The noncore yuunit of barclays. Shares of swiss re slide after Fourth Quarter net profit falls 45 , with natural disasters taking their toll. A record year for peugeot. The french automaker raises its profitability goal and resumes a dividend payment, but cfo jeanbaptiste de chatillon says theres no certainty on the firms bid for opel. President trumps tax plan will be ready by august says treasury secretary Steve Mnuchin, who lays out his ambitious agenda to accelerate economic growth. Cnbc speaks to the man himself at 13 00 cet. Good morning, everyone. Let me just bring you some breaking news coming from the ecb, the impact of trade and good and services on brexit will be substantial. He says Economic Conditions in the eurozone have been improving. Affirming a broadening trend and growth dynamics. Market volatility measures are low despite tail risks. Lets look at the european session. The stoxx 600 is flat, trading a fraction lower after a fairly uninspiring handover on wall street. In asia, closing lower on the back of the fed minutes, the dow did notch its ninth Straight Record close. Lets take a look at the markets one by one. The ftse 100 under a slight bit of pressures. Barclays doing well. The xetra dax holding on, below that 12,000 level. This market is trading at the highest level from april 2015. Ov european markets at the highest level in about 14 months. Theres one clear outperformer today in fact, a short while ago that was the Banking Sector, not so much anymore. Basic resources and media underperforming. Lets stay with the banks, aggressive restructuring is paying off for barkleys. Shares are trading higher after a reported surprise core capital boost after it ends its noncore asset round. Supported by a sharp recovery in Investment Bank revenue. Earlier we spoke with Ceo Jes Staley saying he was looking forward to closing the restructuring chapter. 2016 was an important year for barclays. We returned to profitability. The first year in four years we generated positive earnings. We feel great about that. We set the new strategy of the bank to be transatlantic, corporate, Investment Bank. We think the simplicity and focus of that strategy played well. We aggressively worked on noncore. We took the difficult decision of cutting the dividend in order to get noncore down. We ended the year with noncore down to 32 billion pounds. What that sets up is for us to announce that in june of 2017, we will close the noncore unit to barclays, and well essentially end the restructuring of this bank. Then we let barclays do what it does best, serve its customers and clients around the uk and the world. Its months away from barclays being the standup bank we wanted it to be. Clearly youve been in this transition phase, riskweighted assets down again. When do you get to that point where you stop focusing on shrinking the bank and spending more time focusing on growth . Thats precisely the point of where we want to be at the end of june. In 2016, we close the bank in nine countries. We sold retail branches from italy to spain to portugal. We sold the Wealth Management business in asia. We want to get beyond the restructuring of this bank. Thats what we will do in the mid year of 2017. Well have a risk weighted assets and noncore down to appropriate levels. Well have finished all of the restructuring of the bank and then we can move the bank forward in the second half of 17. Barclays up by 3. 5 . Italy should strike a deal with the European Commission over a stayed bailout of the mps in the next few weeks. Thats according to the treasury official. Speaking at the sidelines of a conference in milan, he said talks had begun and were not more difficult than anticipated. Bmps sought Government Support last year. Lets get out to claire who joins us from the politico Capital Markets summit in paris. In paris we talk a lot about the brexit, Financial Markets postbrexit and the stability of European Banks. I have with me adam farcus, executive director of the European Banking authority. Good morning. Good morning. The chairman of the eba suggested to create a bad bank for toxic loans in the eu, can this really be implemented quickly and how quickly given uncertainties about the brexit and the European Election . I think that this initiative, if it gets sufficient political support, it can be implemented relatively quickly. If implemented, this could provide a very useful tool to deal with the last remaining major legacy issue from the financial crisis that is the nonperforming loans and the Balance Sheet of European Banks. How bad is it . I read a quarter of the bad loans are in italy. Theres about a trillion euros of nonperforming loans in all the European Banks, a quarter of that is in italy. Ten countries have a ratio over 10 , which is considered to be relatively high. Are you concerned about the health of italian banks . Are there other countries that are a concern for you . I think the npl problem is particularly bad in italy, and so there needs to be action and further actions taken to help the npl problem and support the growth of these countries. You are also here at this conference to talk about regulatory landscape. Are there Capital Requirements for European Banks too strict when in the u. S. Donald trump is considering ining deregulation . I think were