally go up. My view is that gold price, Precious Metals more generally, is dependent on inflations the fed is saying we are preparing to be more accommodative and let it run a little bit it is that uncertainty and perhaps volatility in inflation that creates an environment that creates a perfect storm for gold price to go higher thank you for taking my questions. Thank you for joining us executive chairman and founder yamana gold. The u. S. Has announced further restrictions on chinese dip l diplomats. Saying the moves wither in response to similar restrictions on american officials in china beijing has said it is, quote, seriously concerned by indias ban of 118 apps. Saying the move vie lalted the interest of service providers. The announcement didnt mention any countries specifically but said the apps including a popular Tencent Video pay were stealing revenue elon musk was a special guest discussing space driving and Autonomous Vehicles with the german minister. They are building a plant on the out skirts of berlin a supplier with the vaccine maker occur vac, a company musk calls one of the worlds most innovative the europes economic recovery lost momentum down from july 54. 9. Service sector came in 50. 5 beating the flash reading and leading to an expansion territory. Well take a break, the dow posts its best day since july. U. S. Equities continue to rally. The u. S. Still looking so ma so growth give you my world how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Welcome back to street signs. The Federal Reserve growth to remain well below prepandemic levels in the latest beige book report they stressed economies will recover uneven real estate and autos will see a rebound. Commercial infrastructure and agriculture will continue to struggle to return to growth the u. S. Private sector added 428,000 jobs in august big business dominated adding almost 300,000 jobs with leisure and hospitality as the Fastest Growing sector the u. S. Budget office expects the Budget Office to reach 300 trillion. This year. Warning against suddenly halting borrowings saying the record debt levels should be addressed at a more appropriate time President Trump to plan pennsylvania and joe biden to visit kenosha, wisconsin amid ongoing protests over police brutality. What can we expect from President Trump as he visits pennsylvania he seems to be focusing on this law and order agenda biden accusing President Trump of stoking violence in American Cities exactly expect more of that in pennsylvania today, joe bidens home state, a battleground state. The president has been focusing on that law and order message. Hes targeting u. S. Cities, portland, washington and other cities saying hell withhold federal funds from these cities. The governor of new york says that is an illegal plot by the president and that it cant be done joe biden is headed to kenosha today after the president went there where the president did not meet with the family of the man that was shot by police seven times in the back. Joe biden says he wants to be part of the solution and does plan to meet with the family they have insisted on having lawyers in their meeting joe biden agreed to that and President Trump did not. Hes going to kenosha today and he has polling showing hes leading in the polls in wisconsin and North Carolina where the president was yesterday. The president suggesting that his supporters there do something that is actually not legal, vote twice. Once by mail, once in person to test a system he has claimed without prove is full of fraud biden leading in the polls over most, that gap is narrowing, what can we pin that down to . The fact that they are just coming off the convention, certainly, we always see the candidate getting a bump coming off the election last theyve gotten a bump in the latest polls his team will say it is the law and order message hes honed in on and expanded on the base of likely supporters. Tracy, always great to have you with us. Lets get a check on wall street how u. S. Futures are looking we have a mixed picture there. Looking to gain 33 points. The nasdaq rallied about 1 as tech stocks lagged the broader r rally. The s p 500 with the largest oneday gain that job record yesterday sharply missing expectations we are in for a mixed start today but coming off a very strong run we have a positive session here in europe. A lot to watch for we are going to hand you now over to Worldwide Exchange coming up next thank you for watching im Julianna Tatelbaum this was street signs. Give you my world how can i, when you wont take it from me you can go your own way go your own way your wireless. Your rules. Only with xfinity mobile. Learned a second languageument applied to college applied for a loan started a business started a blog shared a picture shared a moment turn your wish list into a checklist, with internet essentials from comcast. When youre connected, youre ready for anything. It is 5 00 at cnbc here is your top five 5. Sanofi has started their first human trial of the covid vaccine. Robin hood is facing an sec probe. Parent company of quicken loans under pressure after the first quarterly resu