implementing globally agreed capital standards. These have been agreed by the United States and european union. Were fully committed to continue implementing these standards. We are in the process of concluding on the last set of standards for bank capital in basel, together with our colleagues. We are supportive of an early conclusion of this. The European Bank warned deregulation discussions in the United States could lead to the next financial crisis. Do you agree with that . I think i do agree with the notion that the new regulatory standards agreed and being implemented globally are really designed and achieved at the right response to the crisis, and would be able to reduce the probability of a future crisis. A wholesale role back could lead to financial instability. This morning theres lots about brexit, and reports of banks preparing to move their headquarters to other Capital Cities in the eu. Will we see a lot of banks moving from london to paris or frankfu frankfurt . I think international banks, banks with strong positions in the london market, the major Financial Center of the eu today, are all in the process of reassessing their structures and policy. For them the key factor is how they can assure access to clients to the entire eu market with the process of brexit starting soon, they are, of course, weighing different options as to how to how they want to locate didnt activities between the uk and the continent. Thank you. Emanuel macron was in london on tuesday to try to attract investors to paris, and thats also a pledge from a lot of politicians here in france, to attract these people who want to leave the uk. Back to you. That was a bit of a Charm Offensive for mr. Macron in london. Thank you very much for that. Do email the show, streetsignseurope cnbc. Com. You can also find us on twitter, streetsignseurope cnbc and tweet me at carolincnbc. Coming up on the show, earnings galore. Well hear from a range of executives from europes top firms on their report cards. All that and lots more. Well be back in two. Welcome back to the show. Plenty of earnings to get through. Lets kick things off with french insurer axa. They are boosted by strong earnings from property insurance coverage. They are on tracks to reach the ambition 2020 plan and the ceo told cnbc that the insurer is well prepared to cope with Political Uncertainty. Risk is our business. Volatility is our business. Its not the first time we see surprises we always managed to cope with these situations. Rsa shares are moving higher after it reported a 25 rise in 2016 operating profits. The british insurer beat expectations thanks to a Strong Performance in its core businesses. Cfo scott egan told cnbc despite tough Market Conditions his firm was performing strongly. The markets are generally tough. But i think its the reason why were so focused on driving on underwriting profits, and this morning were delighted to announce theyre up 73 , a record for the group. Its important to keep the focus on underwriting. Thats what we are, were an insurer, underwriter, and were delighted with that. If you get below results this morning, the thing were most proud of is the quality of those earnings. If you compare them to last year, you look at the more volatile items of weather events, on the balance theyre neutral year on year. So the increases we see coming through results are real increases. For us thats important. What were trying to build is a sustainable organization. Fourth quarter net profit at swiss re fell as Hurricane Matthew and an earthquake in new zealand weighed on earnings. Orange is upping its dividend after posting a mixed set of fullyear results. Revenues ticked higher despite weaknesses in its domestic market. Oranges deputy ceo said consolidation in french telecoms is on everyones minds. You dont need to have consolidation to continue to improve our performance. In 2016 in france, revenues were down by 1 , but ebitda was up both in absolute terms and in terms of margins. The bundesbank could shed more light on the cost of qe today. The german Central Banks chief is likely to repeat the case to end easing when he delivers the bundesbanks annual report today. Annette joins us from germany. Most recently they were at 1. 8 that should give more ammunition to hawks. Yes, of course this does give more ammunition to the hawks, but at a recent reception he was also saying its questionable whether we need the foot on the monetary expansion pedal going forward. So we might hear some comments from him here as well, concerning high inflation. I think the most we could get is probably that considering the high inflation in germany and also in other parts of the eurozone, that he thinks that we should end the monetary expansi expansion motus, which the ecb is on rather sooner than later. Focus here today is on whether the bundesbank will actually hike their provision against potential higher Interest Rates. This is interesting, because of course currently nothing really looks like high Interest Rates in the eurozone, still if they will hike, it gives us an indication that they think were soon reaching a turning point in the Monetary Policy cycle here in the eurozone as well. The bundesbank is the central bank in the eurozone, which is buying the most of negatively yielding bonds, which means they might incur the most losses among Central Banks in the eurozone, because, of course, that means that when the Interest Rates are rising, they will incur losses on those bonds. This will be one big topic during the conference. Another one, as we were saying, inflation. Recent forecast from the bundesbank were saying they think inflation might reach up to 3 in germany. I think journalists in germany will grill them on the fact of what needs to be done against that hyper inflation in germany. Remember, its election year. Its hugely unpopular. That will be one big focus. Another big focus will be the refragmentation we are witnessing in the eurozone bond markets with yields in french bonds higher or spiking. Another periphery, it doesnt really look like very healthy bond market currently in the eurozone. So this would be another area which we probably will discuss in the press conference, but importantly we are also speaking first here on cnbc with the president of the bundesbank at 1 00 cet, i will bring that to you live here from the bundesbank. Thank you very much for that. It may be appropriate to raise Interest Rates again fairly soon. That was the message from minutes of the last policy meeting, and the first meeting since President Trump took office. The fomc talked about the potential impact of the president s policy proposals saying the impact remains unclear. The dollar sold off as the minutes were less hawkish than some had hoped. Seema shaw has just joined us. Look, the press conference or the minutes at least, they were a bit more dovish than what the market had expected. The markets is pairing back its bets for a march hike, increasing odds for a may hike. What does fairly soon mean to you . The minutes and the testimony, i dont think they quite constitute preparing the market which is what the fed usually likes to do. Having said that, its fair to say march is a live meeting. We have a number of economic data, important ones coming up before the fed meeting with the labor market data, specifically wage growth. So if we do see that coming through and strong inflation, you know, it is not a best case, but if the fed wants to raise rates three times this year, the first half of the year, its definitely a possibility. Does that mean were going back to watching every nonfarm payrolls report like a hawk . The next one could be crucial for march. I think we are going back to that, but with a slightly different slant with the focus on inflation. We know unemployment is low. We know were close to full capacity on that. The idea is we want to know where inflation is going. Its wage growth. Thats the thing to watch. Former dallas fed adviser was on cnbc yesterday, saying if you want to hike three times, you need to hike in march, because if you only want to hike or move your policy at press conferences, you dont have that many meetings left in 2017. Do you agree with that . Yeah, i definitely would agree with that. Our view is two to three times. June and september were original views. If you wanted three times, march has to be a possibility. Youre unlikely to do may, june and september. I think thats the key point for everyone. If you want three hikes, march is live, its a definite possibility. Lets assume we get a hike in march and three hikes this year to the tune of 75 basis points overall, does that still move the needle when it comes to the dollar and u. S. Treasury yields. So far the dollar has been driven by what trump has been doing or not doing. I think it does. Most things this year are pushing for stronger dollar, despite the comments that may be coming out from the white house. The fiscal policy side, the infrastructure spending, the fed hikes, you know, everything is looking to a stronger dollar. Thats where we think its going. I think one interesting thing that weve seen from the market with respect to the fed as well as Everything Else is the market is not being spooked by the idea of rate hikes. They are almost embracing the idea that this is validation that the u. S. Economy is strong. Thats what has been interesting. Thats a different psychology from the last couple of years. Thats encouraging. Wanted to talk about europe for a bit. We saw pmis at the start of the week, those were incredibly bullish. Theyre at sixyear highs, unemployment falling, inflation increasing. Yet this is a year where we see a lot of election risk. Are you surprised that were seeing this disconnect between Political Uncertainty and markets and the economy doing well . Yeah. Definitely. Its confusing. If anything, you would expect business confidence, countries like france specifically to be suffering, but theres no indication of that whatsoever. It may be that they are also of the mindset that le pen is yes, shes likely to get through to the second round, but shes not likely to win. Maybe thats what it is. I would expect volatility to start picking up as those elections get closer. What ask does that mean for your investment scenario . Do you still like equities over bonds . We do we are focusing on u. S. Equities, thats your best bet for the year. Theres a growth impact. All the potential stimuluses coming from the trump side. From the bond side, its not like its a closed year for them. U. S. High yield, a lot of stuff on the credit side that could do well this year. What about the overall trend of reflation . Were seeing that happen in the u. S. With an inflation rate of 2. 5 . Some refliationary sectors doin well. At what point does reflation become a problem because its crimping the spending power of the producer . I think thats a possibility. From our perspective reflation is clearly underway. However, there are some indications that there may be froth to move off. You havent seen the tenyear u. S. Treasury yield move above 2. 5 on a sustainable basis. So there may be a tapering off what it needs is another boost. You may well get that from the economy side. Wage growth, thats a push forward. U. S. Stimulus, if we get a full package coming through, with good details, and from the european side, if the Elections Come through without major mishaps, the reflation trade could continue. Definite risk on the horizon. Thats the hope, that the European Elections will go ahead without problems. Thank you very much for that. Seema shaw from principle global investors. Bae has said it expects Defense Budgets to raise earnings by 5 to 10 in the coming year this as they posted a 7 rise in 2016 earnings in line with expectations. Shares up by 2. 3 . Also want to talk about glenco glencore, earnings up 18 at 10. 3 billion. The miners net debt fell to 15. 5 billion at the end of the year compared to 25. 9 billion a year ago. Well go for a quick break. Check out World Markets live, our blog which runs throughout the european trading day. Well be back with more coverage of the european markets. Dont go away. Welcome to street signs. Im carolin roth. These are your headlines. Barclays shares rally as the lender swings back to profit on solid Investment Banking revenues. Ceo jes staley tells this show noncore disposals have paid off. We have aggressively worked on noncore. We took the difficult decision of cutting the dividend in order to get noncore down. In june of 2017, we will close the noncore unit of barclays and we will essentially end the restructuring of this bank. Shares of swiss re slide after Fourth Quarter net profit falls 45 , with natural disasters taking their toll. A record year for peugeot. The french automaker raises its profitability goal and resumes a dividend payment, but cfo jeanbaptiste de chatillon says theres no certainty on the firms bid for opel. President trumps tax plan will be ready by august says treasury secretary Steve Mnuchin, who lays out his ambitious agenda to accelerate economic growth. Cnbc speaks to the man himself at 13 00 cet. Lets pick things up with peugeot, they announced their first dividend in six years and upped their profitability goal. The company said there is no certainty over opel acquisition talks, but peugeot says the proposed deal will lead to an opel turn around. Nancy spoke to the ceo in paris and asked if the anticipated synergies with opel were reasonable. I would like to be respectful of my partners, recognizing that we are still under discussion to eventually conclude this deal. I want to make it clear to our stakeholders, that the deal is not done. We are discussing. As you know, there was a leak last week. We are talking about this matter today because there was that leak. So, i would prefer not to answer precisely your question. My apologies for that, because we are discussion. As long as discussions are not concluded concluded, it would be premature. Today here, the major point is to recognize net profit of the group increased 80 , a significant number. That we have delivered alltime record in terms of operating profit margin for the company, in terms of the core business, 6 operating profit margin. What i would like to do today is recognize the hard work and the Great Results of all the psa Group Employees and management. They have done a terrific job. I would like to express my appreciation to them all. Of course, if we have the opportunity to discuss with General Motors about opel currently, its because we are in good shape. On the political side, can you guarantee the uk government there will not be job cuts as a result if this deal goes through . The stance were taking is simple it starts with the ethics of the psa group. We manage our company with values and ethics. Our ethic is simple if there are existing agreements that were made by the previous management in the case this deal would be concluded, those agreements would be respected. This is a matter of ethics. This is not a matter of negotiation. This is not a matter of pressure. This is not a mattis a matter o. Any deal made by the previous management with the employees, with the unions, in case this discussion with gm are concluded, they will be respected. These are our ethics, we are not in give and take or negotiation stance, this is how we behave and manage our country. Will you use the gm electric technology, especially the kind in the volt, would you like to get that . This is part of the discussions. I would like to say what we presented today is by 2023, given the technological road map of the psa group, by 2023 80 of our models will be electrified. You can see by that number, 80 of our models electrified by 2023. The technology road map in terms of green of pss sshgis very, v true. Peugeots chairman reassured theresa may over the deal. The two spoke yesterday on the phone about strengthening the uk supply chain and the aim to protect jobs. Nissan motor appointment of the companys cochief executive as ceo. He will replace carlos ghosn in april. Ghosn will continue to work on strengthening the alliance between nissan and mitsubishi. The s p 500 seen opening higher to the tune of two points. The dow jones up by 14 points. The nasdaq losing fractionally. Yesterday the dow jones notched its ninth Straight Record close, but the s p and nasdaq were lower. Lets look at the european markets. A bit of a mixed picture. The ftse 100 coming under pressure because of basic resources. Barclays is trading to the upside. Its not helping the Banking Sector too much. The xetra dax, there you go, above that 12,000 handle. This is the highest level since april 2015. The cac 40 up by a third of a percent. The fx markets, when we look at euro dollar, theyve been knocked around by Political Risk out of france, but a boost yesterday on the back of the centrist saying he can form an alliance with the independent candidate, macron. In terms of the fed impact, the fomc minutes impact, that was fairly muted. The dollar just a touch lower against the japanese yen right now. A little bit stronger against the euro. President trump has said he plans to make the federal government more accountable and that it must do more with less. Speaking at a working lunch alongside treasury secretary Steve Mnuchin mr. Trump also said a tax reform plan was well finalized but will only be released after a successful repeal of the Affordable Care act. The president is set to meet with several core executives in washington to discuss trade, deregulation and tax reform. The u. S. Treasury secretary, Steve Mnuchin joins the channel today at 13 00 cet. Mnuchin said a stronger dollar is a good thing for the u. S. And reflects the strength of the countrys economy. The new treasury secretary outlined his intent to implement tax reform by august with President Trump expected to reveal details of a major plan to Congress Next week. Lets talk to gina sanchez. You have been looking at the status of Trumps Campaign promises. And youre not giving trump a very high grade for that. Not yet. If you look at the status of most of those promises, the promises that would be the most expansionary and positive for potential growth, things like tax reform, deregulation, et cetera, those have largely been delayed. Whe whereas if you look at the promises that dampen growth, cause inflation or both, youre looking at repealing or pulling out of the tpp, renegotiations with mexico and china with regard to trade, all of those are not only on track but moving quickly. If you look at the balance of where the risks are, if you had to take a stance now you would say so far the policies look look theyll hurt the economy more than help it. Yet at the same time were seeing record high after record high for the u. S. Markets. Why is the investor in the u. S. And overall in the world, those invested in the u. S. Equities, decoupling from that . I think the equity markets are largely expecting most of the positives while completely discounting the negatives. We have seen that time and again in the equity markets. These guys are the last guys to get paid, theyre naturally optimistic. When we look at volatility on wall street, looking at a record low when it comes to the vix. The stock market for the last 48 days, its had a run of not having been up or down by more than 1 . At the same time volatility in washington is at a record high. Does that mean the market is overly complacent and that we are ripe for a bit of a disaster or a bit of a correction very soon . I would argue that part of whats dampening that volatility at the aggregate level is a tremendous amount of breakdown of correlations. If you look at how companies trade with each other, they are at a near alltime low. If you look at the times when we have seen these correlations get down to the levels weve seen, we saw that right before the dotcom bust, again right before the 2008 crisis. These are important points. We basically at an alltime high they were at 0. 9, now theyre at 0. 2. Thats very low. That tells you a lot of what is driving these policies are having id iosyncratic effect oy volatility, things look calm at the top level but are churning underneath. The concern i have is when you see these ultra low levels, they tend to precede major corrections. It also means this is essentially a stock pickers market and you can make money if you invest in particular stocks. I agree. This is a stock pickers market. But the point im making is the market is coiled. Just a small rise in correlations will cause a spike in the vix. What will trigger a selloff . Is it a further policy misstep to trump or is it a misstep by the fed in terms of raising Interest Rates too soon or too quickly . What would it be . I really cannot say what could possibly cause these markets to fall out of bed, seeing that weve seen pretty much every kind of headline come through the markets. The markets have been immune. Im saying if youre in the markets now and you want to stay long, stay long. Volatility is so low right now its really cheap to insure. Sell that upside, by that down side protection. You dont know when it will happen, you simply know this can last. Lets talk about europe, we have plenty of Political Risk on this side of the bond. Do you think the french elections and maybe the german and dutch ones will be an anti climax. Right now we see a lot to of nervousness in the markets, thats reflected in the spreads in the euro dollar. Do you think the actual day, the event will be much less of an event that the market will be worried about . Its hard to say. The dutch elections are probably going to be very much a nonevent. Corps looking at a coalition process that will force quite a bit of centrism. If you look at france, thats where there is the most concern. You have seen Marine Le Pen making a gain in the polls, to the chagrin of the markets. I think most people still assign that a low probprobability, but that were to happen that tail risk right now cant be ignored. What does that mean for your Equity Investments . The popular in trade is go long in germany, reduce exposure to france that seems to be a crowded trade right now. If we look at the german dax, its above 12,000 once again. The highest level in almost two years. Do you want to chase that trade . I think youre right. A lot of this stuff i was talking in the green room, its hard to have an out of consensus view. Most of these trades are crowded. I think probably the one krad that is not crowded now is this idea of low volatility and ensuring your positioning. I wouldnt go chasing after these obvious trades, because theyre well priced. I would say stick to what youre going to have the most conviction in on a stock basis, because this again is a stock pickers market. This is not a broad market market. So you need to know what you own, choose what you do, and hedge it. Its very cheap to hedge. All right. Well keep that in mind. Thank you very much for that. U. S. Secretary of state Rex Tillerson has arrived in mexico. The trip comes after the department of Homeland Security issued new immigration guidelines subjecting nearly all undocumented immigrants to deportation. The rules also call for sending any person who illegally entered the u. S. Via the border back to mexico even if theyre not from there. Tillerson will meet with the mexican president today. Lockheed martin has been engaged in a delicate dance with President Trump over the cost and delivery of its f35 fighter jet. Morgan brennan looked inside the ft. Worth facility to see what developments lockheed is making. Reporter the most expensive Weapons Program in history, its at a major inflection point. The number of planes growing in the field is growing, over 200 now, and many more going as we increase production. At the same time were wrapping up development. That continues to allow them to expand. Reporter the price of the f35 fighter jet is falling, and falling faster than ever before. It just slipped below 95 million in the most recent pentagon contract. An f35 like this one takes about four years to make from order to delivery. Lockheed has about 140 planes around the world in production. Lockheed is turning out four 435 a month, but in the next months that will increase to 14. To do that, they are using automation. We want an 80 million jet so we have to take the build out of the process and make that process more efficient without reduction in quality and eliminating waste. So we do that with technological advances like this robot which can do the work faster. Reporter the robots trim two days off the process, and the auto drill parts five times faster. 3d models are used as well, a Digital Thread that takes hundreds of pages of manuals and projects it on to the parts of the plane. Is it all enough to grow profits which has always been the plan . The onus will be on lockheed and the supply chain to bring costs down at a rate that allows them to be more profitable while still delivering each subsequent lot at a price that is attractive for the taxpayer. Reporter the pentagon is looking to get the price of the plane down to 80 million by 2020. But for the flyer of the plane i cannot put a price tag on bringing men and women back in an f35, that matters who the mothers and fathers. Im excited about this one, an astronomical break through. Well update you on nasas latest discovery and how it is likely to impact the search for intelligent life on other planets. Check out this ending to the Duke Syracuse mens basketball game last night. Tied with less than ten seconds on the clock, syracuses john gillen drained a long three at the buzzer as the orange upset the blue devils. Astronomers from nasa and the european southern observatory have identified seven new planets which they believe can host water. Reporter the discovery is out of this world, seven earthsized planets that could all harbor life and may answer the ageold question, are we alone . In my opinion, this is the most exciting discovery weve had yet. Reporter its the first time outside our solar system that we found so many planets similar in size to earth around the same star known as trappist1. Using telescopes in space and around the world, scientists discovered the planets all capable of holding water, a key ingredient to life. These questions about are we alone are being answered as we speak in this decade and into the next decades. Reporter less than a tenth the size of the sun, trappist1 is close and warm enough to heat the seven planets. Three of them could have conditions similar to our world. This is what they could look like. Some of them could potentially be rocky and some of them could have water envelopes, but at this point we simply dont know. Reporter sounds a little bit like earth. It could be. Reporter 235 trillion miles or 40 light years away from earth, its too far to reach using the space travel of today. What if we found evidence of life . Im not saying theres any alive, but this is how you start looking. Reporter we may not reach trappist1 any time soon, but we are getting closer and learning more about a new planetary system that tonight is leaving many imagining, what will we find next . Miguel almaguer, nbc news, los angeles. It would only take 44 million years to get to those planets with a commercial jet. I guess we wont have time for that. Tesla posted a wider than expected loss of 69 cents a share despite sales coming in stronger than anticipated. Elon mu elon musk said they were on track to produce 500,000 vehicles next year and 1 million vehicles by 2020. Jason wheeler will leave the company at the end of april and will be replaced by the previous cfo. Head online to see why the model s and model x growth stories are over. Snapchat is poised to become the First Company to go public that offers zero Voting Rights to shareholders. Leslie picker has the full story. Reporter snap is selling about 3 billions worth of shares, all of them nonvoting. It will be the first time the Company Goes Public offering zero rights to shareholders. At the road show lunch earlier this week, investors we spoke with brushed off Corporate Governance concerns. In effect the nonvoting stock is similar to dual class share structures. Defenders of the structure say it gives management the unfettered ability to make decisions for the long run. Opponents point to steudies to show those structures underperform in the market. The Success Stories include goggle, facebook, linkedin and box all up substantially since their ipos. Google and facebook have created nonvoting shares of their own in recent years, but when things go wrong, the performance suffers. Zynga, groupon, gopro and fit pitt all found with multiple class shares, and each down 60 since the ipos. Before buying shares in snaps ipo, they need to decide whether the cofounders, who will together control 88. 5 of the Voting Rights are more like Mark Zuckerberg or mark pingas. Lets get to politics. The veteran politician of france has opted not to run for the french presidency, but rather strike an alliance with francois macron. He said he did not want to boost Marine Le Pen by dividing the centrist vote. We saw quite a bit Market Reaction on the back of this, most notably we saw the spread between the twoyear and the tier german narrowing. Thats widened a bit the last couple of trading days. Irish Prime Minister enda kenny says he will confront questions over his leadership after he meets with u. S. President trump in the white house on st. Patricks day. Gemma joins us from dublin. Not quite the announcement we were expecting, but who could fill this vacuum . Yes. Its very anti climatic end to a dramatic two weeks for the governing party. Apparently enda kenny told his party in less than ten minutes that the leadership transition question would not be addressed until he returns from the trip to visit donald trump in washington for four days over st. Patricks day. This trip was in the news a lot last month when trumps travel ban came out, he came under pressure to cancel the trip. Kenny said its very important that we go there to represent the irish people. So were not expecting the leadership transition question to be put to bed. We expect it to be taking a pause for the next couple of weeks, then picked up again in earnest around the time of easter. Back to you. Thank you very much for that. A quick look at u. S. Futures. Yesterday we saw a mixed close for u. S. Markets on the back of the fed minutes. The dow notching another record high. The s p and nasdaq fractionally lower. This morning a fairly upbeat picture as far as futures are concerned. A quick look at european markets, which are now fully in the green. Also the ftse 100 which was lagging before. But were not going anywhere when it comes to the ftse 100 which is weighed down by miners, though barclays is doing better. The xetra dax back above the 12,000 level, the highest level since april of 2015. The cac 40 and minub seeing respectable gains. Thats all for street signs. Stay tuned for Worldwide Exchange. Byebye. With x1 you get the best of the oscars. Youre a funny guy. Funny how . How am i funny . Scorsese finally wins. Could you double check the envelope . Show me best picture. Whats the difference . Show me best actor. I do not take tonight for granted. Thank you so very much. Get all the greatest scripted and unscripted oscar moments on xfinity x1. The oscars, live sunday, february 26th 7ea4p on abc. The winning Streak Continues on the street as the dow posts its ninth Straight Record close. Washington watch, manufacturing ceos head to the Nations Capital to meet with the president. On the agenda, tax, trade and jobs. Plus tesla trades higher december p despite a wide loss. We will break down the results. Its thursday, february 23, 2017, Worldwide Exchange begins right now